Collateralized transactions (Tables)

12 Months Ended

Mar. 31, 2019

Collateralized Transactions

Offsetting of the transactions in the consolidated balance sheets

	Billions of yen
	March 31, 2018
	Assets						Liabilities
	Reverse repurchase agreements			Securities borrowing transactions			Repurchase agreements			Securities lending transactions
Total gross balance(1)	¥	29,975		¥	6,681		¥	34,880		¥	2,130
Less: Amounts offset in the consolidated balance sheets(2)		(20,121	)		(305	)		(20,121	)		(305	)
Total net amounts of reported on the face of the consolidated balance sheets(3)	¥	9,854		¥	6,376		¥	14,759		¥	1,825
Less: Additional amounts not offset in the consolidated balance sheets(4)
Financial instruments and non-cash collateral		(8,657	)		(5,247	)		(11,886	)		(674	)
Cash collateral		(33	)		—			3			—
Net amount	¥	1,164		¥	1,129		¥	2,876		¥	1,151

	Billions of yen
	March 31, 2019
	Assets						Liabilities
	Reverse repurchase agreements			Securities borrowing transactions			Repurchase agreements			Securities lending transactions
Total gross balance(1)	¥	32,312		¥	4,087		¥	34,154		¥	1,512
Less: Amounts offset in the consolidated balance sheets(2)		(19,117	)		—			(19,117	)		—
Total net amounts of reported on the face of the consolidated balance sheets(3)	¥	13,195		¥	4,087		¥	15,037		¥	1,512
Less: Additional amounts not offset in the consolidated balance sheets(4)
Financial instruments and non-cash collateral		(11,445	)		(2,580	)		(10,443	)		(1,198	)
Cash collateral		(26	)		—			—			—
Net amount	¥	1,724		¥	1,507		¥	4,594		¥	314

(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, 2018, 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 ¥1,039 billion and ¥2,827 billion, respectively. As of March 31, 2018, 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 ¥1,049 billion and ¥177 billion, respectively. As of March 31, 2019, 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 ¥749 billion and ¥3,575 billion, respectively. As of March 31, 2019, 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 ¥1,398 billion and ¥209 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, 2019
	Overnight and open(1)		Up to 30 days		30 - 90 days		90 days - 1 year		Greater than 1 year		Total
Repurchase agreements	¥	14,657	¥	15,827	¥	2,031	¥	1,302	¥	337	¥	34,154
Securities lending transactions		996		157		159		155		45		1,512
Total gross recognized liabilities(2)	¥	15,653	¥	15,984	¥	2,190	¥	1,457	¥	382	¥	35,666

(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, 2019
	Repurchase agreements		Securities lending transactions		Total
Equities and convertible securities	¥	149	¥	1,223	¥	1,372
Japanese government, agency and municipal securities		742		—		742
Foreign government, agency and municipal securities		26,730		21		26,751
Bank and corporate debt securities		2,330		98		2,428
Commercial mortgage-backed securities (“CMBS”)		25		—		25
Residential mortgage-backed securities (“RMBS”)(1)		4,001		—		4,001
Collateralized debt obligations (“CDOs”) and other		162		—		162
Investment trust funds and other		15		170		185
Total gross recognized liabilities(2)	¥	34,154	¥	1,512	¥	35,666

(1) Includes ¥3,860 billion 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 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.

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

	Billions of yen
	March 31
	2018		2019
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	¥	48,434	¥	46,924
The portion of the above that has been sold (reported within Trading liabilities in the consolidated balance sheets) or repledged		40,420		38,551

Assets owned, pledged as collateral

	Millions of yen
	March 31
	2018		2019
Trading assets:
Equities and convertible securities	¥	156,429	¥	135,927
Government and government agency securities		956,089		984,429
Bank and corporate debt securities		65,864		61,547
Commercial mortgage-backed securities (“CMBS”)		1		0
Residential mortgage-backed securities (“RMBS”)		2,618,336		2,535,244
Collateralized debt obligations (“CDOs”) and other(1)		30,497		42,607
Investment trust funds and other		7,689		14,926
	¥	3,834,905	¥	3,774,680
Non-trading debt securities		23,566		1,031
Investments in and advances to affiliated companies	¥	12,042	¥	501

(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
	2018		2019
Loans and receivables	¥	15,573	¥	42,544
Trading assets and private equity		1,456,140		1,589,483
Office buildings, land, equipment and facilities		5,585		5,371
Non-trading debt securities		192,046		142,092
Other		112		151
	¥	1,669,456	¥	1,779,641