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## Toward a New History of the Daiwa Securities Group 

In 2012, the Daiwa Securities Group marked its 110$^{th}$ anniversary, and merged the Retail operation – Daiwa Securities Co. Ltd. – with Daiwa Securities Capital Markets Co. Ltd., which oversees the Wholesale business. This merger reunites Retail and Wholesale operations for the first time in 13 years. The Group has weathered the storms of change and the vicissitudes of the economic cycle many times over the course of its long history. In every era, a flexible, appropriate response to changing conditions has allowed the Group to perpetuate and expand operations. 

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## Fujimoto Bill Broker 

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## Organizational changes 

## Daiwa Securities Co. Ltd. 

