Toshihide Iguchi, a Kobe, Japan-born US citizen who majored in psychology atSouthwest Missouri State University, Springfield, joined Daiwa’s New York branch in1977. There he learned how to run the small back office of the branch’s securitiesbusiness. Opened as an office in the 1950s, the Daiwa New York branch begandealing in US Treasury securities as part of Daiwa’s services to its pension fundcustomers. During the 1980s the New York desk became a significant force in the USgovernment debt market and was designated as a primary market dealer in 1986