O n the topic of Japanese non-bank retail FX firms which are responsible for some 30% of the world's retail FX order flow and are located in Nomura's home territory, many companies are displaying a return to form in terms of trading activity, but also looking toward public listing, as in the case of GMO Research, which announced its plans to list in the near future, thus highlighting Nomura Securities' moves this week within its Western operations as a moot point.