The Japanese brokerage isn't considered a globally systemically important financial institution by the Financial Stability Board, a body created after the 2008 crisis to improve the financial system's soundness. But UK regulators have identified its London-based European subsidiary as a firm that fits that description in Britain. TURNING THE PAGE Nomura's Archegos hit was the second-biggest by a bank after Credit Suisse's $5.5 billion loss. The unravelling of Archegos triggered an industry-wide review led by the PRA of the prime-brokerage industry which caters to hedge funds by lending them cash and securities. UK regulators demanded that Nomura implemented a remediation plan. The Japanese brokerage has been working with consulting firm McKinsey since 2021, one of the two people told Reuters. The PRA declined to comment on the plan. A representative for McKinsey also declined to comment.