Daiwa Securities Group Annual Report 2012 Corporate Summary Executive Messages Business Strategy Management Systems & CSR Financial Section Other Information The figures stated in the consolidated balance sheets as of March 31, 2012 and 2011, fair value and the difference of those are as below. Any  item for which it is extremely difficult to obtain its fair value is not included in the below table (see Note 2). * Net receivables or payables derived from derivatives are presented on a net basis. The item that is a net liability in total is presented in parentheses. 74 2. Fair values of financial instruments Millions of yen 2012 2011 Amounts on  consolidated  balance sheets Fair value Difference Amounts on  consolidated  balance sheets Fair value Difference Assets (1)  Cash and cash equivalents ¥ 1,038,981 ¥ 1,038,981 ¥ – ¥ 1,043,464 ¥ 1,043,464 ¥ – (2) Cash segregated as deposits for regulatory  purposes 204,478 204,478 – 241,697 241,697 – (3) Time deposits 21,487 21,487 – 39,776 39,776 – (4)  Receivables related to margin transactions 120,870 120,870 – 147,848 147,848 – (5)  Collateralized short-term financing agreements 5,735,192 5,735,192 – 7,327,846 7,327,846 – (6) Trading assets 8,876,950 8,876,950 – 6,770,479 6,770,479 – (7) Securities, Private equity and other investments  and Investment securities (a) Securities intended to be held for trading  purposes 2,462 2,462 – 2,537 2,537 – (b) Held-to-maturity debt securities 563,688 564,074 386 100 99 (2) (c) Subsidiaries companies’ stocks and related  companies’ stocks – – – 22,479 32,304 9,825 (d) Available-for-sale securities 1,103,509 261,939 Allowance for possible investment loss (7,549) (6,209) 1,095,960 1,095,960 – 255,730 255,730 – (8)  Trade account receivables, net 139,096 139,096 – 102,011 102,011 – Total assets ¥17,799,164 ¥17,799,550 ¥ 386 ¥15,953,967 ¥15,963,791 ¥ 9,824 Liabilities (9) Short-term borrowings ¥ 1,636,651 ¥ 1,636,651 ¥ – ¥ 2,585,792 ¥ 2,585,792 ¥ – (10) Commercial paper 275,192 275,192 – 395,196 395,196 – (11) Long-term debt 2,280,252 2,161,867 118,385 2,156,673 2,158,335 (1,662) (12) Deposits for banking business 1,169,916 1,169,475 441 – – – (13) Payables to customers and counterparties 346,173 346,173 – 402,965 402,965 – (14) Payables related to margin transactions 52,756 52,756 – 61,397 61,397 – (15) Payables-other 18,897 18,897 – 23,042 23,042 – (16) Collateralized short-term financing agreements 6,068,380 6,068,380 – 5,338,882 5,338,882 – (17) Trading liabilities 5,953,280 5,953,280 – 4,816,855 4,816,855 – Total liabilities ¥17,801,497 ¥17,682,671 ¥118,826 ¥15,780,802 ¥15,782,464 ¥(1,662) Derivatives used for non-trading Derivatives to which hedge accounting is not  applied ¥ (88) ¥ (88) ¥ – ¥ – ¥ – ¥ – Derivatives to which hedge accounting is applied (3,637) (3,918) (281) 179 10 (168) Total derivatives related to non-trading ¥ (3,725) ¥ (4,006) ¥ (281) ¥ 179 ¥ 10 ¥ (168)