BANKING AND FINANCE

SEC Queries U.S. Units of Japanese Brokerages: The Securities and Exchange Commission has asked four U.S. subsidiaries of Japan’s largest brokerages to submit documents on their operations after revelations of a client payoff scandal in Japan. Officials of the New York-based subsidiaries of the Japanese companies said they are reviewing a lengthy letter from the SEC and will cooperate fully with the regulatory agency’s investigation. The units that received the letter are Nomura Securities International Inc., Daiwa Securities America Inc., Nikko Securities Co. International and Yamaichi International America Inc.