Nomura Securities Co. and the Industrial Bank of Japan, a member of the Mizuho Financial Group, said Thursday that they will dissolve a London-based joint venture specializing in financial derivatives.
Capitalized at 50 billion yen, IBJ Nomura Financial Products PLC was set up in 1999. The two partners decided to cease the venture's operations in November.
The company handled derivatives relating to stocks, interest and foreign exchange. It targeted its financial products mainly at Japanese companies and financial institutions, but sales proved sluggish.