Derivative instruments and hedging activities (Tables)
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12 Months Ended |
Mar. 31, 2026 |
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| Derivative Instruments and Hedging Activities [Abstract] |
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| Significant concentration of exposures to credit risk in OTC derivatives |
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¥ |
14,974 |
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¥ |
(12,745) |
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¥ |
(1,759) |
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¥ |
470 |
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¥ |
19,414 |
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¥ |
(16,606) |
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¥ |
(2,104) |
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¥ |
704 |
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| Volume of derivative activity in statement of financial position |
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Derivatives used for trading and non-trading purposes (2) : |
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¥ |
110,348 |
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¥ |
2,572 |
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¥ |
3,069 |
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3,814,576 |
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12,424 |
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11,509 |
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59,408 |
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304 |
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382 |
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Foreign exchange contracts |
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484,797 |
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4,363 |
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4,186 |
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904 |
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11 |
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50 |
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¥ |
4,470,033 |
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¥ |
19,674 |
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¥ |
19,196 |
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Derivatives designated as formal fair value or net investment accounting hedges: |
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¥ |
3,182 |
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¥ |
4 |
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¥ |
138 |
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Foreign exchange contracts |
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183 |
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8 |
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¥ |
3,365 |
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¥ |
4 |
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¥ |
146 |
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¥ |
4,473,398 |
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¥ |
19,678 |
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¥ |
19,342 |
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Derivatives used for trading and non-trading purposes (2) : |
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¥ |
127,843 |
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¥ |
3,053 |
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¥ |
3,571 |
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4,646,591 |
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15,803 |
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14,515 |
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90,918 |
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394 |
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559 |
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Foreign exchange contracts |
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595,071 |
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5,741 |
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5,349 |
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820 |
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9 |
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37 |
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¥ |
5,461,243 |
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¥ |
25,000 |
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¥ |
24,031 |
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Derivatives designated as formal fair value or net investment accounting hedges: |
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¥ |
3,874 |
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¥ |
3 |
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¥ |
119 |
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Foreign exchange contracts |
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220 |
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3 |
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— |
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¥ |
4,094 |
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¥ |
6 |
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¥ |
119 |
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¥ |
5,465,337 |
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¥ |
25,006 |
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¥ |
24,150 |
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| (1) |
Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. |
| (2) |
The amounts reported include derivatives used for non-trading purposes other than those designated as formal fair value or net investment accounting hedges. These amounts have not been separately presented since such amounts were not significant as of March 31, 2025 and March 31, 2026. |
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| Offsetting of derivatives instruments and related collateral amounts |
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¥ |
1,094 |
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¥ |
1,185 |
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¥ |
1,736 |
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¥ |
2,041 |
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1,478 |
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1,884 |
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1,317 |
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1,530 |
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10,243 |
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9,476 |
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11,509 |
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10,347 |
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2,163 |
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2,140 |
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4,296 |
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4,263 |
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22 |
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31 |
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1 |
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25 |
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265 |
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345 |
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373 |
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533 |
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38 |
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36 |
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21 |
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23 |
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1 |
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1 |
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0 |
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3 |
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Foreign exchange contracts |
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4,363 |
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4,194 |
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5,744 |
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5,349 |
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8 |
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49 |
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9 |
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35 |
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3 |
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1 |
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0 |
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2 |
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Total gross derivative balances (2) |
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¥ |
19,678 |
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¥ |
19,342 |
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¥ |
25,006 |
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¥ |
24,151 |
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Less: Amounts offset in the consolidated balance sheets (3) |
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(17,711 |
) |
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(17,361 |
) |
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(22,113 |
) |
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(21,731 |
) |
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Total net amounts reported on the face of the consolidated balance sheets (4) |
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¥ |
1,967 |
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¥ |
1,981 |
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¥ |
2,893 |
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¥ |
2,420 |
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Less: Additional amounts not offset in the consolidated balance sheets (5) |
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Financial instruments and non-cash collateral |
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¥ |
(713 |
) |
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¥ |
(554 |
) |
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¥ |
(872 |
) |
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¥ |
(449 |
) |
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¥ |
1,254 |
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¥ |
1,427 |
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¥ |
2,021 |
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¥ |
1,971 |
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| (1) |
Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. |
| (2) |
Includes all gross derivative asset and liability 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. As of March 31, 2025, the gross balance of derivative assets and derivative liabilities which are not documented under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥609 billion and ¥832 billion, respectively. As of March 31, 2026, the gross balance of such derivative assets and derivative liabilities was ¥1,027 billion and ¥1,206 billion, respectively. |
| (3) |
Represents amounts offset through counterparty offsetting of derivative assets and liabilities as well as cash collateral offsetting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 210-20 and ASC 815. As of March 31, 2025, Nomura offset a total of ¥1,740 billion of cash collateral receivables against net derivative liabilities and ¥2,090 billion of cash collateral payables against net derivative assets. As of March 31, 2026, Nomura offset a total of ¥2,035 billion of cash collateral receivables against net derivative liabilities and ¥2,416 billion of cash collateral payables against net derivative assets. |
| (4) |
Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity and debt investments and , respectively in the consolidated balance sheet. Bifurcated embedded derivatives are reported within or depending on the maturity of the underlying host contract. |
| (5) |
Represents amounts which are not permitted to be offset on the consolidated balance sheets in accordance with ASC 210-20 and ASC 815 but which provide Nomura with a legally enforceable right of offset in the event of counterparty default. Amounts relating to derivative and collateral agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. As of March 31, 2025, a total of ¥343 billion of cash collateral receivables and ¥1,043 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. As of March 31, 2026, a total of ¥399 billion of cash collateral receivables and ¥1,300 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. |
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| Derivative amounts included in consolidated statements of income |
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Derivatives used for trading and non-trading purposes (1) : |
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¥ |
(194 |
) |
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¥ |
(2 |
) |
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¥ |
(272 |
) |
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|
468 |
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|
(189 |
) |
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|
106 |
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12 |
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27 |
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46 |
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Foreign exchange contracts |
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142 |
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|
140 |
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(175 |
) |
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27 |
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11 |
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|
46 |
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¥ |
455 |
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¥ |
(13 |
) |
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¥ |
(249 |
) |
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(1) |
Includes net gains (losses) on derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. For the year ended March 31, 2024, 2025 and 2026, net gains (losses) for these non-trading derivatives were not significant. |
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| Schedule of carrying value hedged items |
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Balance sheet line
item in which the
hedged item is
included: |
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Carrying amount of the hedged
liabilities |
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Cumulative gains of fair value
hedging adjustment included in
the carrying amount of the
hedged liabilities |
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Cumulative amount of fair value
hedging adjustment remaining
for the liabilities which hedge
accounting has been discontinued |
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¥ |
3,057 |
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¥ |
3,493 |
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¥ |
122 |
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¥ |
113 |
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¥ |
3 |
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¥ |
3 |
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¥ |
3,057 |
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¥ |
3,493 |
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¥ |
122 |
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¥ |
113 |
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¥ |
3 |
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¥ |
3 |
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| Fair value hedges |
The following tables present gains (losses) included in the consolidated statements of income for the years ended March 31, 2024, 2025 and 2026 related to derivatives designated as fair value hedges by type of underlying derivative contract and the nature of the hedged item.
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Derivatives designated as hedging instruments: |
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¥ |
(39 |
) |
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¥ |
85 |
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¥ |
17 |
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¥ |
(39 |
) |
|
¥ |
85 |
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¥ |
17 |
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| |
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¥ |
39 |
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|
¥ |
(85 |
) |
|
¥ |
(17 |
) |
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¥ |
39 |
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|
¥ |
(85 |
) |
|
¥ |
(17 |
) |
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| Net investment hedges |
The following table presents gains (losses) from derivatives designated as net investment hedges included in the consolidated statements of comprehensive income for the years ended March 31, 2024, 2025 and 2026.
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Foreign exchange contracts |
|
¥ |
3 |
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|
¥ |
(2 |
) |
|
¥ |
(10 |
) |
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¥ |
3 |
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¥ |
(2 |
) |
|
¥ |
(10 |
) |
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| Written credit derivatives and purchased credit protection |
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| |
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Maximum potential payout/Notional |
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| |
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| |
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Single-name credit default swaps |
|
¥ |
(156 |
) |
|
¥ |
11,480 |
|
|
¥ |
1,730 |
|
|
¥ |
3,124 |
|
|
¥ |
4,963 |
|
|
¥ |
1,663 |
|
|
¥ |
(6,711 |
) |
Credit default swap indices |
|
|
(221 |
) |
|
|
15,488 |
|
|
|
1,465 |
|
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|
3,168 |
|
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|
7,877 |
|
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|
2,978 |
|
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|
(8,097 |
) |
Other credit risk related portfolio products |
|
|
28 |
|
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|
1,236 |
|
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|
124 |
|
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|
464 |
|
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|
571 |
|
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|
77 |
|
|
|
(785 |
) |
Credit-risk related options and swaptions |
|
|
0 |
|
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|
171 |
|
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11 |
|
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|
79 |
|
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|
81 |
|
|
|
(42 |
) |
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|
¥ |
(349) |
|
|
¥ |
28,375 |
|
|
¥ |
3,319 |
|
|
¥ |
6,767 |
|
|
¥ |
13,490 |
|
|
¥ |
4,799 |
|
|
¥ |
(15,635 |
) |
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Maximum potential payout/Notional |
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|
Single-name credit default swaps |
|
¥ |
(277 |
) |
|
¥ |
23,468 |
|
|
¥ |
2,229 |
|
|
¥ |
6,782 |
|
|
¥ |
11,699 |
|
|
¥ |
2,758 |
|
|
¥ |
(17,962 |
) |
Credit default swap indices |
|
|
(617 |
) |
|
|
42,499 |
|
|
|
2,859 |
|
|
|
9,014 |
|
|
|
25,640 |
|
|
|
4,986 |
|
|
|
(33,274 |
) |
Other credit risk related portfolio products |
|
|
(49 |
) |
|
|
1,824 |
|
|
|
177 |
|
|
|
881 |
|
|
|
568 |
|
|
|
198 |
|
|
|
(1,029 |
) |
Credit-risk related options and swaptions |
|
|
(1 |
) |
|
|
419 |
|
|
|
6 |
|
|
|
2 |
|
|
|
374 |
|
|
|
37 |
|
|
|
(219 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥ |
(944 |
) |
|
¥ |
68,210 |
|
|
¥ |
5,271 |
|
|
¥ |
16,679 |
|
|
¥ |
38,281 |
|
|
¥ |
7,979 |
|
|
¥ |
(52,484 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Carrying value amounts are shown on a gross basis prior to cash collateral or counterparty offsetting. Asset balances represent positive fair value amounts caused by tightening of credit spreads of the underlyings since inception of the credit derivatives. |
|
| Written credit derivatives by external credit rating of underlying asset |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum potential payout/Notional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-name credit default swaps |
|
¥ |
571 |
|
|
¥ |
1,855 |
|
|
¥ |
3,488 |
|
|
¥ |
4,213 |
|
|
¥ |
655 |
|
|
¥ |
698 |
|
|
¥ |
11,480 |
|
Credit default swap indices |
|
|
32 |
|
|
|
38 |
|
|
|
3,958 |
|
|
|
10,256 |
|
|
|
277 |
|
|
|
927 |
|
|
|
15,488 |
|
Other credit risk-related portfolio products |
|
|
|
|
|
|
|
|
|
|
24 |
|
|
|
748 |
|
|
|
20 |
|
|
|
444 |
|
|
|
1,236 |
|
Credit risk-related options and swaptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
127 |
|
|
|
|
|
|
|
44 |
|
|
|
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥ |
603 |
|
|
¥ |
1,893 |
|
|
¥ |
7,470 |
|
|
¥ |
15,344 |
|
|
¥ |
952 |
|
|
¥ |
2,113 |
|
|
¥ |
28,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum potential payout/Notional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-name credit default swaps |
|
¥ |
133 |
|
|
¥ |
2,999 |
|
|
¥ |
7,182 |
|
|
¥ |
9,459 |
|
|
¥ |
2,406 |
|
|
¥ |
1,289 |
|
|
¥ |
23,468 |
|
Credit default swap indices |
|
|
46 |
|
|
|
2,702 |
|
|
|
6,605 |
|
|
|
19,626 |
|
|
|
720 |
|
|
|
12,800 |
|
|
|
42,499 |
|
Other credit risk-related portfolio products |
|
|
— |
|
|
|
13 |
|
|
|
3 |
|
|
|
959 |
|
|
|
27 |
|
|
|
822 |
|
|
|
1,824 |
|
Credit risk-related options and swaptions |
|
|
— |
|
|
|
14 |
|
|
|
130 |
|
|
|
— |
|
|
|
2 |
|
|
|
273 |
|
|
|
419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥ |
179 |
|
|
¥ |
5,728 |
|
|
¥ |
13,920 |
|
|
¥ |
30,044 |
|
|
¥ |
3,155 |
|
|
¥ |
15,184 |
|
|
¥ |
68,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Other includes credit derivatives where the credit rating of the underlying reference asset is below investment grade or where a credit rating is unavailable. |
|
| Relevant transactions outstanding |
The following table provides information about relevant transactions outstanding as of March 31, 2025 and March 31, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross cash proceeds received at transfer dates |
|
¥ |
60,715 |
|
|
¥ |
31,321 |
|
Fair value of transferred securities at transfer dates |
|
¥ |
60,591 |
|
|
¥ |
31,278 |
|
Fair value of transferred securities at reporting dates |
|
¥ |
41,101 |
|
|
¥ |
16,997 |
|
Gross derivative liabilities arising from the transactions at reporting dates (1) |
|
¥ |
19,401 |
|
|
¥ |
14,221 |
|
| (1) |
Amounts are presented on a gross basis, before the application of counterparty offsetting and are reported within Trading liabilities in the consolidated balance sheets as of March 31, 2025 and March 31, 2026. Of these gross derivative liability amounts, ¥19,401 million and ¥ 14,221 million are included in interest rate contracts used for trading purposes as of March 31, 2025 and March 31, 2026 respectively as disclosed in Note 3 “ Derivative in strum ents and hedging activities . ” |
|