Abstract: Japan's three largest securities brokerage groups reported grim results for the second quarter of fiscal 2008 (ended Sept. 30) amid severe market conditions. Nomura Holdings Inc. (A-/Negative/A-2) posted net losses, while Daiwa Securities Group Inc. (BBB+/Stable/A-2) and Nikko Citi Holdings Inc. (A+/Watch Neg/A-1) posted losses in their wholesale securities businesses. The Nomura group, in particular, posted material net losses for the third consecutive quarter. The Nomura group's wide variety of exposures, ranging from credit and equities to foreign exchange, backed by its diversified business franchise, have been more severely affected by global financial turmoil than the exposures of its peers. Prolonged turmoil may cause additional losses at the Nomura group. Accordingly, Standard&Poor's recently revised its outlook on the

Brief Excerpt: RESEARCH Ratings Definitions Industry Report Card: Market Turmoil Brings Grim 2Q Fiscal 2008 Results For Japan's Major Brokerages Publication date: 14-Nov-2008 Primary Credit Analyst: Yuri Yoshida, Tokyo (81) 3-4550-8581; yuri_yoshida@standardandpoors.c...

Report Type: Commentary
Sector: Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Financial Institutions, Global Issuers, Residential MBS, Sovereigns, Structured Finance
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