Nomura Securities is planning to apply for a securities license in Korea which would allow the firm to trade fixed income derivatives onshore. "They already have a project team onshore preparing for the initiative," said an official in Seoul familiar with the plans.
Market officials said Nomura will be able to build on its existing strong offshore fixed income marketing capabilities for the Korean market, typically handled out of Hong Kong, but will face an uphill battle against international rivals such as Merrill Lynch, Morgan Stanley and Lehman Brothers that have already established local capabilities. Norihiko Nishino, branch manager of Nomura in Seoul, was out of the office and could not be reached.
