Daiwa Securities Group Inc. (8601.TO) said Thursday that its European unit has sold its synthetic prime brokerage operation to Bank of Nova Scotia (BNS).

The Japanese securities firm, which said last month it aims to cut costs by more than Y40 billion by the fiscal year ending March 2014, didn't specify the value of the deal but said it doesn't expect the move to have a major impact on its business results.

-By Shawn Schroter, Dow Jones Newswires; +81-3-6269-2772; shawn.schroter@dowjones.com

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