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Collateralized transactions

12 Months Ended

Mar. 31, 2013

6. Collateralized transactions:

Nomura enters into collateralized transactions, including resale and repurchase agreements, securities borrowed and loaned transactions, and other secured borrowings mainly to meet clients’ needs, finance trading inventory positions and obtain securities for settlements. Under these transactions, Nomura either receives or provides collateral, including Japanese and non-Japanese government, agency, mortgage-backed, bank and corporate debt securities and equities. In many cases, Nomura is permitted to use the securities received to secure repurchase agreements, enter into securities lending transactions or to cover short positions with counterparties. Securities borrowed transactions generally require Nomura to provide the counterparty with collateral in the form of cash or other securities. For securities loaned transactions, Nomura generally receives collateral in the form of cash or other securities. Nomura monitors the market value of the securities borrowed or loaned and requires additional cash or securities, as necessary, to ensure that such transactions are adequately collateralized.

The fair value of securities received as collateral, securities borrowed with collateral and securities borrowed without collateral which Nomura is permitted to sell or repledge and the portion that has been sold or repledged are as follows.


	Billions of yen
	March 31
	2012		2013
The fair value of securities received as collateral, securities borrowed as collateral and securities borrowed without collateral where Nomura is permitted by contract or custom to sell or repledge the securities	¥	32,075	¥	35,281
The portion of the above that has been sold (reported within Trading liabilities in the consolidated balance sheets) or repledged		23,895		28,488

Nomura pledges firm-owned securities to collateralize repurchase agreements and other secured financings. Pledged securities that can be sold or repledged by the secured party, including Gensaki Repo transactions, are reported in parentheses as Securities pledged as collateral within Trading assets in the consolidated balance sheets. Assets owned, which have been pledged as collateral, primarily to stock exchanges and clearing organizations, without allowing the secured party the right to sell or repledge them, are summarized in the tables below.


	Millions of yen
	March 31
	2012		2013
Trading assets:
Equities and convertible securities	¥	47,966	¥	86,108
Government and government agency securities		1,333,482		1,314,277
Bank and corporate debt securities		139,863		161,233
Commercial mortgage-backed securities (“CMBS”)		40,183		33,723
Residential mortgage-backed securities (“RMBS”)		1,527,946		1,674,898
Collateralized debt obligations (“CDO”) and other⁽¹⁾		82,298		84,065
Investment trust funds and other		—		16,335
Deposits with stock exchanges and other segregated cash		—		4,110

	¥	3,171,738	¥	3,374,749

Non-trading debt securities	¥	54,969	¥	49,811
Investments in and advances to affiliated companies	¥	33,921	¥	37,636

(1)	Includes CLO and ABS those on credit card loans, auto loans and student loans.

Assets subject to lien, except for those disclosed above, are as follows.


	Millions of yen
	March 31
	2012		2013
Loans and receivables	¥	55,236	¥	706
Trading assets		1,515,079		1,208,753
Office buildings, land, equipment and facilities		116,530		955
Non-trading debt securities		337,681		315,781
Other		260,683		83

	¥	2,285,209	¥	1,526,278

Assets in the above table were primarily pledged for secured borrowings, including other secured borrowings, collateralized borrowings of consolidated VIEs and trading balances of secured borrowings, and derivative transactions. See Note 13 “Borrowings” for further information regarding trading balances of secured borrowings.