Mizuho Securities USA LLC Consolidated Statement of Financial Condition March 31, 2021 With Report of Independent Registered Public Accounting Firm UNITEDSTATES OMB APPROVAL SECURITIESANDEXC HANGEC OMMISSION OMB Number: 3235-0123 Washington, D.C. 20549 Expi res: October 31, 2023 Estimated average burden ANNUAL AUDITED REPORT hours per response.. 12.00 FORM X-17A-5 SEC FILE NUMBER PART III 8- FACING PAGE Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder REPORT FOR THE PERIOD BEGINNING______________________________ AND ENDING______________________________ MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF BROKER-DEALER: OFFICIAL USE ONLY ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) FIRM I.D. 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ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* _____________________________________________________________________________________________________________________ (Name – if individual, state last, first, middle name) _____________________________________________________________________________________________________________________ (Address) (City) (State) (Zip Code) CHECK ONE: Certified Public Accountant Public Accountant Accountant not resident in United States or any of its possessions. FOR OFFICIAL USE ONLY *Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis for the exemption. See Section 240.17a-5(e)(2) Potential persons who are to respond to the collection of information contained in this form are not required to respond SEC 1410 (11-05) unless the form displays a currently valid OMB control number. ACKNOWLEDGEMENT STATE OF NEW YORK COUNTY OF NEW YORK On this the 26th day of May, 2021, before me, Julie A. Grossman, the undersigned Notary Public, personally appeared David Kronenberg, who is known to me (or satisfactorily proven) to be the person whose name he subscribed to in the Oath and Affirmation relating to the financial statements and supporting schedules of Mizuho Securities USA LLC as of March 31, 2021. In witness whereof I hereunto set my hand. Julie A. Grossman Notary Public My commission expires: December 20, 2023 Registration number: 02GR6174635 Mizuho Securities USA LLC Consolidated Statement of Financial Condition March 31, 2021 Contents Report of Independent Registered Public Accounting Firm ................................................................ 1 Consolidated Statement of Financial Condition ................................................................................... 2 Notes to Consolidated Statement of Financial Condition .................................................................... 3 Ernst & Young LLP Tel: +1 212 773 3000 5 Times Square Fax: +1 212 773 6350 New York, NY 10036- ey.com 6530 Report of Independent Registered Public Accounting Firm To the Board of Directors and Member of Mizuho Securities USA LLC Opinion on the Financial Statement We have audited the accompanying consolidated statement of financial condition of Mizuho Securities USA LLC (the Company) as of March 31, 2021 and the related notes (the “consolidated financial statement”). In our opinion, the consolidated financial statement presents fairly, in all material respects, the financial position of the Company at March 31, 2021, in conformity with U.S. generally accepted accounting principles. Basis for Opinion This financial statement is the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company’s auditor since 2002. June 1, 2021 A member firm of Ernst & Young Global Limited Mizuho Securities USA LLC Consolidated Statement of Financial Condition March 31, 2021 (In Thousands) Assets Cash and cash equivalents $ 148,969 Cash and securities segregated for regulatory purposes 4,530,215 Collateralized agreements: Securities purchased under agreements to resell 11,450,998 Securities borrowed 2,995,351 Financial instruments owned, at fair value (including securities pledged of $3,814,685) 6,361,547 Securities received as collateral, at fair value 231,367 Receivables from brokers/dealers, clearing organizations and customers 1,860,638 Accrued interest and dividends receivable 18,347 Receivables from affiliates 24,359 Clearing and other deposits 416,456 Property, equipment and leasehold improvements, net of accumulated depreciation and 62,553 amortization of $118,748 Exchange memberships, at cost (fair value of $5,593) 4,982 Prepaid expenses 26,273 Other assets 91,649 Total assets $ 28,223,704 Liabilities and member’s equity Short-term borrowings $ 1,052,108 Collateralized agreements: Securities sold under agreements to repurchase 13,139,151 Securities loaned 2,237,145 Financial instruments sold, not yet purchased, at fair value 2,117,966 Obligations to return securities received as collateral, at fair value 231,367 Payables to brokers/dealers, clearing organizations and customers 7,078,616 Accrued interest and dividends payable 9,456 Accrued expenses and other liabilities 419,362 Total liabilities $ 26,285,171 Subordinated borrowing 400,000 Member’s equity 1,538,533 Total liabilities and member’s equity $ 28,223,704 The accompanying notes are an integral part of the Consolidated Statement of Financial Condition. 2 Mizuho Securities USA LLC Notes to Consolidated Statement of Financial Condition (In Thousands) 1. Organization and Description of Business The Company Mizuho Securities USA LLC (the “Company”), a Delaware limited liability company, is a wholly-owned subsidiary of Mizuho Americas LLC (“MHA”). MHA is a bank holding company, which is ultimately wholly-owned by Mizuho Financial Group, Inc. (“MHFG”). MHFG is a holding company listed on the Tokyo, Osaka, and New York Stock Exchanges that provides comprehensive financial services through its subsidiaries. The Company is registered as a broker-dealer with the SEC and a futures commission merchant with the U.S. Commodity Futures Trading Commission (“CFTC”). The Company is a member of U.S. Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”). The Company is a member of, or has access to, most major international futures exchanges. The Company’s activities include securities and futures brokerage, origination and trading of debt and equity securities, and mergers and acquisitions (“M&A”) advisory services. The Company is a primary dealer in U.S. government securities and, as such, participates in the Federal Reserve Bank of New York’s open market operations and in auctions of U.S. Treasury securities. Mizuho Securities Canada Inc. (“MSCN”), is a wholly owned subsidiary of the Company. MSCN participates in debt and equity underwritings in the Canadian marketplace and is a corporation organized under the laws of British Columbia, Canada. MSCN is registered as a broker-dealer with the SEC, and is a dual member of FINRA, and the Investment Industry Regulatory Organization of Canada (“IIROC”), the Canadian national self-regulatory organization and is subject to the rules and regulations of these organizations. The Company and MSCN utilize common personnel and facilities with applicable reimbursement arrangements. The Company is the manager of Mizuho Capital Markets LLC (“MCM”), a wholly-owned subsidiary of MHA. MCM transacts in interest rate swaps and options, foreign currency swaps and other derivative products, and provides derivative clearing services to its affiliates. The Company and MCM utilize common personnel and facilities with applicable reimbursement arrangements. 3 Mizuho Securities USA LLC Notes to Consolidated Statement of Financial Condition (continued)