Nomura Holdings, Inc. — Ethics Grade D

Nomura Holdings, Inc. receives an overall ethics grade of D (34/100) on CancelCo's corporate accountability database. Sector: Financial Services. Market cap: Large Cap.

Category scores

• labor: 50
• privacy: 45
• consumer: 30
• environment: 65
• humanRights: 70

Documented incidents (3)

• Government Bond Manipulation (high, 2024) — Japan's financial regulator recommended a fine after Nomura was found to have manipulated Japanese government bond futures by placing buy and sell orders without intending to execute them.
• Archegos Risk Management Failure (high, 2021) — Nomura suffered massive losses exceeding $2 billion due to the collapse of Archegos Capital Management, highlighting significant failures in internal risk controls and oversight.
• Equity Offering Leaks (medium, 2012) — Employees leaked non-public information regarding equity offerings to clients, leading to widespread insider trading and a massive management restructuring.

Documented good deeds

• Renewable Energy Financing — Successfully underwrote significant green bond issuances for wind and solar projects across Southeast Asia.

Ethical alternatives

• Daiwa Securities Group — Better historical compliance records and higher governance scores in the Japanese financial sector.