The European arm of Japanese brokerage Daiwa Securities has gained ground in its race with Japanese rival Nomura to establish a local presence in the Russian financial markets, after winning approval for an investment banking office in Moscow.

Daiwa Securities SMBC Europe, Daiwa's European investment banking subsidiary headquartered in London, won state accreditation late last month for its new Moscow office, whose main aim will be to "support the investment banking business, which is based in London".