Nomura And Line Agree To Restructure Their LINE Securities Business

(RTTNews) - Japan-based financial company Nomura Holdings, Inc. (NMR), and LINE Financial Corporation, said Monday that they are planning to restructure their joint venture LINE Securities Corporation, a financial service business.

The restructuring will change the LINE Securities' services. LINE FX will continue its service, but buying activities will be gradually halted for security services on the Ichikabu and Tsumitate NISA platform. Applications for opening new accounts will be discontinued on LINE iDeCo. New contract will be suspended gradually and payments completed by the end of December on LINE CFD.

The restructuring will be completed in 2024.

Under the agreement terms, LINE Securities will focus on foreign exchange margin trading services and Nomura Securities Co will get the clients' brokerage accounts.

Taking advantage of its vast customer base, LINE had introduced the Ichikabu service in August 2019. It was designed to meet the asset building needs of LINE users by enabling them to trade in Japanese stocks.

The company also launched a diverse range of securities and related products through the LINE app, including the LINE FX or foreign exchange margin trading, LINE CFD or contracts for difference, and Tsumitate NISA.

LINE Group seeks to boost its earning power by merging with Yahoo Japan Corporation and Z Holdings Corporation among others. Nomura looks to invest operating capital into its own digital strategy, hence the companies have decided to restructure their joint venture.

On Friday, shares of Nomura closed at $3.74 up 0.54% or $0.02 on the New York Stock Exchange.