NOMURA SECURITIES BERMUDA LTD
13F-NT, 1999-11-12
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                                    FORM 13F

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549

                               FORM 13F COVER PAGE

          Report for the  Calendar  Year or Quarter  Ended:  SEPTEMBER  30, 1999
          Check here if Amendment [ ]: Amendment Number: ___________

                        This Amendment (Check only one):
                                     Is a reinstatement.
                                     Adds new holdings entities.

INSTITUTIONAL INVESTMENT MANAGER FILING THIS REPORT:
Name:  NOMURA SECURITIES (BERMUDA) LTD._______________________________________
Address: P. O. BOX HM 3354, HAMILTON, HM PX BERMUDA___________________________
______________________________________________________________________________

Form 13F File Number: 28-04993________________________________________________


     The Institutional  Investment  manager filing this report and the person by
     whom it is signed hereby  represent  that the person  signing the report is
     authorized  to submit it, that all  information  contained  herein is true,
     correct and complete,  and that it is understood  that all required  items,
     statements,  schedules, lists, and tables, are considered integral parts of
     this form.


PERSON SIGNING THIS REPORT ON BEHALF OF REPORTING MANAGER:
Name:  GREGORY P. GNALL_______________________________________________________
Title:    DIRECTOR____________________________________________________________
Phone:  212-667-1711__________________________________________________________

SIGNATURE, PLACE AND DATE OF SIGNING:
\S\ GREGORY P. GNALL__________________________________________________________
(Signature)
NEW YORK, NEW YORK____________________________________________________________
(City, State)
NOVEMBER 9, 1999______________________________________________________________
(Date)

          REPORT TYPE (CHECK ONLY ONE):

      13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
      are reported in this report.)

X     13F NOTICE.  (Check here if no holdings  repeated are in this report,  and
      all holdings are reported by other reporting manager(s).)

      13F COMBINATION REPORT.  (Check here if a portion of the holdings for this
      reporting  manager are  reported in this report and a portion are reported
      by other reporting managers.)

LIST OF OTHER MANAGERS REPORTING FOR THIS MANAGER.  (IF THERE ARE NO ENTITIES IN
THIS LIST, OMIT THIS SECTION.)

Form 13F File Number: 28- 04979________________________________________________
Name: NOMURA SECURITIES COMPANY, LTD.__________________________________________




<PAGE>





                              FORM 13F SUMMARY PAGE

                                 REPORT SUMMARY:



Number of Other Included Managers:
           NONE________________________________________________________________

Form 13F Information Table Entry Total:
_______________________________________________________________________________

Form 13F Information Table Value Total:
        $ __________________(thousands)

List of Other Included managers:




     Provide a numbered  list of the name(s) and Form 13F file  number(s) of all
institutional  investment  managers  with respect to which this report is filed,
other than the  manager  filing  this  report.  (If there are no entries in this
list, state "NONE" and omit the column headings and list entries.)

No. __________________________________________________________________________
Form 13F File Number 28-______________________________________________________
Name _________________________________________________________________________

(Repeat as necessary.)





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