Nomura Holdings’ ranking in the corporate bond market remains under pressure after its reputation was hit by a market manipulation scandal at a time of greater scrutiny of governance violations in Japan.

Japan’s biggest brokerage saw its position slip to sixth place in November and its market share shrink to 2.1%, the latest data compiled by Bloomberg showed, with online broker SBI Holdings leapfrogging its larger rival.

Nomura’s reputation has taken a hit after it admitted to improper bond trading in October and after the indictment of a former employee in November on suspicion of robbery, arson and attempted murder of an elderly couple during a client visit.