Ueda Yagi Tanshi

What Ueda Yagi Tanshi does

Ueda Yagi Tanshi (上田八木短資株式会社) is a privately held Japanese short-term financial market company (短資会社) founded in June 1918, operating as a specialized money broker in Japan's interbank markets. The company is one of only three licensed short-term capital companies in Japan under the Money Lending Business Act, and holds the top market share in unsecured call brokering (無担保コール仲介). It serves as a critical intermediary facilitating liquidity between financial institutions, processing trillions of yen in daily interbank transactions with hundreds of billions per transaction. The company's customer base spans major Japanese banks, securities firms, insurance companies, and over 500 large corporate issuers in the commercial paper (CP) market, while also serving as a counterparty to the Bank of Japan in monetary policy operations.

The company's core product portfolio includes unsecured and secured call transactions, bond repo, equity repo (株式レポ), Treasury Discount Bills, commercial paper underwriting and distribution, and proprietary trading in government bonds. Its proprietary UYRS (Ueda Yagi Repo System) electronic bond repo trading platform, launched in 2015, automates order-to-settlement processing, while a cloud-based settlement management system connects directly to the Bank of Japan's online network (日銀ネット) for real-time transaction processing. The company maintains dual-system infrastructure across Tokyo and Osaka for business continuity, and operates the only OTC bond trading clearing service in Japan for government bond transactions.

Ueda Yagi Tanshi generates revenue through transaction fees across multiple business lines: call market brokering commissions (~20% of revenue), CP underwriting and distribution, bond and stock repo services, securities subsidiary operations (Ueda Yagi Securities, established 2007), and derivatives brokerage through a joint venture with Tradition Group (2014). The company distributes market data through major information vendors (LSEG/Refinitive, Bloomberg, Quick, Jiji Mainichi) and has expanded internationally with subsidiaries in Hong Kong (2015) and China (2021). All transactions are conducted through direct B2B relationships via phone, chat, and email, with account managers handling 10-20 client companies each in a high-touch enterprise sales model.

Name

Ueda Yagi Tanshi

Legal name

上田八木短資株式会社

Website

https://uedayagi.com

Company type

Private

Founded year

1918

Operating status

Operating

Headcount range

101–250 employees

Short description

Ueda Yagi Tanshi is a specialized Japanese money broker (one of only three licensed short-term capital companies) that intermediates interbank funding, commercial paper, and repo transactions for major banks, securities firms, insurance companies, and 500+ corporate issuers, processing trillions of yen daily.

Ownership category

akta.pro rank

Product category

Interbank Money Brokering

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (52315)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Interdealer Bond Broker (IDB) Platforms (FSAFACAF)

Keywords

• Interbank money brokering
• Short-term funding markets
• Bond repo brokerage
• Commercial paper dealing
• Call market intermediation

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Call Market Brokering Commissions: Brokerage commissions from facilitating unsecured call (無担保コール) and secured call (有担保コール) transactions between financial institutions. The company maintains the top market share in unsecured call brokering in Japan. Commission revenue from call market brokering constitutes approximately 20% of total revenue, with the remaining 80% coming from newer business lines developed over the past 30 years.
2. Proprietary Trading (Dealing) — Government Bonds and Securities: Self-fund trading in Japanese government bonds (JGBs), Treasury Discount Bills (T-Bills), and other securities. The company conducts outright trading and repo trading using proprietary capital for profit generation. Market financial division also conducts trading in short-term government bonds.
3. Commercial Paper (CP) Underwriting and Distribution: Underwriting and sales of CP issued by large corporations to institutional investors. The company acts as a CP dealer, intermediating between issuing companies and investing financial institutions.
4. Bond Repo Transaction Services: Facilitation and execution of bond repo transactions (現先取引・現金担保付債券貸借取引), matching counterparties for securities financing transactions involving government bonds.
5. Stock Repo (株券レポ) Transactions: Cash-collateralized stock lending/borrowing transactions, enabling corporate and financial institution clients to use listed shares for financing purposes.
6. Securities Subsidiary Operations: Revenue from Ueda Yagi Securities (上田八木証券), a securities subsidiary established in 2007 for discretionary investment management services for institutional investors. This represents a new pillar of business development over the past decade.
7. Derivatives Brokerage: Derivatives intermediation business through a joint venture with Tradition Group, established in 2014, expanding the company's service offerings beyond traditional short-term funding markets.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Ueda Yagi Tanshi is a specialized short-term financial market company (money broker) that intermediates interbank funding transactions between financial institutions in Japan. It brokers unsecured and secured call money transactions, bond repo trades, commercial paper issuance/distribution, and equity repo transactions, and participates in Bank of Japan open market operations. Revenue is generated through brokerage commissions, proprietary trading in JGBs and T-Bills, and fee-based services for institutional clients.

Product overview

Ueda Yagi Tanshi is a specialized short-term financial market company (money broker) that serves as a crucial intermediary in Japan's interbank money markets. The company offers a unified portfolio of products centered on short-term funding intermediation, including unsecured and secured call transactions, bond repo services, commercial paper underwriting and distribution, and equity repo transactions. Key products include the proprietary UYRS electronic bond repo trading platform launched in 2015 for automated order-to-settlement processing. Market data is distributed through major financial information vendors including LSEG, Bloomberg, Quick, and Jiji Main. The company also operates the only OTC bond trading clearing service in Japan, handling post-trade settlement for government bond transactions. Services are organized across specialized divisions: Interbank Division (call transactions), Financial Markets Division (government bonds/T-bills), Securities Division (bond repo), Market Division (CP), Securities Finance Division (equity repo), and Operations Division (settlement and clearing).

Differentiator

Problem solved

Functional benefit

Brands

• UYRS (Ueda Yagi Repo System): Electronically traded bond repo transaction platform developed by the company
• 上田八木・金融政策サーベイ

Products and services

• Unsecured Call (無担保コール) Brokering Short-term unsecured funding transactions between financial institutions, with overnight weighted average rates serving as a risk-free benchmark for Japanese yen. Company maintains top market share in Japan for this product.
• Secured Call (有担保コール) Brokering Collateralized short-term funding transactions using securities as collateral. Offered via dealing (company as counterparty) and broking (company as intermediary) methods. Founded on the secured transaction principle invented by Ueda Kaname in 1918.
• Bond Repo (債券レポ取引) Services Securities financing transactions exchanging government bonds for cash, including cash-collateralized securities lending (現金担保付債券貸借取引) and repo (現先取引) for funding, short covering, and carry trades. Facilitated through the proprietary UYRS electronic trading platform.
• Commercial Paper (CP) Underwriting and Distribution Short-term corporate notes issued by companies for efficient short-term funding. Company acts as CP dealer (CPディーラー) providing underwriting and sales services to institutional investors, with over 500 issuer companies in client portfolio.
• Equity Repo (株式レポ取引) Cash-collateralized stock lending/borrowing transactions allowing companies to raise funds using their shareholdings, including stock portfolio rebalancing services. Periods typically 1-6 months.
• UYRS (Ueda Yagi Repo System) Electronic Bond Repo Trading Platform (上田八木レポ電子取引システム) Proprietary electronic bond repo trading platform (上田八木レポ電子取引システム) launched in 2015, enabling automated trading, order matching, and straight-through processing of bond repo transactions. Market participants can independently select and execute conditions-matched trades.
• Japan Government Bond OTC Clearing and Settlement Services (国債店頭取引清算取次業務) OTC bond trading clearing and settlement services — the only such service in Japan — handling confirmation and settlement processing for government bond transactions.
• Derivatives Brokerage via Tradition Group JV Derivatives intermediation business conducted through a joint venture with Tradition Group (one of the world's top 3 money brokers, headquartered in Switzerland), established in 2014 to expand the company's service offerings beyond traditional short-term funding markets.
• Information Vendor Market Data Services (情報ベンダーサービス) Market data distribution services through LSEG/Refinitiv (UEDA pages 40-63), Bloomberg (UEDA/UEDB), Quick (UDTJ codes), and Jiji Mainichi (RT/QB codes), providing call market, NCD, CP, and repo transaction data to financial market participants.
• Securities Brokerage and Investment Management via Ueda Yagi Securities (上田八木証券) Securities brokerage and discretionary investment management services for institutional investors, provided through wholly-owned subsidiary Ueda Yagi Securities (上田八木証券株式会社) established in April 2007.
• Daytime Call (日中コール) Brokering Same-day call transactions to cover intraday funding gaps from payment timing differences, foreign exchange yen settlement, and Zengin system clearing.
• Treasury Discount Bills (国庫短期証券) Brokerage Government securities with maturity of 1 year or less, issued at discount. Available in 3-month, 6-month, and 1-year maturities. Company participates in public auction and BOJ market operations.

Quantifiable outcome

• Top market share in unsecured call brokering in Japan
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Tokyo Yamakyo Phoenixes (東京山九フェニックス)minorGTM or Marketing Partner · 1 January 2024Premium partner contract concluded in January 2024 with the women's rugby team Tokyo Yamakyo Phoenixes. This CSR and marketing partnership supports the team's activities and serves as a brand-building and community engagement initiative.
• Ueda Yagi Currency Broker (China) Co., Ltd. (上田八木貨幣経紀(中国)有限公司)coreStrategic or Co-development Partner · 1 July 2021A money broker subsidiary established in China through joint venture structure, with commercial operations commencing in July 2021. This represents the company's expanded footprint in the Chinese money market following the establishment of the Shanghai representative office in 1996.
• Ueda Financial Limited (Hong Kong)coreOthers · 1 January 2015Wholly-owned subsidiary established in Hong Kong in January 2015 to expand the company's international presence and provide cross-border money market brokerage services in the Asian region.
• Tradition Group (Switzerland)coreStrategic or Co-development Partner · 1 November 2014In November 2014, Ueda Yagi Tanshi entered into a strategic partnership with Tradition Group (one of the world's top 3 money brokers, headquartered in Switzerland) for joint development of derivatives brokerage business. A joint venture was established to expand into derivatives intermediation, marking the company's entry into new financial product categories beyond traditional short-term funding markets.
• Shanghai Representative OfficeminorOthers · 1 March 1996The Shanghai Representative Office was established in March 1996, making Ueda Yagi Tanshi the first short-term capital company in Japan to expand into China.

Scale indicators9 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• BGC Group: US-listed interdealer broker (formerly part of Cantor Fitzgerald) operating in fixed income, rates, FX, and credit globally. Comparable as a publicly-traded money broker providing voice and electronic brokerage services to financial institutions.
• TP ICAP: UK-listed interdealer broker formed from the merger of ICAP and Tullett Prebon. Operates global money broking and electronic fixed-income platforms directly comparable to UY's voice and electronic repo franchise.
• TraditionData: The market data and analytics arm of Compagnie Financière Tradition. Closely comparable to UY's information-vendor service that distributes call, NCD, CP, and repo data via LSEG, Bloomberg, Quick, and Jiji Mainichi.
• Compagnie Financière Tradition: Swiss-headquartered top-3 global interdealer broker (money broker) and UY's strategic partner since 2014 for derivatives intermediation. Operates the same core business model — matching counterparties in fixed income, derivatives, and short-term funding — at a much larger global scale.

Broad incumbents

• Mizuho Securities: Major Japanese securities firm and a UY customer/counterparty. Operates JGB trading, repo, and CP businesses that overlap with UY's intermediation franchise, but as part of a much broader full-service securities and investment banking offering.
• Daiwa Securities: Major Japanese securities group with significant JGB, repo, and institutional fixed-income operations that interact with UY's intermediation services. Broader full-service model rather than specialized money broking.
• Nomura Securities: Largest Japanese-headquartered investment bank with global rates and repo operations. Counterparty to UY in interbank markets while also providing competing institutional fixed-income services.
• SMBC Nikko Securities: Top-tier Japanese securities firm and UY counterparty across bond repo, call, and CP markets. Has a broad retail/institutional franchise but also competes for institutional short-term funding flows that UY intermediates.
• Mitsubishi UFJ Morgan Stanley Securities: Japanese securities JV combining MUFG and Morgan Stanley. Active in JGB, repo, and institutional fixed-income — overlapping with UY's customer base while operating as a full-service broker-dealer.
• CME Group (NEX/CME BrokerTec): Acquired NEX Group (formerly ICAP's post-trade and brokerage units) to operate BrokerTec electronic fixed-income trading and EBS FX platforms. Overlaps with UY's electronic repo and money market business, but at vastly larger scale across multiple asset classes globally.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ueda-yagi-tanshi-co-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ueda Yagi Tanshi