Nomura seeks nod for securities joint venture

Nomura Holdings Inc, Japan's biggest brokerage and investment bank, has applied to set up a securities joint venture with a majority stake in China, becoming the latest foreign firm to take advantage of China's pledge to further open its financial sector.

The China Securities Regulatory Commission said on Tuesday night that it has received the application from Nomura and it will start the approval process in accordance with the laws and regulations.

Nomura sent out a press statement confirming the application. "We have applied to set up a securities joint venture in China. We are currently discussing the details with the relevant parties and are unable to comment further at this stage," it said.