FinWikiPublic-source finance field guide
日EN

Japan trust bank vs global custodian comparison matrix

ConfidenceLikelyUpdated2026-07-29Review by2026-10-27Sources21Machine-translatedOriginal (JA)

On this page

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. Read it with the peer entries Japan trust bank and custody map, master trust and custody bank landscape, and trust-bank custody operating comparison for the existing custody-domain map; with Mitsubishi UFJ Trust and Banking (MUTB), Mizuho Trust Bank, Smtb, and BNY Mellon Japan for entity context; with The Master Trust Bank of Japan and Custody Bank of Japan (CBJ) as the system anchor; and with JSCC and JASDEC for clearing / settlement infrastructure plus asset manager landscape matrix for the client side.

Population covered

Japanese trust-bank custody side (10 entities)

Global custodian side (4 entities)

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: •

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: •

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、Custody Bank of Japan (CBJ)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: •

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: •

Research checklist

  1. Confirm whether a custody-bank reference is entity / shareholder nominee / mandate-holder before drawing ownership conclusions, using 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 asset manager landscape matrix to understand mandate flows.

Sources

#banking#trust-bank#custody#global-custodian#asset-administration#securities-settlement

Discovery

Keep reading

Related

Read next

Links here