In the lead up to our centenary on December 25, 2025, we are releasing a series of videos highlighting Nomura’s history on our 100th Anniversary Website.
Episode 6, “Establishing Nomura Holdings: Strengthening Governance, Laying the Business Foundations for Future Growth,” covers the period from 1998 to 2007.
In 1998, Japan’s financial sector implemented a series of reforms known as the Japanese Financial Big Bang. In October 2001, Nomura reorganized into Nomura Holdings, and two months later listed on the New York Stock Exchange (NYSE). Domestically, the company was among the first to adopt a “company with committees” structure to strengthen corporate governance. This video traces Nomura’s efforts to improve the social acceptance of the securities market, raise financial literacy, and enhance execution technologies through the acquisition of US-based Instinet, and shows how the firm adapted to the digital age.
The 1998 Financial System Reform Act (Japanese Financial Big Bang) overhauled the Japanese financial system to revitalize and globalize its markets. Key measures included the complete deregulation of brokerage commissions and the promotion of cross-entry among the banking, securities, and insurance industries. In response, Nomura shifted its domestic Retail business model from a focus on securities sales to an asset management approach, offering tailored advice to meet clients’ individual needs.
In October 2001, Nomura adopted a holding company structure, establishing Nomura Holdings. Just two months later, in December 2001, Nomura Holdings listed on the New York Stock Exchange, enhancing disclosures under U.S. accounting standards and introducing outside directors. In 2003, the company transitioned to a “company with committees” structure, clarifying the separation between management supervision and business execution to enhance transparency and agility in corporate governance. Nomura Holdings executive Akito Bato discusses the objectives behind the reorganization and listing.
After a series of scandals in the 1990s, Nomura launched the Basic & Dynamic (B&D) Project in 2000 to restore trust and improve public understanding of the securities industry. Around the same time, Nomura began offering practical financial education lectures at local universities. The company also sponsored the Nikkei Stock League, a finance and economics contest for junior high, high school, and university students. The video also examines how these initiatives expanded over time and their outcomes.
In response to global market volatility and the growth of electronic trading, Nomura acquired US-based Instinet as a subsidiary. Introducing execution technologies improved speed and stability and accelerated the construction of a global platform for the digital age.
Watch below to learn more.
Previous episodes:
Episode 1: Tokushichi Nomura II and Nomura’s founding
Episode 2: Nomura Under GHQ: Protecting our Name and Values
Episode 3: Democratizing Investment: One Million Ryo Saving Boxes
Episode 4: Strategic Focus: Research, Product Development, and Globalization
Episode 5: Japan’s Meteoric Rise and Dramatic Descent
