Daiwa Capital Markets

What Daiwa Capital Markets does

Daiwa Capital Markets America Inc. (DCMA) is a New York-based registered securities broker-dealer, futures commission merchant, Primary Dealer of U.S. Treasury securities since 1986, and member of the New York Stock Exchange. Incorporated in 1964 as Daiwa Securities America Inc. and renamed in 2010, DCMA is a wholly owned U.S. subsidiary of Daiwa Securities Group Inc. (TSE: 8601), one of Japan's largest brokerage and financial services groups, and operates with roughly 300+ locally-hired U.S. employees supported by the parent's 10,000+ global colleagues.

The firm operates four core product divisions: a Fixed Income Division (market making in U.S. Treasuries, GSE securities, agency mortgage-backed securities, investment-grade corporate bonds, repo and reverse repo), an Equities Division (Pan-Asian and U.S. equity trading, corporate access, and bespoke sales), an Investment Banking Division (high-grade debt origination, syndication, and equity capital markets for U.S., Canadian, and Latin American issuers, including sovereign, supranational, and agency clients), and a Research Division (eight sector analysts covering technology, consumer/retail, automotive/capital goods, financials, healthcare, and media/communications). Underlying technology includes direct market access, smart order routing, trading algorithms, and integrated fixed income teams across New York and London. In 2025, the firm extended its product surface with CMBS and Delta One equities launches.

DCMA generates revenue through transaction-fee streams — bid-ask spreads on market making, trading commissions and sales credits on equities, and underwriting fees and advisory commissions on capital markets transactions — with research distributed on a recurring basis to institutional clients. The firm does not serve retail customers; its customer base is exclusively institutional, spanning state and local governments, central banks, sovereign wealth funds, money market and bond funds, pension funds, international banks, and corporate issuers across the Americas, Europe, and Asia. Distribution is delivered through direct enterprise sales networks in the U.S., Europe, and Asia, supported by the Daiwa Group's global affiliates for cross-border deal flow and Asian equity research.

Name

Daiwa Capital Markets

Legal name

Daiwa Capital Markets America Inc.

Website

https://us.daiwacm.com

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

251–500 employees

Short description

Daiwa Capital Markets America Inc. is a New York-based registered broker-dealer and Primary Dealer in U.S. Treasury securities, wholly owned by Daiwa Securities Group Inc. (Japan). It provides institutional clients with market making, sales and trading, investment banking, and research across U.S., Asian, and Pan-Asian fixed income and equities.

Ownership category

akta.pro rank

Product category

Institutional Brokerage Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Clearing Broker / Carrying Broker (FCM & Clearing) (FSAEACAF)

akta.pro secondary industries

Electronic/Direct Market Access (DMA) & Sponsored Access (FSACAFAI), Commodity Clearing & Settlement Services (Commodity CCPs & Clearing Members) (FSAFAMAI)

Keywords

• Institutional brokerage
• Fixed income trading
• Equity capital markets
• Investment banking services
• Treasury market making

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Fixed Income Trading & Market Making: Market maker in U.S. treasuries, government-sponsored enterprises (GSEs), agency mortgage-backed securities, investment grade corporate bonds, and repo and reverse repos. Generates revenue through bid-ask spreads and trading volume.
2. Equities Trading & Sales: Services client primary interest in Pan-Asian and U.S. equity products. Revenue from trading commissions, spreads, and sales credits on equity transactions.
3. Investment Banking: Debt and equity capital markets services for U.S., Canadian, and Latin American issuers. Includes high-grade debt origination, syndication, IPOs, follow-ons, and private placements. Revenue from underwriting fees and advisory commissions.
4. Research Services: Provides equity research, macroeconomic research, and analyst reports to institutional investors. Research team consists of eight sector analysts covering technology, consumer/retail, automobile/capital goods, financials, healthcare, and media/communications.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Daiwa Capital Markets America Inc. (DCMA) is a New York-based registered broker-dealer and primary dealer of U.S. Treasury securities that provides institutional clients with sales, trading, and investment banking services across Japanese, Asian, and U.S. equities, fixed income instruments, and financial futures. The firm operates through four divisions—Equities, Fixed Income, Investment Banking, and Research—delivering integrated financial services to a global institutional client base.

Product overview

Daiwa Capital Markets America Inc. (DCMA) offers a comprehensive range of financial products and services organized into four main divisions: Equities Division, Fixed Income Division, Investment Banking Division, and Research Division. The Equities Division provides Pan-Asian and U.S. equity trading, corporate access, and sales services. The Fixed Income Division serves as a market maker in U.S. treasuries, GSEs, agency MBS, and corporate bonds. The Investment Banking Division specializes in debt and equity capital markets for Americas issuers. The Research Division provides sector analysis through eight sector analysts covering technology, consumer, financials, healthcare, and other industries.

Differentiator

Problem solved

Functional benefit

Products and services

• Equities Division DCMA's Equities Division services client interest in Pan-Asian and U.S. equity products while also providing corporate access, research, bespoke sales services, various trading services, and the distribution of investment banking products. Targeted at institutional equity investors.
• Fixed Income Division DCMA's Fixed Income Division is a market maker in U.S. treasuries, government-sponsored enterprises (GSEs), agency mortgage-backed securities, investment grade corporate bonds, and repo and reverse repos. Serves as a primary dealer in U.S. Treasury securities.
• Investment Banking Division DCMA's Investment Banking Division delivers tailored debt and equity solutions for issuers across the Americas, with debt capital markets specialization in high-grade debt origination and syndicate financing, plus equity capital markets expertise covering IPOs, follow-ons, and private placements.
• Research Division DCMA's Research Division consists of economists and equity analysts covering technology, consumer/retail, automobile/capital goods, financials, healthcare, and media/communications sectors. Provides equity research, macroeconomic research, and analyst reports to institutional investors.
• CMBS Offering Commercial Mortgage-Backed Securities offering launched in 2025 as part of DCMA's Fixed Income Division expansion.
• Delta One Equities Platform Delta One equities platform launched in 2025 as part of DCMA's Equities Division expansion, providing clients with access to equity derivatives and synthetic equity exposure products.

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Dress for SuccessminorOthers · 10 March 2021Global not-for-profit organization that empowers women to achieve economic independence by providing network support, professional attire, and development tools.
• Smart WorksminorOthers · 10 March 2021UK charity providing high quality interview clothes and interview training to unemployed women in need.
• United Nations (SDGs)coreStrategic or Co-development PartnerDCMA supports the 17 Sustainable Development Goals adopted by the United Nations in 2015 and partners with stakeholders to integrate ESG principles into operations and business activities.
• CityHarvestminorOthersDCMA partners with CityHarvest as part of its corporate giving and volunteer program DCMA Gives Back to respond to local needs through donation drives and charitable contributions.
• Japan DayminorOthersDCMA is a proud corporate sponsor of Japan Day @ Central Park, an annual event organized by the Japanese community of New York to promote understanding of Japanese culture.
• Japan SocietycoreStrategic or Co-development PartnerDCMA sponsors Japan Society's Elevating Women in Leadership Program, a six-month development program for women to develop leadership skills with emphasis on communication, influence, and self-advocacy.
• Daiwa Securities America FoundationminorOthersThe foundation awards up to $7,500 per year to students pursuing four-year degrees. Recipients must be high school seniors and children of employees of DCMA and affiliates.

Scale indicators7 records

Recent moves9 records

Expansion highlights4 records

Broad incumbents

• BofA Securities: Large U.S. bulge-bracket broker-dealer subsidiary of Bank of America. Competes with DCMA across fixed income market-making (including as a Primary Dealer), equities, and investment banking, though at substantially greater scale and product breadth.
• Jefferies: Mid-sized U.S. broker-dealer with comparable institutional fixed income, equities, and investment banking offerings. While larger and more diversified than DCMA, it serves a similar institutional client base and competes for similar secondary and capital markets mandates.
• Cantor Fitzgerald: U.S. broker-dealer active in fixed income market-making, equities, and investment banking. Comparable to DCMA in mid-sized institutional focus, though broader across asset classes including SPAC underwriting and prime brokerage.

Direct peers

• SMBC Nikko Securities America: U.S. broker-dealer of Sumitomo Mitsui Banking Corporation. Provides fixed income, equities, and investment banking services to institutional clients with similar Japanese-bank group structure and primary dealer-like treasury market-making operations.
• Nomura Securities International: U.S. subsidiary of Japan's Nomura Holdings. The largest Japanese-headquartered broker-dealer in the U.S., competing across equities, fixed income, and investment banking with deep Pan-Asian and Japan equity execution capabilities analogous to DCMA.
• MUFG Securities Americas: U.S. capital markets arm of Mitsubishi UFJ Financial Group. Competes head-to-head with DCMA across U.S. treasury market-making, fixed income sales/trading, equities, and investment banking, with similar primary dealer positioning and Japanese parent backing.
• Mizuho Securities USA: U.S. broker-dealer subsidiary of Japan's Mizuho Financial Group. Also a Primary Dealer in U.S. Treasuries with fixed income, equities, and investment banking services for institutional clients — the closest direct comparable to DCMA in scale, product mix, and Japanese-bank lineage.
• HSBC Securities (USA): U.S. broker-dealer subsidiary of HSBC Holdings. Comparable in scale of fixed income market-making, equities sales/trading, and investment banking for institutional clients, with strong cross-border (particularly Asia-linked) execution capability.
• BNP Paribas Securities Corp. U.S. broker-dealer subsidiary of BNP Paribas. Provides fixed income market-making, equities, and investment banking services to institutional clients, comparable to DCMA in serving foreign-bank-led U.S. institutional distribution.
• Société Générale (SG Americas Securities): U.S. capital markets presence of Société Générale. Competes with DCMA in fixed income market-making, repo, equities, and cross-border debt/equity capital markets for institutional clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/daiwa-capital-markets-america-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Daiwa Capital Markets