Matsui Securities
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This entry sits under securities-firms INDEX. Read it against SBI Securities for peer / contrast context and securities index for the broader system / regulatory boundary.
TL;DR
Matsui Securities is an independent online securities broker listed on TSE Prime under 8628. The FSA financial instruments business operator workbook lists Matsui Securities Co., Ltd. as Kanto Local Finance Bureau (FIBO) No.164, with Type I, Type II, securities-related business, special financial instruments business operator, Japan Securities Dealers Association and Financial Futures Association membership flags.^[source:fsa-fibo-2026] Integrated Report 2025 also describes the company as a Financial Instruments and Exchange Act financial instruments business operator, a JSDA / Financial Futures Association member, and an independent company not affiliated with other companies.^[source:matsui-ir-2025] In business terms, about 80% of FY2024 net operating revenue came from Japanese equities for retail investors, while FX reached 10% and U.S. equities 2%; the right reading is an online-equity core with adjacent online products used to diversify revenue.^[source:matsui-ir-2025]
1. Company overview
| Item | Reading |
|---|---|
| Legal name | Matsui Securities Co., Ltd. |
| Japanese name | 松井証券株式会社 |
| Securities code | TSE Prime 8628 |
| Established / incorporated | Integrated Report 2025 lists establishment in 1918-05 and incorporation in 1931-03.^[source:matsui-ir-2025] |
| Head office | 1-4 Kojimachi, Chiyoda-ku, Tokyo.^[source:matsui-ir-2025] |
| Representative | Akira Warita, President & CEO.^[source:matsui-ir-2025] |
| Business type | Independent online securities broker; the report states Matsui is independent and not affiliated with other companies.^[source:matsui-ir-2025] |
License / registration boundary
| Layer | Verified reading |
|---|---|
| FSA registration | Kanto Local Finance Bureau (FIBO) No.164.^[source:fsa-fibo-2026] |
| FIEA categories | FSA workbook confirms Type I, Type II, and securities-related business flags.^[source:fsa-fibo-2026] |
| Self-regulatory memberships | Japan Securities Dealers Association and Financial Futures Association.^[source:fsa-fibo-2026][source:matsui-ir-2025] |
| Exchange memberships | TSE general trading participant, OSE trading participant, NSE general trading participant, and Fukuoka / Sapporo special member in the corporate profile.^[source:matsui-ir-2025] |
| Not a bank group page | Matsui is an operating securities company rather than a bank-affiliated platform company; compare sbi-hd, rakuten-fg, monex-group, and mufg. |
2. Business model
Online brokerage economics
- Matsui says it concentrates management resources on online-based businesses; in FY2024, Japanese equities for retail investors accounted for approximately 80% of total net operating revenue.^[source:matsui-ir-2025]
- The same report frames Japanese equities as the key business while calling for revenue diversification through online products including FX, U.S. equities and investment trusts.^[source:matsui-ir-2025]
- FX is now material rather than purely optional: it accounted for 10% of FY2024 net operating revenue and had grown to 3.8bn yen from around 1.0bn yen in FY2021.^[source:matsui-ir-2025]
- U.S. equities began in 2022; Matsui later added margin transactions, new NISA support and a roughly 4,900-security lineup as of September 2025.^[source:matsui-ir-2025]
Self-directed retail strategy
Matsui is not a universal financial group. Its strategic position is a self-directed retail brokerage platform. Integrated Report 2025 calls Matsui the only independent firm among the five major online securities brokers, while the four peers are subsidiaries of conglomerates with much larger customer bases. That is why the page should remain separate from bank, telecom and commerce-group pages even when peer links overlap.^[source:matsui-ir-2025]
Historical inflection
The historical break is May 1998: Matsui’s public annual securities report says the company started “Netstock”, the first full-fledged online brokerage service in Japan, and the first online margin trading service in Japan. This page treats 1998 as the shift from face-to-face retail brokerage to online self-directed brokerage.^[source:matsui-asr-2024]
3. Segment map
| Segment | Role | Source-backed reading |
|---|---|---|
| Japanese equities | Core revenue base | Approximately 80% of FY2024 net operating revenue came from Japanese equities for retail investors.^[source:matsui-ir-2025] |
| Margin / lending | Trading-adjacent credit layer | FSA and Matsui disclosures place the company under FIEA securities regulation rather than banking regulation; margin balances affect capital-to-risk discipline.^[source:fsa-fibo-2026][source:matsui-asr-2024] |
| FX | Diversification lane | FX reached 10% of FY2024 net operating revenue and is described as a growth target.^[source:matsui-ir-2025] |
| U.S. equities | NISA / global-investment lane | U.S. equity services began in 2022, with later margin / NISA support and a roughly 4,900-security lineup as of September 2025.^[source:matsui-ir-2025] |
| Investment trusts | Asset-building lane | Integrated Report 2025 groups investment trusts among online products used for revenue diversification.^[source:matsui-ir-2025] |
4. Competitive position
- Against SBI / Rakuten / Monex / MUFG eSmart: Matsui explicitly positions itself as independent in the major online-broker peer group; peers have broader group ecosystems.^[source:matsui-ir-2025]
- Against face-to-face brokers: Matsui’s advantage is low-cost online execution and self-directed retail UX, not branch-based advisory coverage.
- Policy sensitivity: zero-commission equity trading, NISA asset-building flows, cybersecurity and system stability directly affect online-platform economics.
Related
- sbi-hd · rakuten-fg · monex-group · mufg · ndfg
- nomura-hd · daiwa-sg · smbc-nikko
Sources
- Matsui Securities: Integrated Report 2025, online-brokerage strategy, FY2024 revenue mix and corporate profile https://www.matsui.co.jp/en/integrated_report/pdf/integrated_report_2025_en.pdf
- FSA: financial instruments business operators workbook
kinyushohin.xlsx, Matsui Securities Co., Ltd., Kanto Local Finance Bureau (FIBO) No.164, verified 2026-06-24 https://www.fsa.go.jp/menkyo/menkyoj/kinyushohin.xlsx - Matsui Securities: Annual Securities Report FY2024, Netstock / online brokerage milestone and FIEA risk context https://www.matsui.co.jp/en/financial/pdf/securitiesreport_4q_fy2024.pdf
[!info] Verification status confidence: likely (2026-06-24). FIEA registration, independent online-broker positioning, FY2024 revenue mix, and the 1998 Netstock milestone are confirmed from official IR / FSA workbook sources. This version does not assert unverified market-share rank or account-count comparisons.