Collateralized transactions (Tables)

6 Months Ended

Sep. 30, 2017

Collateralized transactions

Offsetting of the transactions in the consolidated balance sheets

	Billions of yen
	March 31, 2017
	Assets						Liabilities
	Reverse repurchase agreements			Securities borrowing transactions			Repurchase agreements			Securities lending transactions
Total gross balance(1)	¥	30,116		¥	7,422		¥	35,755		¥	2,248
Less: Amounts offset in the consolidated balance sheets(2)		(18,659	)		(173	)		(18,659	)		(173	)
Total net amounts reported on the face of the consolidated balance sheets(3)	¥	11,457		¥	7,249		¥	17,096		¥	2,075
Less: Additional amounts not offset in the consolidated balance sheets(4)
Financial instruments and non-cash collateral		(9,251	)		(5,499	)		(13,328	)		(1,666	)
Cash collateral		(73	)		—			(18	)		—
Net amount	¥	2,133		¥	1,750		¥	3,750		¥	409
	Billions of yen
	September 30, 2017
	Assets						Liabilities
	Reverse repurchase agreements			Securities borrowing transactions			Repurchase agreements			Securities lending transactions
Total gross balance(1)	¥	32,918		¥	6,004		¥	37,403		¥	2,240
Less: Amounts offset in the consolidated balance sheets(2)		(20,167	)		(203	)		(20,167	)		(203	)
Total net amounts reported on the face of the consolidated balance sheets(3)	¥	12,751		¥	5,801		¥	17,236		¥	2,037
Less: Additional amounts not offset in the consolidated balance sheets(4)
Financial instruments and non-cash collateral		(10,040	)		(4,568	)		(13,514	)		(1,687	)
Cash collateral		(62	)		—			(61	)		—
Net amount	¥	2,649		¥	1,233		¥	3,661		¥	350

(1) Includes all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2017, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥881 billion and ¥2,596 billion, respectively. As of March 31, 2017, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,494 billion and ¥205 billion, respectively. As of September 30, 2017, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,370 billion and ¥2,521 billion, respectively. As of September 30, 2017, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,082 billion and ¥170 billion, respectively.

(2) Represents amounts offset through counterparty netting under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 210-20. Amounts offset include transactions carried at fair value through election of the fair value option.

(3) Reverse repurchase agreements and securities borrowing transactions are reported within Collateralized agreements—Securities purchased under agreements to resell and Collateralized agreements—Securities borrowed in the consolidated balance sheets, respectively. Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported under securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets.

(4) Represents amounts which are not permitted to be offset on the face of the balance sheet in accordance with ASC 210-20 but which provide Nomura with the right of offset in the event of counterparty default. Amounts relating to agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded.

Maturity analysis of repurchase agreements and securities lending transactions

	Billions of yen
	March 31, 2017
	Overnight and open(1)		Up to 30 days		30 –  90 days		90 days – 1 year		Greater than 1  year		Total
Repurchase agreements	¥	15,225	¥	17,257	¥	1,550	¥	1,228	¥	495	¥	35,755
Securities lending transactions		1,399		463		206		168		12		2,248
Total gross recognized liabilities(2)	¥	16,624	¥	17,720	¥	1,756	¥	1,396	¥	507	¥	38,003
	Billions of yen
	September 30, 2017
	Overnight and open(1)		Up to 30 days		30 –  90 days		90 days – 1 year		Greater than 1  year		Total
Repurchase agreements	¥	14,970	¥	18,431	¥	2,163	¥	1,509	¥	330	¥	37,403
Securities lending transactions		1,500		288		208		174		70		2,240
Total gross recognized liabilities(2)	¥	16,470	¥	18,719	¥	2,371	¥	1,683	¥	400	¥	39,643

(1) Open transactions do not have an explicit contractual maturity date and are terminable on demand by Nomura or the counterparty.

(2) Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

Securities transferred in repurchase agreements and securities lending transactions

	Billions of yen
	March 31, 2017
	Repurchase agreements		Securities lending transactions		Total
Equities and convertible securities	¥	108	¥	1,935	¥	2,043
Japanese government, agency and municipal securities		987		173		1,160
Foreign government, agency and municipal securities		28,197		54		28,251
Bank and corporate debt securities		1,717		16		1,733
Commercial mortgage-backed securities (“CMBS”)		1		—		1
Residential mortgage-backed securities (“RMBS”)(1)		4,666		—		4,666
Collateralized debt obligations (“CDOs”) and other		70		—		70
Investment trust funds and other		9		70		79
Total gross recognized liabilities(2)	¥	35,755	¥	2,248	¥	38,003
	Billions of yen
	September 30, 2017
	Repurchase agreements		Securities lending transactions		Total
Equities and convertible securities	¥	134	¥	1,700	¥	1,834
Japanese government, agency and municipal securities		1,110		390		1,500
Foreign government, agency and municipal securities		29,167		76		29,243
Bank and corporate debt securities		2,179		15		2,194
Commercial mortgage-backed securities (“CMBS”)		2		—		2
Residential mortgage-backed securities (“RMBS”)(1)		4,706		—		4,706
Collateralized debt obligations (“CDOs”) and other		88		—		88
Investment trust funds and other		17		59		76
Total gross recognized liabilities(2)	¥	37,403	¥	2,240	¥	39,643

(1) Includes ¥4,548 billion as of March 31, 2017 and ¥4,593 billion as of September 30, 2017 of U.S. government sponsored agency mortgage pass-through securities and collateralized mortgage obligations

(2) Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase andCollateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

Fair value of securities received as collateral available to sell or repledge

	Billions of yen
	March 31, 2017		September 30, 2017
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	¥	45,821	¥	48,003
The portion of the above that has been sold (reported within Trading liabilities in the consolidated balance sheets) or repledged		39,119		41,328

Assets owned, pledged as collateral

	Millions of yen
	March 31, 2017		September 30, 2017
Trading assets:
Equities and convertible securities	¥	206,640	¥	173,525
Government and government agency securities		1,062,008		915,870
Bank and corporate debt securities		137,328		62,474
Commercial mortgage-backed securities (“CMBS”)		—		1
Residential mortgage-backed securities (“RMBS”)		3,426,205		2,943,588
Collateralized debt obligations (“CDOs”) and other(1)		18,676		20,027
Investment trust funds and other		8,976		16,328
	¥	4,859,833	¥	4,131,813
Deposits with stock exchanges and other segregated cash	¥	—	¥	—
Non-trading debt securities	¥	23,744	¥	23,641
Investments in and advances to affiliated companies	¥	29,336	¥	30,440

(1) Includes CLOs and ABS such as those secured on credit card loans, auto loans and student loans.

Assets subject to lien

	Millions of yen
	March 31, 2017		September 30, 2017
Loans and receivables	¥	4,268	¥	3,381
Trading assets		1,580,765		1,677,132
Office buildings, land, equipment and facilities		12,635		12,624
Non-trading debt securities		222,970		195,336
Other		25		22
	¥	1,820,663	¥	1,888,495