松井証券株式会社 (Matsui Securities)
目次
ウィキ上の位置づけ
この項目は 証券会社 の配下に位置づける。比較対象・対照文脈は SBI証券 (SBI Securities)、より広い制度・規制上の境界は 証券 とあわせて読む。
要約
松井証券は、東証 Prime 8628 の独立系オンライン証券。FSA 金融商品取引業者一覧では 関東財務局長(金商)第164号 の松井証券株式会社として掲載され、第一種・第二種金融商品取引業、有価証券関連業、特別金融商品取引業者、日本証券業協会・金融先物取引業協会 membership を確認できる。^[source:fsa-fibo-2026] Integrated Report 2025 も、Financial Instruments and Exchange Act 上の financial instruments business operator、JSDA / Financial Futures Association member、かつ「他社に属さない independent」と説明する。^[source:matsui-ir-2025] 事業面では、FY2024 の net operating revenue の約 80% を retail investors 向け日本株ビジネスが占める一方、FX は 10%、米国株は 2% まで拡大しており、オンライン株式を核にしながら周辺プロダクトで収益源を増やすモデルで読む。^[source:matsui-ir-2025]
1. 会社概要
| Item | Reading |
|---|---|
| 正式名 | 松井証券株式会社 |
| 英名 | Matsui Securities Co., Ltd. |
| 証券コード | 東証 Prime 8628 |
| 創業 / incorporated | Integrated Report 2025 は 1918-05 established、1931-03 incorporated と記載する。^[source:matsui-ir-2025] |
| 本社 | 東京都千代田区麹町 1-4。^[source:matsui-ir-2025] |
| 代表 | Akira Warita, President & CEO。^[source:matsui-ir-2025] |
| 業態 | 独立系オンライン証券。Integrated Report は corporate affiliation について、Matsui Securities は independent で他社に affiliated していないと記載する。^[source:matsui-ir-2025] |
License / registration boundary
| Layer | Verified reading |
|---|---|
| FSA registration | 関東財務局長(金商)第164号。^[source:fsa-fibo-2026] |
| FIEA categories | FSA workbook で第一種金融商品取引業、第二種金融商品取引業、有価証券関連業を確認。^[source:fsa-fibo-2026] |
| Self-regulatory memberships | 日本証券業協会、金融先物取引業協会。^[source:fsa-fibo-2026][source:matsui-ir-2025] |
| Exchange memberships | TSE general trading participant、OSE trading participant、NSE general trading participant、Fukuoka / Sapporo special member として corporate profile に記載。^[source:matsui-ir-2025] |
| Not a bank group page | Matsui is an operating securities company, not a bank-affiliated platform company; compare sbi-hd, rakuten-fg, monex-group, and mufg. |
2. Business model
Online brokerage economics
- Matsui says it has concentrated management resources on online-based businesses; in FY2024, the Japanese equity business for retail investors accounted for approximately 80% of total net operating revenue.^[source:matsui-ir-2025]
- The same report frames the Japanese equity business as the key business, but says Matsui will diversify revenue sources through online products and services including FX, U.S. equities and investment trusts.^[source:matsui-ir-2025]
- FX is no longer a purely optional add-on: Integrated Report 2025 says FX accounted for 10% of net operating revenue in FY2024 and had grown to 3.8bn yen from around 1.0bn yen in FY2021.^[source:matsui-ir-2025]
- U.S. equities began in 2022; the report says Matsui added U.S. equity services in 2022, began margin transactions in FY2023, supports the new NISA program, and handles around 4,900 U.S. securities as of September 2025.^[source:matsui-ir-2025]
Self-directed retail strategy
Matsui’s strategic positioning is not “universal financial group”; it is a self-directed retail brokerage platform. Integrated Report 2025 describes Matsui as the only independent firm among the five major online securities brokers, contrasting it with four peers that are subsidiaries of conglomerates with much larger customer bases. This is the reason the page should remain distinct from bank / telecom / commerce-group pages even when peer links overlap.^[source:matsui-ir-2025]
Historical inflection
The historical pivot is May 1998: Matsui’s public annual securities report states that the company started “Netstock”, the first full-fledged online brokerage service in Japan, and also started the first online margin trading service in Japan. The page therefore treats 1998 as the structural break 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 equity business for retail investors.^[source:matsui-ir-2025] |
| Margin / lending | Trading-adjacent credit layer | FSA and Matsui disclosures place the company inside FIEA securities regulation rather than banking regulation; margin balance affects 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 to diversify revenue sources.^[source:matsui-ir-2025] |
4. Competitive position
- Against SBI / Rakuten / Monex / MUFG eSmart: Matsui explicitly positions itself as independent within the major online-broker peer group, while peers have group customer bases and broader financial ecosystems.^[source:matsui-ir-2025]
- Against face-to-face brokers: Matsui’s original 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, and cybersecurity / system stability directly affect the economics of its online platform.
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, corporate profile）https://www.matsui.co.jp/en/integrated_report/pdf/integrated_report_2025_en.pdf
- FSA: 金融商品取引業者登録一覧
kinyushohin.xlsx（松井証券株式会社、関東財務局長(金商)第164号、2026-06-24 確認）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] 検証状況 confidence: likely（2026-06-24）。FIEA 登録、独立系オンライン証券としての位置付け、FY2024 収益構成、1998 Netstock milestone は公式 IR / FSA workbook で確認済み。未確認の市場シェア順位や口座数比較は本版では断定しない。