---
title: "Japan trust bank vs global custodian comparison matrix"
aliases:
  - "japan-trust-bank-vs-global-custodian-comparison-matrix"
  - "Japan custody comparison matrix"
  - "信託銀行 vs グローバルカストディアン matrix"
  - "trust bank vs global custodian Japan"
domain: "banking"
created: 2026-05-24
last_updated: 2026-07-29
last_tended: 2026-07-29
review_by: 2026-10-27
confidence: likely
tags: [banking, trust-bank, custody, global-custodian, asset-administration, securities-settlement, jasdec, jscc, comparison]
status: active
sources:
  - "https://www.shintaku-kyokai.or.jp/"
  - "https://www.shintaku-kyokai.or.jp/trust/trustbanks/"
  - "https://www.shintaku-kyokai.or.jp/en/pdf/trusts_under_management.pdf"
  - "https://www.mastertrust.co.jp/"
  - "https://www.mastertrust.co.jp/about/overview.html"
  - "https://www.custody.jp/"
  - "https://www.custody.jp/recruit/aboutus/about.html"
  - "https://www.custody.jp/recruit/aboutus/business.html"
  - "https://www.custody.jp/data/disclosure/index.html"
  - "https://www.bnymellon.com/japan/"
  - "https://www.bny.com/corporate/jp/ja/asset-servicing-japan-disclosure.html"
  - "https://www.bny.com/assets/corporate/documents/pdf/investor-relations/earnings-press-release-january-2025.pdf"
  - "https://www.statestreet.com/jp/"
  - "https://investors.statestreet.com/investor-news-events/press-releases/news-details/2025/State-Street-Corporation-NYSE-STT-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results/default.aspx"
  - "https://www.sec.gov/Archives/edgar/data/0000019617/000001961724000558/a3q24_earningsxpresentat.htm"
  - "https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q42024/4Q24-earnings-press-release.pdf"
  - "https://www.fsa.go.jp/menkyo/menkyoj/ginkou.xlsx"
  - "https://www.fsa.go.jp/menkyo/menkyoj/kenei.pdf"
  - "https://www.jasdec.com/en/system/"
  - "https://www.jpx.co.jp/jscc/en/cash/cash/assumption-obligation/dvp.html"
  - "https://www.boj.or.jp/en/paym/jgb_bes/index.htm"
---

# Japan trust bank vs global custodian comparison matrix

## TL;DR

This page compares what can be verified about Japanese trust banks and global custodians operating in Japan. It does not rank pricing power, infer customer mandates, or assume market connectivity from a group brand. Legal-entity status comes from FSA registers; business scope from each entity's official materials; infrastructure participation from the current operator lists; and scale metrics from dated disclosures with the issuer's definitions preserved.

## Wiki route

This entry sits under the [[banking/INDEX|banking index]]. Read it with the peer entries [[banking/japan-trust-bank-custody-map|Japan trust bank and custody map]], [[banking/japan-master-trust-and-custody-bank-landscape|master trust and custody bank landscape]], and [[banking/trust-bank-custody-operating-comparison|trust-bank custody operating comparison]] for the existing custody-domain map; with [[trust-banks/mitsubishi-ufj-trust-bank|三菱UFJ信託銀行]], [[trust-banks/mizuho-trust-bank|みずほ信託銀行]], [[trust-banks/smtb|三井住友信託銀行]], and [[foreign-financial-institutions/bny-mellon-japan|BNY Mellon Japan]] for entity context; with [[trust-banks/master-trust-bank|日本マスタートラスト信託銀行]] and [[trust-banks/custody-bank|日本カストディ銀行]] as the system anchor; and with [[securities/japan-securities-clearing-corp|JSCC]] and [[securities/japan-securities-depository-center|JASDEC]] for clearing / settlement infrastructure plus [[securities/japan-asset-manager-landscape-matrix|asset manager landscape matrix]] for the client side.

## Population covered

**Japanese trust-bank custody side (10 entities)**

- Full-service trust banks: [[trust-banks/mitsubishi-ufj-trust-bank|三菱UFJ信託銀行 (MUFG Trust)]], [[trust-banks/mizuho-trust-bank|みずほ信託銀行 (Mizuho Trust)]], [[trust-banks/smtb|三井住友信託銀行 (SMTB)]]
- Foreign-bank-affiliated retail / wealth trust banks: [[trust-banks/smbc-trust-bank|SMBC信託銀行]]
- Specialty / group-internal trust banks: [[trust-banks/nomura-trust-bank|野村信託銀行]], [[trust-banks/nochu-trust-bank|農中信託銀行]], [[trust-banks/sbi-shinsei-trust-bank|SBI新生信託銀行]], [[trust-banks/jsf-trust-bank|JSF信託銀行]]
- Asset-administration specialists (信託口 nominee anchors): [[trust-banks/master-trust-bank|日本マスタートラスト信託銀行]], [[trust-banks/custody-bank|日本カストディ銀行]]

**Global custodian side (4 entities)**

- [[foreign-financial-institutions/bny-mellon-japan|BNY Mellon Japan]] (BNY メロン信託 + 東京支店 + AM JP)
- [[foreign-financial-institutions/state-street-japan|State Street Japan]]
- [[foreign-financial-institutions/jpmorgan-japan|JP Morgan Custody Japan]] (Securities Services 部門)
- [[foreign-financial-institutions/citigroup-japan|Citi custody Japan]] (Citigroup Global Markets Japan + Citibank N.A. Tokyo)

## Comparison Matrix (Japanese trust banks)

| Entity | Public category used here | Licence / legal-entity evidence | Business-scope evidence | Scale-data boundary |
|---|---|---|---|---|
| MUFG Trust | Full-service Japanese trust bank | Current FSA bank and trust-business registers | Official company / service pages | Use dated entity or MUFG disclosure; preserve metric definition |
| Mizuho Trust | Full-service Japanese trust bank | Current FSA bank and trust-business registers | Official company / service pages | Use dated entity or Mizuho FG disclosure |
| SMTB | Full-service Japanese trust bank | Current FSA bank and trust-business registers | Official company / service pages | Use dated entity or SMT Holdings disclosure |
| SMBC Trust | Japanese trust bank | Current FSA bank and trust-business registers | Official company / service pages | Use dated entity or group disclosure |
| Nomura Trust | Japanese trust bank | Current FSA bank and trust-business registers | Official company / service pages | Do not infer group-internal mandates |
| Norinchukin Trust | Japanese trust bank | Current FSA bank and trust-business registers | Official company / service pages | Do not infer JA-system mandates without a named source |
| MTBJ | Asset-administration specialist | Current FSA register and official profile | MTBJ business overview | Dated MTBJ disclosure; do not mix trust assets and other AUC definitions |
| CBJ | Asset-administration specialist | Current FSA register and official profile | CBJ business overview | Dated CBJ disclosure; preserve the disclosed perimeter |
| SBI Shinsei Trust | Japanese trust bank | Current FSA bank and trust-business registers | Official company / service pages | Use entity disclosure only |
| JSF Trust | Japanese trust bank | Current FSA bank and trust-business registers | Official company / service pages | Use entity disclosure only |

Sources: ^[FSA licensed-bank register, https://www.fsa.go.jp/menkyo/menkyoj/ginkou.xlsx; FSA trust-business financial-institution list, https://www.fsa.go.jp/menkyo/menkyoj/kenei.pdf; Trust Companies Association of Japan, https://www.shintaku-kyokai.or.jp/trust/trustbanks/; MTBJ and CBJ official pages listed in the frontmatter.]

## Comparison Matrix (global custodians in Japan)

| Group | Japan legal-entity check | Official service evidence | Parent metric | Japan-only boundary |
|---|---|---|---|---|
| BNY | FSA foreign-bank / bank / trust-business registers as applicable | BNY Japan official disclosure | Parent AUC/A from dated investor results | Parent total is not Japan-only AUC |
| State Street | FSA registers as applicable | State Street Japan official pages | Parent AUC/A from dated investor results | Parent total is not Japan-only AUC |
| JPMorgan | FSA registers as applicable | JPMorgan Securities Services official pages | Parent Securities Services AUC from dated results | Parent total is not Japan-only AUC |
| Citi | FSA foreign-bank and securities registers as applicable | Citi Securities Services official pages | Parent Securities Services AUC/A from dated results | Parent total is not Japan-only AUC |

Sources: ^[FSA registers; BNY, State Street, JPMorgan, and Citigroup official Japan / securities-services and investor-relations publications listed in the frontmatter.]

## Cross-camp matrix view

| Dimension | Japanese trust banks | Global custodians (Japan) |
|---|---|---|
| Legal entity | Verify each Japanese bank or trust bank | Verify each Japan branch, bank, trust bank, or securities company separately |
| Business scope | Entity official pages | Japan-entity and parent securities-services pages |
| Settlement participation | Current JASDEC / JSCC / BoJ participant data by legal entity | Same; do not infer from the parent group |
| AUC / AuA | Dated entity or group disclosure with definition | Parent metric must be labelled as parent-wide, not Japan-only |
| Customer / mandate | Named primary source required | Named primary source required |
| Fee or pricing power | Contract or disclosed tariff required | Contract or disclosed tariff required |
| Nominee row | Does not identify the underlying beneficiary by itself | Does not identify the underlying beneficiary by itself |

Sources: ^[FSA, JASDEC, JSCC, and BoJ official registers / system materials; official entity and investor-relations publications listed in the frontmatter.]

## Master Trust vs Custody Bank of Japan — 2020 統合の意味

公式資料で確認できる事実は、**2020-07-27 に JTSB（日本トラスティ・サービス信託銀行）と TCSB（資産管理サービス信託銀行）が合併し、[[trust-banks/custody-bank|日本カストディ銀行]]となったこと**である。統合の競争効果や MTBJ との「2強」評価には、同一定義の市場全体データが必要であり、本ページでは測定済み事実として扱わない。^[Source: CBJ company information, https://www.custody.jp/corporate/information/index.html.]

## Public comparison limits

| Claim | Minimum evidence |
|---|---|
| Market share or concentration | Same-perimeter market total and entity figures for the same date |
| Pricing power | Published tariff, contract evidence, or issuer disclosure expressly supporting the conclusion |
| Direct infrastructure access | Current participant list naming the relevant legal entity |
| Customer or mandate | Dated announcement, statutory filing, or customer disclosure naming the relationship |
| Cross-border routing | Entity service documentation or mandate-specific disclosure |
| Regulatory capital comparison | Same-basis regulatory disclosure for the relevant legal entities |

Sources: ^[Official entity, regulator, and infrastructure publications listed in this entry.]

## Interpretation rules

| 公開情報の見方 | 正しい読み方 |
|---|---|
| 「日本マスタートラスト信託銀行 (信託口)」が株主欄に登場 | 名義人表示だけでは、受益者、運用者、議決権指図者を特定できない |
| 「日本カストディ銀行 (信託口)」が株主欄に登場 | 同上。CBJ の株主構成から特定顧客の委託資産と推定しない |
| カストディアン名が外国法人株主欄に登場 | 名義人表示だけでは、戦略保有かカストディ口座か、また最終受益者を確定できない |

Sources: ^[各発行体の株主開示と、カストディアンの公式業務説明。名義人から基礎委託を推定しない。]

## Research checklist

1. Confirm whether a custody-bank reference is **entity / shareholder nominee / mandate-holder** before drawing ownership conclusions, using [[banking/japan-trust-bank-custody-map|trust-bank custody map]].
2. Identify the exact legal entity and licence category in current FSA registers before describing its regulated role.
3. For global groups, distinguish the Japan branch, trust bank, securities company, and asset manager; do not combine their permissions.
4. Verify JASDEC, JSCC, BoJ, and ICSD connectivity from current participant or entity disclosures rather than group branding.
5. Source-date all AUC / AuA / 受託資産 figures because they move with market prices and new mandates; the Master Trust ¥823tn (2025) and CBJ ¥696tn (2025-03) anchors are official-disclosure summary points but not real-time numbers.
6. Cross-link client side via [[securities/japan-asset-manager-landscape-matrix|asset manager landscape matrix]] to understand mandate flows.

## Related

- [[banking/INDEX]]
- [[banking/japan-trust-bank-custody-map]]
- [[banking/japan-master-trust-and-custody-bank-landscape]]
- [[banking/trust-bank-custody-operating-comparison]]
- [[trust-banks/master-trust-bank]]
- [[trust-banks/custody-bank]]
- [[trust-banks/mitsubishi-ufj-trust-bank]]
- [[trust-banks/mizuho-trust-bank]]
- [[trust-banks/smtb]]
- [[trust-banks/smbc-trust-bank]]
- [[trust-banks/nomura-trust-bank]]
- [[trust-banks/nochu-trust-bank]]
- [[trust-banks/sbi-shinsei-trust-bank]]
- [[trust-banks/jsf-trust-bank]]
- [[foreign-financial-institutions/bny-mellon-japan]]
- [[foreign-financial-institutions/state-street-japan]]
- [[foreign-financial-institutions/jpmorgan-japan]]
- [[foreign-financial-institutions/citigroup-japan]]
- [[foreign-financial-institutions/euroclear-bank-japan]]
- [[foreign-financial-institutions/clearstream-banking-japan]]
- [[securities/japan-securities-clearing-corp]]
- [[securities/japan-securities-depository-center]]
- [[securities/japan-asset-manager-landscape-matrix]]
- [[INDEX|FinWiki index]]

## Sources

- Japan Trust Companies Association: trust-bank explanation, member list, trust assets statistics.
- Master Trust Bank of Japan: official company / business overview (受託資産 ¥823tn anchor, https://www.mastertrust.co.jp/about/overview.html).
- Custody Bank of Japan: official company / business explanation (incl. 2020-07-27 JTSB + TCSB merger); disclosure report 受託財産合計 ¥696tn / 信託財産 ¥476tn as of 2025-03-31 (https://www.custody.jp/data/disclosure/index.html).
- BNY Mellon Japan: official Japan page and asset-servicing disclosure; group AUC/A $52.1tn as of 2024-12-31 (Q4 2024 earnings release, https://www.bny.com/assets/corporate/documents/pdf/investor-relations/earnings-press-release-january-2025.pdf).
- State Street Japan: official Japan page; group AUC/A $46.6tn as of 2024-12-31 (Q4/FY2024 results press release, https://investors.statestreet.com/investor-news-events/press-releases/news-details/2025/State-Street-Corporation-NYSE-STT-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results/default.aspx).
- JP Morgan: Securities Services AUC $35.8tn as of 2024Q3 (JPMorgan Chase 3Q24 earnings presentation, SEC Form 8-K, https://www.sec.gov/Archives/edgar/data/0000019617/000001961724000558/a3q24_earningsxpresentat.htm).
- Citi: Securities Services AUC/A approx $26tn for 2024 (Citigroup Q4/FY2024 results press release, https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q42024/4Q24-earnings-press-release.pdf).
- FSA: trust-business financial institution list (信託銀行 section), bank license list, supervisory guideline section.
- JASDEC: securities book-entry and depository system materials.
- JSCC: clearing and DVP cash-equity materials.
- BoJ: JGB book-entry settlement system materials.