Nomura Holdings, Inc. was incorporated in Japan under the Japanese Commercial Code on December 25, 1925, when the securities division of Nomura Bank Co., Ltd., Osaka became an independent entity specializing in the trading and distribution of Japanese debt securities. The company is one of Japan's leading financial services groups with global operations. The company and its broker-dealer, banking and other financial services subsidiaries provide investment, financing and related services to individual, institutional and government clients worldwide. The Company and the other entities in which it has a controlling interest are collectively referred to in these consolidated financial statements as "Nomura". Nomura conducts business through different divisions according to the nature of specific products and services, key customer groups and management structure.