Daiwa Securities America Inc. was formed in 1964 as a wholly owned subsidiary of Daiwa Securities Co. Ltd. It started its business focusing mainly on the sales of Japanese equities to U.S. institutional investors. It obtained memberships on the Boston and Pacific Stock Exchanges in 1970 and then on the New York Stock Exchange in 1982. In 1986, it became a U.S. Treasury Primary Dealer. From 1987 through 1988, it became a clearing member of both the CBT and the CME and entered into a financial futures business as well. In 1990, it became a subsidiary of a newly established holding company, Daiwa America Corporation. Currently it is focusing mainly on sales and trading of Japanese and U.S. equities and fixed income instruments, financial futures, and investment banking including M&A and structured finance. In 1999, Daiwa Securities Group Inc. was established as the ultimate holding company for the Daiwa corporate family. Daiwa Securities Group Inc. became the listed successor to the former parent company, Daiwa Securities Co. Ltd. Also in 1999, the retail securities operations of Daiwa were segregated and moved into a new entity called Daiwa Securities Co. Ltd. Currently Daiwa America Corporation remains as a direct subsidiary of Daiwa Securities Group Inc. and is the parent of Daiwa Securities America Inc.