Recall those heady days back in the 1980s when it looked like Japanese investment banks were ready to take over the world. The likes of Nomura, Daiwa, Nikko and Yamaichi stoked lots of fear as they entered the U.S. market. None of that fear was warranted. And it's a much different climate for Nomura as it now seeks to expand in the United States.

It has been growing its U.S. operations organically but has been open about its desire for a big deal. It sought Lehman Brothers, of course, but lost out to Barclays.

For the moment, the pickings are pretty slim, according to the Financial Times. Nomura has apparently "considered a number of potential targets including Jefferies." But it has so far not managed find the right fit.

You do get the feeling that if it wants an instant national presence, there are few firms left. Perhaps Nomura might try some sort of link with a boutique, but unless the boutique is in sore need of capital, the upside is questionable. Nomura may be forced to stick with organic growth for the time being, which will be very difficult in a hyper competitive environment.

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