MTBJ Corporate Report 2022

The Master Trust Bank of Japan MTBJ Corporate Report 2022

The Master Trust Bank of Japan

We
Weaspire
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firms,
firms,
banks)
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Issuers
Issuersof securities,
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government,
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operatingoperatingourourorganization.
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MTBJ Corporate Report 2022

Changes
Changesin Assetsin Assets
Under
Under
Administration
Administration
(AUA)
(AUA)

The Master Trust Bank of Japan

ChangedChangedthe ownershipthe ownership
structure
structure
to be jointly
to be jointly
ownedowned
by MUTB,
by MUTB,
NipponNippon
Life InsuranceLife Insurance
Company,
Company,
Nov. Nov.
20052005
Meiji Yasuda
Meiji Yasuda
Life InsuranceLife Insurance
Company,
Company,
and TheandNorinchukin
The Norinchukin
Trust &Trust
Banking& BankingCo., Ltd.
Co., Ltd.

Oct. 2005
Oct. 2005
ChangedChangedthe investment
the investment
structure:
structure:changedchangedthe investment
the investment
percentages
percentages
in associationin association
with thewithbirth
theofbirth
MUTBof MUTB
StartedStarted
the transfer
the transfer
of assetsof assetsfrom Nippon
from Nippon
Life InsuranceLife Insurance
Company
Company
Feb. Feb.
20042004
Completed
Completedtransfertransferof all ofassetsall assets
from shareholders’from shareholders’trusts trusts
after having
after havingtransferredtransferred
the investment
the investment
trust andtrustotherand asset
other asset
administration
administration
operations
operations
Nov. Nov.
20032003
from UFJ
fromTrust
UFJBank
Trust Limited
Bank Limited(current(current
MUTB)MUTB)

Transferred
Transferred
the pension
the pension
trust, specified
trust, specified
moneymoney
trust, andtrust,otherand asset
other asset
Oct. 2002
Oct. 2002
administration
administration
operations
operations
from UFJ
fromTrust
UFJBank
Trust Limited
Bank Limited(current(current
MUTB)MUTB)

MTBJ Bldg., 2-11-3 Hamamatsucho, Minato-ku, Tokyo JAPAN 105-8579
Telephone Number : 03-5403-5100
Fax Number : 03-5403-5098
https://www.mastertrust.co.jp/english

Launched
Launched
full-scale
full-scaleasset administration
asset administration
services
serviceswith thewithtransfer
the transfer
of assetof administration
asset administration

ChangedChangedthe investment
the investment
percentages
percentages
to be equal
to be equalfor Mitsubishi
for Mitsubishi
Trust and
TrustBanking
and Banking
Corporation
Corporation
Mar. Mar.
20012001(current(current
MUTB),MUTB),
NipponNippon
Life InsuranceLife Insurance
Company,
Company,
and ToyoandTrust
ToyoBank
Trust (current,
Bank (current,
MUTB)MUTB)
StartedStartedthe Japan’s
the Japan’s
first online
first online
information
information
Jun. Jun.
20002000serviceservice

May May
20022002
operations
operations
from Mitsubishi
from Mitsubishi
Trust and
TrustBanking
and Banking
Corporation
Corporation(current(current
MUTB)MUTB)
Relocated
Relocatedthe headthe officehead toofficethe tocurrent
the current
location,
location,
MTBJ MTBJ
Building
Building
in Hamamatsucho,
in Hamamatsucho,

Jan. Jan.
20022002
coinciding
coinciding
with thewithlaunchthe launchof the ofasset
the administration
asset administration
businessbusiness

Launched
Launched
MaiNet,MaiNet,
MTBJ’sMTBJ’s
integrated
integrated
information
information
serviceservice
combiningcombining
its online
its online
information
information
serviceservice

Feb. Feb.
20012001
and integrated
and integrated
report reportserviceservice

StartedStarted
operations
operations
throughthroughinvestments
investments
by Mitsubishi
by Mitsubishi
Trust and
TrustBanking
and Banking
Corporation
Corporation(current(current
Mitsubishi
Mitsubishi
UFJ Trust
UFJandTrustBanking
and Banking
Corporation
Corporation[MUTB]),[MUTB]),
NipponNippon

May May
20002000
Life InsuranceLife Insurance
Company,
Company,
Toyo Trust
ToyoBank
Trust (current
Bank (current
MUTB),MUTB),
Meiji Life
MeijiInsuranceLife Insurance
Company
Company(current(current
Meiji Yasuda
Meiji Yasuda
Life InsuranceLife Insurance
Company)
Company)
and Deutscheand Deutsche
Bank. Bank.

Issued September 2022

1 1

History of MTBJ

that efficiently provides integrated asset
by global standards.

Mar.31,2022
AUA at10th foundation anniversary

571.8

May 2010

trillion yen

May 2012 Joined ISDA

May 2020 20th foundation anniversary

Mar. 2007

Received ISO 27001 certification

TOPICS
2021.7

Expansion of Margin Administration Services for OTC Derivatives Trades
We added initial margin (IM) services to our existing variation margin (VM) services for our administration services involving the calculation and settlementof margins for OTC derivatives trades on behalf of financial institutions.

2021.8Start of Security Token Operations
We started issuing and administering security tokens (electronically recorded transferable rights to be indicated on securities), aiming to give investors a
new investment opportunity.

2021.9

Expanded Initiative Enabling Single Party NAV Calculation by a Trustee Bank for Japanese Investment Trusts
We expanded our existing service, whereby MTBJ as a trustee bank offers single party NAV calculation for foreign-currency denominated investment trusts,
to also cover yen-denominated investment trusts, becoming the first bank in Japan to do so.

2021.9Assets Under Administration Exceeded 500 Trillion Yen
The balance of assets administered by MTBJ exceeded 500 trillion yen.

2021.12Creation of an Investment Management Platform Utilizing Aladdin®
MTBJ and BlackRock Solutions agreed to form a strategic partnership utilizing BlackRock’s Aladdin® investment management and analysis system.

1

Management Goals
Management Creed
Response to Client Needs

Proper Risk Management

We give the highest priority to maintaining a relationshipof trust and reliability with our clients, and we will makeevery effort to accurately and promptly respond to thediverse needs of clients in Japan and clients overseas.

We will strengthen our corporate values through thedevelopment of our business and through proper risk
management, and we will disclose our corporate
information in a timely and appropriate fashion, thereby
establishing steadfast trust in our company.

Efficient Provision of Integrated Asset
Administration Services

Contribution to Society

We will proactively engage in developing new fields andnew technologies in the asset administration business,
and we will aim to efficiently provide integrated asset
administration services of the highest quality.

We will contribute to the further development of theasset administration business, and thus, we willcontribute to the realization of the sustainable growth ofsociety through our pro-environment corporate activities.

Strict Compliance with Laws and Regulations,etc. and Highly Transparent Management

Improvement of Work Environment forEnhancement of the Expertise of Our Staff

We will strictly comply with laws, regulations, and otherapplicable rules, and will conduct highly transparent, fairand open management, and thus, we will win the trustand confidence of the general public.

We will continue to provide our staff with opportunities
and a work environment that allow our staff to enhancetheir expertise and perform at their full potential.

Management Vision
We will contribute to the further development of the asset administration
business and provide services of the highest quality as a specialized
asset administration bank.

Image of Our Goals
A leading custodian bank that efficiently provides integrated asset
administration services of the highest level by global standards

Contents

2

History of MTBJ

1Management Goals

2

Corporate Overview

4

Corporate Governance System

6

Roles of MTBJ in AssetManagement in Japan

8

Integrated Asset Administration
Services of the Highest Quality

10Responding to increasingly diverseand complex investment markets
	Providing Optimum Solutions
Based on the Needs of Customers
	Provision of value-added services
associated with asset administration
	Better communication with customers

Infrastructure for stably and efficiently providing
24
integrated asset administration services
Initiatives for enhancing operational quality
Business Continuity Plan

Proper Risk Management and Strict Compliance32
with Laws and Regulations
Risk management system
Compliance System	International Standard Certification for
Information Security Management System
Internal Audit System
External Audit System

Reference Materials

38

Fiduciary Duties
undertakings. The Master Trust Bank of Japan, Ltd. (MTBJ) will further improve its customeroriented undertakings based on this Policy.

Management Goals

Mitsubishi UFJ Financial Group, Inc. (MUFG) formulated and announced the MUFG Basic Policy
for Fiduciary Duties as common guidelines of the Group so as to enforce its customer-oriented

MUFG Basic Policy for Fiduciary Duties(https://www.mufg.jp/english/profile/governance/fd/)
Initiatives of The Master Trust Bank of Japan, Ltd.
(https://www.mastertrust.co.jp/company/objective_f.html (Japanese only))

Corporate Slogan

MTBJ has the corporate slogan“Be Professional.”

By all of its officers and employees sharing this corporate slogan, The Master Trust Bank of Japan,
Ltd., aims to become a specialized asset administration bank of customers’ true choice with each
employee growing to become a professional highly evaluated in the market, thereby boosting thequality of MTBJ’s asset administration services.

Responsibilityof a specialized asset
administration bank to always
provide high-quality asset
administration services tocustomers

Three
Self-awarenessof each employee to perform
operations as a professionalwith eagerness and prideprinciples

embodied in thecorporate slogan

Goals
of each employee as aprofessional with strong
determination

3

Corporate Overview
Name and Location of the Business Office
Company Name

The Master Trust Bank of Japan,Ltd.

Location of theBusiness Office

MTBJ Bldg., 2-11-3 Hamamatsucho, Minato-ku, Tokyo JAPAN 105-8579

Officers

(as of Jun. 30, 2022)

Appointment

Full Name

Appointment

Full Name

Director (part-time)

Kazumasa Ito

Director (part-time)

Koichi Fukuchi

Tetsuo Kushibe

Corporate Auditor

Akihito Watanabe

Managing Director

Atsushi Nakajima

Corporate Auditor (part-time)

Shuji Umabayashi

Managing Director

Yukihiro Yamamoto

Corporate Auditor (part-time)

Akira Tsuzuki

Director

Atsushi Takemura

Director (part-time)

Takafumi Ihara

Director (part-time)

Jun Kawakubo

Managing Executive Officer

Tsuyoshi Ueno

Representative Director,
President

Toshikazu Mukohara

Representative Director,
Deputy President

Organization Chart(as of Jun. 30, 2022)
General Shareholder’s Meeting

Board of Statutory
Auditors

Auditors
Board of Directors

Osaka Asset Services
Division

Market Operations &Settlements Division

Investment Operations
Outsourcing Service Division

Investment Trust Service
Division

Global Asset Services
Division

Domestic Asset Services
Division

Fund Accounting & CashManagement Division

Securities Lending & Transition
Management Division

Investor Services
Planning DivisionInternal Audit DivisionCorporate Risk
Management Division

Human Resources & Corporate
Administration DivisionCorporate Planning &Accounting Division

4

Market Practice &Reconciliation Division

Management Conference

President

List of Shareholders(as of Jun. 30, 2022)

Stockholder

Shareholding Ratio

Mitsubishi UFJ Trust and Banking Corporation

55,80046.5%

Nippon Life Insurance Company

40,20033.5%

Meiji Yasuda Life Insurance Company

12,000

10.0%

The Norinchukin Trust and Banking Co., Ltd.

12,000

10.0%

Total

120,000

100.0%

Credit Rating(as of Jun. 30, 2022)

RatingLong-Term
AAA

Japan Credit Rating Agency, Ltd.
(JCR)

AA

Short-Term

AA+

J-1
J-2

A

J-3

BBB

NJ

below BB

D

AAA
AA

Standard & Poor’s (S&P)

Corporate Overview

Number of Shares

A

A-1
A-2

A

A-3

BBB

B

below BB

below C

J-1+

A-1

5

Corporate Governance System
Basic Approach to Corporate Governance
MTBJ establishes the corporate governance system that centers around the Board of Directors and theBoard of Statutory Auditors. Furthermore, with a majority of the Board of Statutory Auditors being external
Corporate Auditors, we have external viewpoints that strengthen corporate governance.

Decision-Making Process and Functions of the Board of Directors
The Board of Directors, which comprises all Directors, decides on MTBJ’s business execution and oversees
the execution of duties by Directors. In addition, we have the Management Conference as an organ for
discussing and deciding on the policy and other matters concerning overall business management basedon the basic policy set by the Board of Directors. The Management Conference comprises the Directors
with special titles and all Executive Officers. Managing Directors, Corporate Auditors, and others may attend
meetings of the Management Conference and express their opinions.

Functions of the Board of Statutory Auditors/Corporate Auditors
The Board of Statutory Auditors, which comprises all Corporate Auditors, decides on the audit policy andaudit plans, monitors and validates whether an accounting auditor maintains independence, andappropriately conducts audits. Corporate Auditors attend meetings of the Board of Directors and otherorgans and state their opinions where necessary. In addition, they audit the process of corporate decisionmaking and the state of execution of duties by Directors through the validation of reports received from theaccounting auditor and others, as well as the examination of operations and the assets of the Company.

About Internal Audits
We have the Internal Audit Division as an organization that is independent of the audited divisions. The
Division validates and evaluates the appropriateness and effectiveness of risk management, internal
controls, and governance processes of audited divisions and provides recommendations for improvementof issues. The results of audits are reported to each Director and Corporate Auditor and regularly reported
to the Management Conference and the Board of Directors.

6

Governance Structure
General Shareholder’s Meeting
ReportExpress opinions

Board of
Statutory Auditors

Board of Directors
Audit
AdviceRecommendation

Audit

Cooperation

Cooperation

President
ReportAudit

DivisionsInternal Audit DivisionCorporate
Governance System

Management Conference

Accounting Auditor

Auditors7

Roles of MTBJ in Asset Management in Japan
MTBJ, which was founded in May 2000 as the Japan’s first trust bank specialized in the asset
administration business, strives to efficiently provide integrated asset administration services of the highest
quality.

Chart of Joint Trustee Scheme (Tokkin with investment advisory)
Customer(Trustor•Beneficiary)

Trust agreement
Discretionary
investment
agreement

Agreement
four parties

Trust Bank
(Joint trustee)

Investment

MTBJ(Joint trustee)among

Investment advisor company(Investment management agent)

instructions

8Chart for Re-Entrustment Scheme (contract type investment trust)
Customer(Beneficiary)
Money forthe application

Certificates ofbeneficial interest

Transfer agent/Distributor

Investment
instructions

Agreement
among
three
parties

Trust Bank
(Trustee)Re-entrustment
agreement

Roles of MTBJ in AssetManagement in Japan

Investment trust
management company(Trustor)

Trust agreement

MTBJ(Sub-Trustee)

9Responding to increasingly diverse and complex
investment markets
Providing Optimum Solutions Based on the Needs of Customers
Provision of value-added services associated with asset
administration
Better communication with customers

Integrated Asset
Administration Servicesof the Highest Quality
Responsibilityof a specialized asset
administration bank to always
provide high-quality asset
administration services tocustomers

10

Self-awarenessGoals

of each employee to perform
operations as a professionalwith eagerness and prideof each employee as aprofessional with strong
determination

Integrated Asset Administration Services of the Highest Quality
Responding to increasingly diverse and complex investment markets
Foreign securities markets
Investment in foreign securities including emerging markets is increasingly becoming active and diverse.
Currently, MTBJ invests in approx. 130 countries*1 with foreign securities assets under administration
reaching approx. 151.9 trillion yen.
MTBJ has a dedicated division to investigate and monitor laws and regulations (including tax systems) ofinvesting countries, and takes swift action.
MTBJ uses various overseas custodians, in addition to the network of overseas offices of Mitsubishi UFJ
Financial Group, Inc. (MUFG). We select overseas custodians by assessing their credit risk, internal control
system, administrative capability and other aspects, as well as conducting comprehensive reviews throughfield inspections and meetings. Also, we conduct assessments and physical inspections on an ongoing basis.
Furthermore, we are working to adopt CLS*2 for the purpose of reducing the risk of not being able tosettle foreign exchange transaction between two currencies simultaneously due to different time zones(Herstatt risk).
*1: These include investment markets of depositary receipt.
*2: Continuous Linked Settlement● Foreign Security AUA

151.9
138.8

(unit:trillion yen)

150

50

18.4
7.8 12.1

23.5 29.8

44.2 42.9
34.8 39.1 32.7 41.8

50.2

59.8

76.6 78.2 80.9

103.8 103.9
88.8

Integrated Asset Administration
Services of the Highest Quality

100

02002.52022.3

Meeting risk management needs in association with investment market expansion
On the back of growing investment in funds by institutional investors and diversifying investment products(such as foreign securities and alternative assets) in recent years, the needs for more accurately capturing
investment risk are increasing. To meet the risk management needs of institutional investors, MTBJ offers
look-through data* necessary for calculating risk amounts under Basel and other regulations and provides
reports.
*Look-through data are data that disclose individual assets and liabilities held by funds.

11Integrated Asset Administration Services of the Highest Quality

Derivatives
In order to meet the rapidly growing needs for investing in derivatives products and ensure thoroughmanagement, we are working to enhance our management capabilities by actively using cutting-edge
systems in the world.
In addition, when our customers invest in derivatives products, we provide them with support, such as
consultation prior to starting trades and coordination with derivatives dealers from the counterparties.
Joining ISDA membership and assistance for ISDA agreements
Since the global financial crisis triggered by the subprime mortgage problem, various regulatory reforms for
OTC derivatives trades have been implemented across the globe. As a member of ISDA*, MTBJ strives toprovide timely services to its customers by appropriately capturing developments in global standards forderivatives trades that are constantly changing.
It is necessary to enter into an ISDA Master Agreement in order to smoothly execute OTC derivatives
trades.
We assist customers in turning their wide-ranging investment needs into reality by providing consultation
services in adjusting the details of the agreement based on our abundant know-how gained through various
individual cases.
*ISDA (International Swaps and Derivatives Association): an international industry association established in the U.S. in 1985.

Margin requirements for OTC derivatives trades
The Group of G20 nations has established various margin requirements aimed at reducing systemic risk (riskof chain reaction collapses), counterparty risk (risk of a counterparty defaulting on payments) and other risks
for over-the-counter (OTC) derivatives, which emerged after the collapse of Lehman Brothers in 2008.
Specifically, it is mandatory in Japan and the US to clear standardized trades, such as interest rate
swaps, through a central counterparty clearinghouse (CCP). In response to this, MTBJ has established asystem that enables the clearing of interest rate swaps through the Japan Securities Clearing Corporationand other domestic and foreign CCPs.
On the other hand, counterparties are required to exchange margins for OTC derivatives trades notcleared through CCPs.

Collateral administration services for initial margin and variation margin
There are two types of margins required in OTC derivatives trades: initial margin (IM) to cover losses in theevent of default of a counterparty and the variation margin (VM) that is requested based on daily changes in
the market. The rules require counterparties to safeguard IM by using a trust or other means. Therefore, intime for the application of the rules to Phase 1* counterparties on September 1, 2016, we launched a trust
product for that safeguarding purpose.
We are providing IM collateral administration services of calculating and settling margins on behalf ofPhase 5* and 6* financial institutions covered by the rules respectively from September 1, 2021, andSeptember 1, 2022.
As for VM, we started offering VM collateral administration services, agency services for calculation andsettlement of margins, in February 2016. As described above, MTBJ will continue to provide comprehensive
collateral administration services catered to the needs of customers conducting cutting edge investment
management using derivatives.
*Financial institutions with a notional amount outstanding of non-cleared derivatives that exceed 420 trillion yen are covered by the margin
requirements in Phase 1, 7 trillion yen in Phase 5, and 1.1 trillion yen in Phase 6.

12

Providing Optimum Solutions Based on the Needs of Customers
Handling middle- and back-office operations outsourced by asset management companies
MTBJ’s high-quality services, which leverage the know-how as trustee for invest trust we gained over many
years since we launched investment operations outsourcing services for trust, including net asset value(NAV) calculation for the first time in Japan, are well received by not only investment trust managementcompanies already using our services but also foreign affiliated investment trust management companies
expanding into Japan and investment management companies newly entering the investment trust
business. In light of the growing need for outsourced services, MTBJ established a framework for providing,in addition to NAV calculation, wide-ranging investment operations outsourcing services for investment trust
covering trade processing and various reporting services. As of March 2022, MTBJ administers approx.
2,600 funds with a principal outstanding of approx. 40 trillion yen. Also, we started providing investment
operations outsourcing services for discretionary investment management companies, such as accounting
and reporting services, to those companies. In July 2018, we newly established the Investment Operations
Outsourcing Service Division dedicated to these services to strengthen the framework for providing highquality investment operations outsourcing services that leverage our high level of expertise as a trust bankspecialized in asset administration. Under this framework, we will strive to meet the expectations of ourcustomers.

Offering Japanese investment trusts denominated in foreign currencies
MTBJ started offering Japanese investment trusts that can be subscribed and redeemed in foreign
currencies as Japan’s first to meet the increasingly diversified needs of investing in foreign-currency
denominated assets due to the low-interest-rate environment in Japan. (November 2016)

foreign investment trust established overseas. This product enables customers to purchase a Japanese
investment trust in a foreign currency they already have.
This product widens the choices of investors as it provides the benefits of reducing foreign exchange

Integrated Asset Administration
Services of the Highest Quality

Traditionally, investment in foreign-currency denominated assets was generally made by purchasing eithera yen-denominated Japanese investment trust that invests in foreign-currency denominated assets or acosts and the application of tax treaties, in addition to the implementation of operations, such as
subscription and redemption, NAV calculation, disclosure, and other practices under Japanese laws (e.g.,
Act on Investment Trusts and Investment Corporations). We are also experienced in establishing Tokkinfunds denominated in foreign currencies.
● Framework of Japanese investment trusts denominated in foreign currencies
Japanese investment trusts
denominated in foreign currency
Purchase

Japanese investment trust
management company(investment management of trust assets)
Investment
instructions

Payment inforeign currency

Customers(investors)

redemption

andTrustee bank(administration of trust assets)
Mitsubishi UFJ Trust and Banking

Investment

Foreign-currency
denominated assets(e.g., stocks, bonds)

13

Integrated Asset Administration Services of the Highest Quality

Various ETF administration services
Amid the expansion of the exchanged traded fund (ETF) market, we remain committed to the market and,as of the end of March 2022, administer 70% of the net assets outstanding of Japanese ETFs. Since MTBJ
became the trustee of a physical ETF linked to the Japanese stock index in July 2001, it has accumulated
ETF administration know-how and improved IT systems, serving as the trustee of the gold ETF, Shanghai
stock index ETF, and other ETFs. In June 2019, MTBJ started offering services for the Japan’s first fundunder the Japan-China ETF Connectivity plan that allows listings of ETFs on both Japanese and Chinese
markets.
We also developed a new market system as a core member of the working group called “Working Groupfor the study to enhance the ETF establishment and trading settlement such as constructing a new clearing
system”. As such, we will keep our effort to expand the ETF market with other stakeholders.
● ETF net assets outstanding(unit:trillion yen)45
2022.3403530
25
ICE US Treasury 7–10 Year Bond Index ETF
20

MSCI Japan High Dividend Yield Index ETF

10Shanghai equity index ETF
Gold ETF
Japan equity
index ETF

5
0

14

2016.5TOPIX Ex-Financials ETF

15

2001.7

JPX-Nikkei Index 400 ETF
Currency ETF
Crude oil ETF

2007.8 2007.10

2008.9 2009.7

2014.32014.2

2015.10

Comprehensive service for the needs of securities administration operations outsourcing--initiatives for enhanced securities administration services
In addition to conventional securities administration centered on custody and settlement of securities, wewill also provide account processing, internal/external report preparation, and other operations related tosecurities administration on behalf of our customers. This would enable our customers to save investment
in IT systems required to maintain in accordance with changing legal framework and regulation concerning
securities, as well as costs arising from a review of operations. MTBJ started offering these services in fullscale in April 2005, leveraging its securities administration and reporting know-how gained in the trust
business. Responding to the wide-ranging needs of our customers, we are actively undertaking outsourced
securities administration operations.
● Structure for comprehensive outsourcing of securities administration operations

Internal data linkage

After outsourcing

Custody,
settlement,
etc., ofsecurities

Settlement

Outsourcing

Settlement
instructions

Dedicated
networks
Securities
administration
systemIntegrated Asset Administration
Services of the Highest Quality

Settlement

Securities
administration
system

Accounting
systems

Customers

Custody,
settlement,
etc., ofsecurities

Clearinghouse, etc.

Settlement
instructions

Clearinghouse, etc.

Before outsourcing

Customers

Accounting
systems

15

Integrated Asset Administration Services of the Highest Quality

Centralization of Japanese investment trusts administration processes: Launched the first single party NAV calculation initiative in Japan.
Currently, both investment trust management companies and the trustee banks of Japanese investment
trusts have to obtain necessary information about each securities transactions done by an investment trustand have to perform administration processes such as NAV calculation or preparation of disclosurematerials. Thus, investment trust management companies are required to maintain expertise andinformation systems in order to conduct those operations. This practice would discourage new
management companies to join the Japanese investment trust market.
On February 2020, we launched the first operational framework in Japan which enables an investment
trust to centralize the administration processes such as NAV calculation to MTBJ as a trustee bank.
Since this framework allows investment trust management companies to dedicate their management
resources intensively to asset management services, both domestic and international managementcompanies would join the market easier than applying a former framework. This initiative may also support
existing investment management companies to improve their operational efficiency.
We will keep our effort to make the most use of our accumulated investment trust administration
knowledge and enhance our various services.

【Current】
Trustor (investment trust
management company)

Trustee (trustee bank)Investment instructions

NAV calculation

Create disclosure materials【Trustee bank alone】
Trustor (investment trust
management company)

Investment instructions

Reconciliation

Reconciliation

NAV calculation

NAV calculation

Create disclosure materials

Create disclosure materials

Validation

Provision to sales/
newspaper companies

16

Trustee (trustee bank)

Provision to sales/
newspaper companies

Create monitoring materials

Provision of value-added services associated with asset administration
Securities lending service--opportunities for additional revenues
This service involves MTBJ loaning out securities in markets with limited risks on behalf of customers withthe fees earned from the lending contributing to higher revenues for customer funds. MTBJ has establisheda leading position in the securities lending market, and our lending desk professionals with abundant
experience and know-how execute lending operations in line with customers’ management policy. Also,
MTBJ strictly manages
counterparty risk. MTBJ

● Framework of the lending service

provides this service for all
domestic bonds, domestic
foreign stocks, to matchcustomers diversifying
needs.

Customers

stocks, foreign bonds, andLending desk
(Securities Lending & Transition
Management Division)

Fund (Lender)

Domestic/foreign securities

of four asset classes:

Strictly
selectedborrowers indomestic/
overseas
markets(Borrower)

A surplus cash management fund is MTBJ’s unique product designed for boosting investment returns forsurplus cash portions in trust assets by centralizing and enhancing the function of managing surplus cash.
Putting together surplus cash in trust assets such as pension investment fund trusts and pension tokkin,
and manage them together in a surplus cash management fund, provide the fund the efficient liquidity toIntegrated Asset Administration
Services of the Highest Quality

Surplus cash management fund--higher returns and investment efficiency of customers

invest in term products.
● Framework of surplus cash management fund

Customer

Investment(surplus cash in trust assets)

Marketinvestment•Call loan
•NCD

Surplus cash management fund17Integrated Asset Administration Services of the Highest Quality

Transition management service--safe and efficient asset transition
Transition management service supports safe and efficient transition for customers’ assets at times ofswitching funds in association with reviewing investment managers, investment styles, policy asset mix, andother aspects of the assets by reducing trade costs and managing exposures and tracking errors during
the transition.
Among other types of transfer transactions, MTBJ, the first specialized asset administration bank inJapan that has established a dedicated desk for transition management, provides high-quality services
based on abundant experience.
● Framework for transition management

Transfer in kindand cross trade

Transition desk
Transition fund● Transition management function

Transfer in kindand cross trade● Asset administration function(administration of transfer in kind)● Trading function (orderer)

Existing
portfolioNew
portfolio
Securities firm (trading function)

18

Better communication with customers
About MaiNet—providing information services with robust security measures in place
MaiNet (Master Trust Information Network) is the nickname of MTBJ’s Web information service. MaiNet,
which is available via the Internet, offers various services according to customers’ subscription types.
To prevent information leaks, we take security precautions using electronic certifications.
After its launch in 2000, MaiNet went through several development phases, including an overhaul in 2020
that expanded its menu and improved operability and usability.
Since then, MaiNet has been expanded to include English buttons and content, and has becomecompatible with the Google Chrome and Microsoft Edge browsers. We will continue to improve the service
to satisfy the various environments and requests of our customers.
MaiNet can be accessed by clicking the MaiNet login buttonon the MTBJ website (https://www.mastertrust.co.jp/ ).

(1) Report search service--monthly/annual accounts reports
Since 2012, monthly/annual account and other reports, which we had originally provided in paper form, areavailable in electronic media forms, including PDF, and other electric media forms that make dataprocessing by customers easier. In 2013, we added the functions of an electronic signature and timestamp
providing third-party assurance that electronic media are not falsified, and we are shifting to paperlessmonthly/annual account reports (discontinuation of paper reports) for customers who have consented to it.
actions to enhance convenience.
(2) Data-on-demand service--providing detailed data of assets administered by MTBJ

Integrated Asset Administration
Services of the Highest Quality

In addition, in 2014, we pushed forward the start time from which the service is available and took other

This service allows customers to obtain data on assets administered by MTBJ, such as asset management
status and transaction/balance via MaiNet separately from the monthly/annual account reports. In 2012, we
significantly expanded the menu and improved operability of the service, renewing it as the data-ondemand service. In April 2020, we increased the types of data disclosed, continuing our efforts to improve
services to meet our customers’ requests.
● Framework of report search service, data-on-demand service

Reference

Customers

Internet

Disclosure system
・Monthly/annual accounts report・Asset management status
・Transaction/balance data

19

Integrated Asset Administration Services of the Highest Quality(3) O nline information service (information integration service)—providing asset management
information of multiple asset administration organizations in an integrated manner
MTBJ puts together, integrates, processes, and analyzes management information on assets administeredby multiple asset administration organizations (trust banks, life insurers), and then discloses the information
via MaiNet to employees’ pension funds, corporate pension funds, and other customers. Since the launchof the Japan’s first service in 2000, we have catered to the wide-ranging needs of customers by offeringvarious menus. We also pay attention to customers’ cost performance of information analysis by adopting acafeteria program in which they can select only the services they require.
● Service frameworkLifeinsurance

Data

Integration
Internet

Data

Processing

Trust bankAnalysis

Customers
Investment
advisor(4) Communication service—providing a platform for interactive information exchange between
customers and MTBJThis service allows MTBJ divisions and customers to directly exchange information via MaiNet: customers
submit written instructions, and MTBJ divisions send various notices via MaiNet. In 2012, we relaunched
the service as the communication service with significantly improved operability. Since we implement
multiple security measures to identify customers, instructions sent to MTBJ require neither the affixing of aseal nor the password protecting of the attached files. In addition, we started offering a screen dedicated toentering application information in 2018, significantly increasing the types of instructions and applications
that we receive from our customers in an effort to improve customer convenience, aiming for paperless for
all documents (elimination of paper exchanges).
● Service framework

Instructions

Internet

DivisionsCustomers

20

Variousnotices(5) Service of checking market prices of foreign securities and NAV—providing the results such as volatility
Since 2015, ahead of others in the industry, we provide the service of checking market prices of foreign
securities and net asset value (NAV) of each investment trust for the day and timely reporting of the results
to investment trust management companies via MaiNet every day. We check volatility, divergence, and thelike compared to the NAV index used as a benchmark by a fund, NAV of the previous business day, andhistorical prices of NAV and, as for market prices of foreign securities, market price of the previous businessday, execution price, and market price adopted by other investment trust management companies.
● Service framework

NoticeInvestment trust system
Internet
NAV
adequacy checks

Reference

Market price checksof foreign securities

Customers(6) Other—provision of dedicated menus for various services
In addition to the above, we are striving to improve information exchanges with customers and usability by
setting up dedicated menus for various services, including the market information menu introduced in 2004,
the book-entry stock administration service menu in 2009, and the foreign securities rights menu in 2012,
as well as the OTC derivatives rules (segregated management of initial margins) compliance menu in 2016.

MTBJ delivers the email MTBJ Newsletter that provides investment managers with market information,such as regulations on securities settlement and foreign exchange, as well as changes in tax systems. On
the back of market and tax systems that are increasingly more complex and various country risks, theneeds for timely and detailed market information are growing. Responding to this, MTBJ strives to improve
the speed of the MTBJ Newsletter and creates the MTBJ Newsletter Report that puts together information
on specific market topics. MTBJ also provides information on corporate action by integrating information
obtained through multiple custodians and provides website functions for information reference, giving
instructions for exercising voting rights and checking the progress of the instruction data. We are also
expanding the delivery of information in English for overseas investment managers.

Integrated Asset Administration
Services of the Highest Quality

Market information service—providing extensive and specialized information in a timely manner● Framework for providing market information and corporate action

Information reference
and instructions

Gathering information

Market information
Information on corporate action

Global custodian

Notice*Investment managers*This service is also available via email and fax.

21

Integrated Asset Administration Services of the Highest Quality

Framework for reflecting Voice of Customer
We undertake various initiatives to incorporate opinions and requests of customers to provide better
services and improve operational quality. These initiatives include the following.
(1) Customer desk
Dedicated staff with sophisticated know-how and practical experience are placed in the Customer Service
1 and the Customer Service 2, Investor Services Planning Division to serve as the point of contact withcustomers for conducting market research and consulting sales related to asset administration operations.
In providing services and solutions, MTBJ is organized by service/function such as fund administration,
domestic securities administration, and foreign securities administration. Each of the above-mentioned twounits acts as the point of contact with customers for these services/products. They carefully listen to
customer inquiries/opinions and various requests on asset administration, such as new products, newschemes, and responses to the revision of systems, and provide consultation and other services. In orderto act in a systematic manner, we use a CRM* system dedicated to managing information on customer
communication to accumulate opinions and requests received from customers. We share the information
among management and relevant departments and analyze trends. Based on the information, we strive toquickly respond to customers, develop new services, and improve operational quality.
* CRM system
This is a customer relationship system dedicated to managing information on communication with customers. By sharing the accumulated
opinions and requests of customers between relevant divisions and analyzing trends, we leverage the information in speedily responding tocustomers, developing new services, and improving operational quality.

● Organization and Service Structure

Division name

Major operations
Supervision of asset administration operations, developing

Investor Services Planning business strategies, research and study of legal frameworks,
research and study as well as planning on systemization,
Division
formulating manuals, and other operations

Customers

Opinions/
requests

Consulting

Investor Services
Planning Division
Customer
Service 1 andCustomer
Service 2

Securities Lending &Transition Management
Division

Execution of securities lending, facilitating transition
management operations

Fund Accounting &Cash Management
DivisionContract management, principal management, accounts
settlement operations, lead manager operations, fundsettlement operations

Domestic Asset Services Division
Global Asset Services DivisionMarket Practice & Reconciliation Division

Managing information on issues including domestic/foreign
securities and derivative instruments, settlement transaction
management, liquidity management, management of rights,
custodian management

Investment Trust Service Trustee operations for securities investment trusts,
Divisionsecurities administration

Solution

22

Investment Operations
Outsourcing Service
Division

Calculating NAV of investment trusts, outsourced
services of management companies, such as reporting

Market Operations &Settlements Division

Outsourcing operations related to cash settlement andforeign exchange

Osaka Asset Services
Division

Crisis management (system of dual operations),
settlement of domestic/foreign securities, investment
trust related operations

(2) Surveys for investment trust management companies and investment advisor companies
We conduct annual surveys to collect wide-ranging opinions/requests, develop new services, and provide
optimum solutions. The valuable opinions/requests we receive from our customers are utilized as voice ofcustomer for developing and enhancing MTBJ’s services/products, and we provide feedback on such
efforts and survey results to customers at MTBJ seminars and other occasions. In FY 2021, we surveyed
82 investment trust management companies and 113 investment advisor companies.
(3) MTBJ Seminar
MTBJ regularly holds MTBJ Seminars for investment trust management companies and investment advisor
companies, actively sending information that is considered beneficial, such as investment trust industry
trends and implications on investment trust funds in light of international regulations. In FY 2021, MTBJ
Seminars were held online, instead of on-site, over a total of three sessions with the participation of a totalof more than 900 people from 200 companies. We will continue to hold seminars on timely themes thatwould be of great interest to our customers.
❶ Basic knowledge about trustee business for beginners (July 2021)❷ Global custodians and MTBJ (November 2021)❸ The introduction of fails penalties rules under CSDR (December 2021)(4) Useful information
From FY 2020, we started sending a monthly newsletter of useful information on topics such as frequently
received inquiries from customers, hot market information, and how to use our WEB information service
Integrated Asset Administration
Services of the Highest Quality(MaiNet). We will continue our efforts to deliver useful information to our customers in FY 2022.

23

Responsibilityof a specialized asset
administration bank to always
provide high-quality asset
administration services tocustomers

Self-awarenessGoals

of each employee to perform
operations as a professionalwith eagerness and prideof each employee as aprofessional with strong
determination

Infrastructure for stably andefficiently providing integrated
asset administration services
Initiatives for enhancing operational quality
Business Continuity Plan

24

Infrastructure for stably and efficiently providing integrated asset administration services
Initiatives for enhancing operational quality
Further enhancing operational quality
MTBJ is making all-out efforts to further enhance operational quality (improving services, reducing
operations risk, increasing operational efficiency). The Operational Planning, Investor Services Planning
Division sorts out standard operation procedures and expands them on a company-wide basis, and its staff
works closely with divisions engaged in asset administration operations to facilitate the establishment offrameworks for improving operation processes and underpinning operational quality. Also, it establishes andimplements systematic talent development programs with the Human Resources & Corporate
Administration Division to drive autonomous and continuous growth of each employee. Furthermore, thedivisions engaged in asset administration operations undertake various initiatives to improve operational
quality, which is supported by the Operational Planning, Investor Services Planning Division in both
operational and IT system fronts. We also boost each employee’s awareness for improving operational
quality through promotion of bottom-up activities. The Corporate Risk Management Division and the
Operational Planning, Investor Services Planning Division capture the implementation status of operations,
including these bottom-up activities, assess such activities and identify issues, and share the information
with divisions engaged in asset administration operations to improve operational quality. In order to provide
asset administration of the highest quality, MTBJ makes organizational efforts to reduce operations risk
while each employee strives to further improve operational quality with strong awareness.
● Framework for promoting measures to improve operational quality

Various bottom-up activities Employee awarenessfor higher quality(asset administration divisions)• Standardizationof operation
procedures• Improving
services• Reducing
operations risk

Activities of theInvestor Services
Planning Division

Investor Services(Customer Service 1 andCustomer Service 2)

Planning Division• Operation
process
improvement(Operational Planning)• Increasing
operational
efficiency

Infrastructure for stably andefficiently providing integrated
asset administration services

Customerneeds

More robust
andefficient
operations

CSA (Control Self Assessment)
CSA refers to activity conducted by divisions responsible for businesses to identify and recognize risks
inherent in the businesses, assess the risk levels and the status of controls, and develop and implement thenecessary measures, thereby autonomously controlling risks, enhancing risk management, and improving
internal controls. By regularly and continuously assessing risks inherent in each business process through
CSA and implementing necessary action plans, such as reviewing business flow, we strive to improve
operational quality.

25

Infrastructure for stably and efficiently providing integrated asset administration services

Efforts to increase productivity
Realizing efficient operational structures
We will create a common platform for execution processing in and outside Japan by operating a Common
System for Trade and Settlement and drive standardization by promoting further implementation of straight
through processing. At the same time, we will enhance the accuracy and speed of operation processing byadopting the structure of the functional organization aligned with operational processes while aiming toestablish flexible structures responding to changes in the market environment and cut costs. Also, we drive
forward digitalization, such as automation of internal processing using RPA*. Furthermore, we will boost
productivity and efficiency by leveraging artificial intelligence and other digital technologies.
*RPA: Robotics Process Automation
RPA is a business automation technology using robots. RPA is mainly used to replace routine and repetitive tasks for which rules can beestablished.

(Reference) System structure--achieving provision of stable and efficient services
MTBJ’s systems are structured efficiently for each purpose from trade management to preparation ofreports, and thus, we are able to handle various asset administration services flexibly for both investment
trust products and other products. We will provide stable and efficient services by using a common platform
instead of developing and using separate systems depending on services to provide. This allows us tosystematically respond to reforms of securities settlement systems, law revisions and other changes,
resulting in quick and sound actions.

CommonTrade an System for(automat d Settlement
ic reconc
iliand appr

oval)

ation

● Automaticallyuploadinvestment instructions
and trade reports fromvarious media● Check against investment
instructions and tradereports and automaticallyapprove execution details

26

Secu
r it ie
produ sc
syste tms

Execution management
Balance management● Issue management● Right management● Tax affairs management

VariousreportsFuadmin ndistra
syste tionms

BS management
PL management● Surplus cash management● Fund attribute management

●

●

●

●

Disclosu
syste rems

Information
integration● Processing● Disclosure throughvarious media
●

Ｍａ
ｉＮｅ
ｔ

SYNTAX

XNET

Trustors, investment managers● Conceptual chart of asset administration business systems

(Reference) Common System for Trade and Settlement--driving automated processing from execution to settlement
In November 2003, we reconstructed the STP system*, which we had previously developed and operated
for each domestic/foreign asset, and developed and started using the Japan’s first system for integrated
real time processing of a series of processes for execution, settlement, and reconciliation (confirmation of
trade completion, balance) of domestic/foreign securities trades and foreign exchange trades (Common
System for Trade and Settlement). By operating this system, we furthered the structure for accurately andquickly processing large volumes of trades and controlling cost increases. Also, we continuously develop
systems to interface with market settlement infrastructure being established in and outside Japan andrespond to reforms of securities settlement systems.
*An automated business management system incorporating the concept of straight through processing for operation processing fromexecution, to settlement processing and confirmation of settlement completion.

● STP processing framework using Common System for Trade and Settlement(investment managers)

Trade reporting

Execution

Internet•SWIFT•Settlement Reconciliation System•ＸNET•SmartBridge•MaiNet•E-mailPaperlessSecurities companies
Foreign exchange banks

Trade confirmation

24-hour
service

Automaticreceipt

Automaticreconciliation

Automatic
entry

Automatic securities/
cash settlement instructions

Confirmation of trades/balance
Account processing

Internet•ＳＷＩ
ＦＴ•Settlement Reconciliation System•BOJ-NET

Paperless

Automatic
entry

Automaticreconciliation

Automaticreceipt

Confirmation of settlement
Receipt of interest/dividends

BOJ, JASDEC, overseas custodians

Investment trusts,
investment advisor Investment instructions
companies

Infrastructure for stably andefficiently providing integrated
asset administration services

27

Infrastructure for stably and efficiently providing integrated asset administration services

Human resource strategies
Systematically developing professional talents
It is necessary to cultivate human resources who have high skills (ability to execute, mastery of business) inorder to provide services of the highest quality. In addition, we must continuously develop managers
equipped with sufficient knowledge and careers in overall business so that we can keep providing stable
services for the future. MTBJ has talent development programs aimed at enhancing skills and building theexperience of personnel through systematic on and off the job training and job rotations, as well as aframework for visualizing skills/careers to check the outcome of development. Through these programs andframework, we develop professionals by specialized area capable of providing added value to customers
and improving operational efficiency in each area of expertise, while continuously cultivating future
managers.
● Talent development program (overview)
Development of professionals
in specialized areas

OJT

Off—JT[Core of talent development]

Training by rank/theme
New hires training
Sending for training overseas, etc.

Self-development

Job rotation

Certification exams
Distant learning
Language training, etc.

Job rotation to
gain experience

PDCA

Check steps toward becoming professionals

Visualization of skills/career
Table of business skill acquisition[skills]

Business experience[career]Level check[overall assessment of skills/career]28

Promotion of women’s active participation in the workplace
To enable women to continue working for many years through various life events, we have been enhancing
our system and infrastructure to accommodate flexible working styles, while developing candidates for
section heads and managerial positions. In January 2021, pursuant to the Women’s Advancement Promotion
Act*, we received the 3-star Eruboshi certification (third level) from the Minister of Health, Labour and Welfare,after meeting the requirements in all five evaluation categories: recruitment, continued employment, working
hours, proportion of women in managerial positions, and diversity of career courses. We received thePlatinum Kurumin certification as an excellent
c o mp a n y s up p o r t in g c hil d re a r in g in
November 2018. We will continue our efforts
to improve the workplace where all themembers, including women employees
raising children or caring for family members,
can work with peace of mind over many
years.
* Act on the Promotion of Female Participation and Career
Advancement in the Workplace

Infrastructure for stably andefficiently providing integrated
asset administration services

29

Infrastructure for stably and efficiently providing integrated asset administration services

Business Continuity Plan--conducted full-scale dual operations in Tokyo and Osaka
Business continuity plan--strong complementary structure using multiple bases
Declaring that the development and improvement of a business continuity plan against occurrence ofdisasters, accidents, incidents, and the like is one of its key management challenges, MTBJ establishes thebusiness continuity plan with awareness of social responsibility as a specialized asset administration bank.
In light of risk diversification, as for work locations, we have the Osaka office (in Esaka · Yodoyabashi) and a
backup office (in Tokyo) in addition to the Tokyo office (Hamamatsucho). As for system centers, we have themain system centers (in Kanto region) and a back-up system center (Kansai region). These structures
enable us to continue business in the event that one base is hit by a disaster as other bases cancomplement. In addition, leveraging this infrastructure, we work to maintain and improve the business
continuity system by implementing business continuity training against disasters on an ongoing basis.

Back-up structure for offices and personnel--establishing operations in multiple locations and continuously developing personnel
To be prepared for a situation in which the main office becomes unavailable for operation, we set up a
back-up office with sufficient facilities in terms of infrastructure, space, and the like.
While conducting various crisis management training programs so that we can continue businessextensively in the event of a disaster happening in daytime by promptly moving to the back-up office, weare putting a business continuity plan in place that combines measures such as switching to paperlessadministration with working from home. In conjunction with these initiatives, we train personnel to secure
substitute staff for divisions affected by a disaster to enhance the effectiveness of our business continuity plan.
In addition, in order to enhance our business continuity system in the event of a wider-area disaster in theTokyo metropolitan district, in April 2018, we established an independent division in the Kansai region, theOsaka Asset Services Division (location: Suita-shi, Osaka), the first such initiatives by a trust bankspecialized in asset administration. The Osaka Asset Services Division conducts dual operations in parallelwith Tokyo mainly for businesses of high priority for continuity, such as funds and securities settlement.
Unlike a disaster site that operates only in times of disaster, in the system of dual operations, parallel
operations are conducted in Tokyo and Osaka in peacetime. We will further enhance the functions so that
we will be prepared to continue businesses that are in substantial need as social infrastructure.

Back-up structure for systems--smooth switching for business continuity
For both a system that manages customer asset data and a system that manages external settlements themain system center employs the hot standby method of running primary and secondary systems and, if the
primary system fails, the secondary system in standby will be used for operation. In addition, data is sent on
as needed basis to a system set up in the back-up system center and thus we are able to continue tooperate business without problems in the event of a disaster at the main system center.

30

● Back-up structure

Main system center Disaster control
Back-upsystem center(Kansai region)

Real-time transmission(Primary)(Back-up)(Secondary)

Main systemcenter(in Kanto region)

Back-upofficeTOKYO office
Disaster control

Osaka officeWidermetropolitan
areadisaster
controlTOKYO
officeMain office

Infrastructure for stably andefficiently providing integrated
asset administration services

31

Risk management system
Compliance System
International Standard Certification for Information
Security Management System
Internal Audit System
External Audit System

Proper Risk Management
and Strict Compliance withLaws and Regulations
Responsibilityof a specialized asset
administration bank to always
provide high-quality asset
administration services tocustomers

32

Self-awarenessGoals

of each employee to perform
operations as a professionalwith eagerness and prideof each employee as aprofessional with strong
determination

Proper Risk Management and Strict Compliance with Laws and Regulations
Risk management system
Seeing risk management as one of key management challenges as a trust bank specialized in the asset
administration business, MTBJ has a system in place for capturing and managing the risks of its businessas a whole by establishing the Corporate Risk Management Division, an independent risk management
division, to comprehensively manage all risks, as well as deciding risk management policy and capturing
and discussing the status of business from risk management perspective of the Board of Directors andother bodies. In addition, we have the risk management committee chaired by the chief risk management
officer as an organ under the Management Conference to analyze causes and discuss recurrence
prevention measures among relevant divisions for material issues as a system for business improvement
and reducing potential risks. In operating business, we strive to establish and enhance risk management
systems by, for example, formulating internal rules for each risk and implementing proper risk management
based on the rules.

Addressing individual risks
In managing risks, MTBJ sees credit risk, market risk, liquidity risk, operational risk, and reputation risk as
especially important. We manage these risks in accordance with the following policy in light of the uniquenature of a trust bank engaged in the asset administration business.
(1) Credit Risk Management
Credit risk refer to the risk of financial loss in credit assets (including off-balance sheet instruments) caused
by deterioration in the credit conditions of counterparties. With Credit Analysis Group set up in the
Corporate Risk Management Division, we strive to maintain the status of credit facilities at an appropriate
level.
(2) Market Risk Management
Market risk refer to the risk of financial loss where the value of our assets and liabilities could be adversely
affected by changes in market variables such as interest rates, securities prices and foreign exchange rates.
Market liquidity risk is the risk of financial loss caused by the inability to secure market transactions at therequired volume or price levels as a result of market turbulence or lack of trading liquidity. With Risk
Management Group set up in the Corporate Risk Management Division, we set market risk limits and loss
limits so that we will not have excessive market risk.
(3) Liquidity Risk Management
Liquidity risk refer to the risk of incurring loss if a poor financial position at a group company hampers theability to meet funding requirements or necessitates fund procurement at interest rates markedly higher
than normal. In light of the importance of liquidity risk management, we organizationally separate thedivision managing funding liquidity (Corporate Risk Management Division) from the division managing cash
flow (Domestic Asset Services Division) and regularly conduct monitoring on the funding status and themarket environment.

Proper Risk Management and Strict
Compliance with Laws and Regulations(4) Operational Risk Management
Operational risk refer to the risk of loss resulting from inadequate or failed internal processes, people orsystems, or from external events. Among operational risk components, we manage operations risk,
information risk, IT risk, incompliance with laws and regulations risk, legal risk, tangible asset risk, andpersonnel risk as especially important.
(i) Operations Risk Management
Operations Risk refer to the risk of incurring loss that might be caused by negligence of correct
operational processing, or by incidents or misconduct by either officers or staff, as well as other similarrisks. The Corporate Risk Management Division is charged with managing Operations Risk and we strive
to improve the standards of operations and prevent inappropriate operation procedures by continuously
establishing and enhancing manuals, ensuring thorough compliance with authority and rules whencarrying out operation procedures and regularly conducting training and providing guidance.
(ii) Information Risk Management
Information risk refer to the risk of loss caused by loss, alteration, falsification or leakage of personal orother confidential information, as well as similar to these risks. The Corporate Risk Management Division
is charged with managing Information Risk and we take measures, such as ensuring thoroughmanagement of internal information, including customer information by strengthening internal rules.
(iii) IT Risk Management
IT Risk refer to the risk of loss arising from destruction, suspension, malfunction or misuse of IT, or
unauthorized alteration and leakage of electronic data caused by insufficient IT systems planning,development or operations or by vulnerabilities of or external threats to IT system security, including
cybersecurity, as well as risks similar to these risks. IT Risk includes those related to system assets, such

33

Proper Risk Management and Strict Compliance with Laws and Regulations

as hardware, software, networks, and other components of computer systems. The Corporate Risk
Management Division is charged with managing IT Risk and implements measures to be prepared for any
system failure through establishment and enhancement of internal rules, such as by duplicating
computers, networks, and other critical devices.
(iv) Incompliance with Laws and Regulations Risk
Incompliance with laws and Regulations Risk refer to the risk of loss due to failure to comply with laws
and regulations, as well as risks similar to these risks. We have a structure in place for Law andCompliance Group established in the Corporate Risk Management Division to centrally manage
Incompliance with laws and Regulations Risk. At the same time, we ensure that officers and employees
fully comply with laws and regulations.
(v) Legal Risk Management
Legal risk refer to the risk of a loss due to failure to identify or address legal issues relating to contracts
and other business operations or insufficient handling of lawsuits, as well as risks similar to these risks.
We have a structure in place for Law and Compliance Group established in the Corporate Risk
Management Division to centrally manage legal risk. At the same time, it examines any legal issues before
concluding contracts and then centrally manages lawsuits.
(vi) Tangible Asset Risk Management
Tangible asset risk refer to the risk of loss due to damage to tangible assets or deterioration in theoperational environment caused by disasters or inadequate asset maintenance, as well as risks similar tothis risk. The Human Resources & Corporate Administration Division is charged with tangible asset risk
management and works to reduce and mitigate the risk upon understanding vulnerabilities of tangible
asset risk to manage.
(vii) Personnel Risk Management
Personnel risk refer to the risk of loss due to an outflow or loss of human resources or deterioration in
employee morale, as well as risks similar to this risk. The Human Resources & Corporate Administration
Division is charged with managing personnel risks and establishing the necessary management
procedures to ensure an understanding of them by officers and employees upon grasping the degree of
impact of a change in the quality and quantity of human resources.
(5) Reputation Risk Management
Reputation risk refer to the risk of harm to our corporate value arising from perceptions of our customers,
shareholders, investors or other stakeholders and in the market or society that we deviate from their
expectations or confidence. The Corporate Planning & Accounting Division is charged with managing
reputation risk and establishing the necessary management procedures to ensure an understanding ofthem by officers and employees upon grasping the possibility of deterioration in reputation.
● Risk Management Structure

General Shareholder’s Meeting

Board of Statutory
Auditors

Auditors
Board of Directors

Management Conference

President

Risk Management
Committee

Director in charge ofCorporate Risk Management DivisionCorporate Risk Management DivisionInternal Audit Division

Operational risk

Divisions34

Corporate Planning &Accounting Division

Reputation Risk

Personnel Risk

Tangible Asset Risk

Legal Risk

Incompliance with Laws
and Regulations Risk

IT Risk

Information Risk

Operations Risk

Liquidity Risk

Market Risk

Credit Risk

Human Resources & Corporate
Administration Division

CheckCompliance System
As a trust bank engaged in the asset administration business, MTBJ aims to become a bank truly trusted
and valued by society by ensuring thorough compliance. To realize this philosophy, we develop the following
measures and systems.

Formulation of the Corporate Activity Ethics Standards.
We establish the Corporate Activity Ethics Standards to clarify our basic policy on compliance with laws andregulations as well as specific standards of conduct. These Standards set forth ethics standards for realizing
our Management Creed as well as specific standards of conduct for them.

Compliance activity
MTBJ formulates the Compliance Manual as a specific guide for practicing compliance based on the
Corporate Activity Ethics Standards. This Manual is posted on the intranet that can be viewed by all officers
and employees, and we ensure their understanding by conducting training as necessary at the workplace.
In addition, to achieve compliance, we formulate the Compliance Program for each fiscal year, based on
which we implement our compliance activities and review the progress on a regular basis. Specifically, we
regularly conduct compliance training, and each division regularly checks matters related to laws andregulations. In light of anti-money laundering and economic sanctions compliance (AML), in order toestablish an advanced AML structure that takes into consideration regulations under European and US
laws, as well as Japanese laws, MTBJ enhanced its AML structure by including electronic messages forcash and securities settlement in international settlement screening, while further strengthening the know
your customer control.

Organizational structure for practicing compliance
We have the Corporate Risk Management Division as an oversight division for practicing company-wide
compliance. The Corporate Risk Management Division plans and designs various measures for practicing
company-wide compliance. In addition, a compliance officer is appointed at each division for practicing
compliance at the division.
● Compliance Structure
Board of Statutory
Auditors

General Shareholder’s Meeting

Auditors
Board of Directors

Management Conference

President

Divisions Compliance officer in each division

Proper Risk Management and Strict
Compliance with Laws and Regulations

Corporate Risk Management Division

Compliance Helpline
We have a system in place for an employee to directly report to an internal or external reporting desk to findand correct compliance issues as early as possible. Upon receiving a report, the Corporate Risk
Management Division, the division supervising compliance, takes action, such as clarifying facts, correcting
problems, and developing preventative measures.

35Proper Risk Management and Strict Compliance with Laws and Regulations

International Standard Certification for Information Security Management System
In March 2007, MTBJ obtained ISO 27001 certification, the international standard on information security
management system (ISMS). Having achieved ISO 27001 certification by a U.S. accreditation organization(ANAB), MTBJ’s information security management system is accredited to have the quality to clear the levelof international standard with proper management frameworks and strict implementation. After obtaining
the certification, we undergo annual surveillance audits and recertification audits every three years, thereby
being subjected to continuous checks for the design and operation status of our information security
management system. In order to remain a company trusted by its customers, we will strive to enhance thelevel of information security on an ongoing basis.

● MTBJ certification information

IS 513423 / ISO 27001
Certification
Registration No.

IS 513423

Scope ofCertification

The following businesses at the Investor Services Planning Division
1. Operation planning and research and planning of systemization related to the asset administration
business and businesses incidental thereto
2. Consulting and function sales businesses related to the asset administration business3. Development and oversight of business strategies related to the asset administration businessStatement of Applicability, issued on October 31, 2014, Version 2

Date of Initial
Registration

March 9, 2007

Certification
Registration
Organization

BSI Group Japan K.K.

Category

ISO/IEC 27001: 2013*1

Accreditation body ANAB (ANSI-ASQ National Accreditation Board)

JIS Q 27001: 2014*2
JIPDEC*1 An ISO/IEC standard, an international certification standard on Information Security Management System (issued in October2013)*2 A Japanese certification standard on conformity assessment scheme of information security management system. For the ISMS
certification audit standard, in March 2014, JIS Q 27001: 2014 was published in association with the publication of theinternational standard ISO/IEC 27001: 2013 to replace JIS Q 27001: 2006.

36

Internal Audit System
Internal audit is a process in which an independent internal audit division validates and assesses theappropriateness and effectiveness of internal control systems, including the risk management system andreports and makes recommendations to the management for the purpose of contributing to ensuring thesoundness and fairness of management, enhancing customer confidence, and increasing corporate value.
We have the Internal Audit Division as the division responsible for internal audits. It conducts internal audits,giving consideration to the frequency and depth of audits according to the types and levels of risks borneby audited divisions, and validates and assesses the appropriateness and effectiveness of risk
management, internal controls and governance processes, thereby to contribute to enhanced internal
control systems. Going forward, we will further improve and maintain audit quality to respond to changes inthe environment surrounding financial institutions and conduct more effective audits.

External Audit System
MTBJ undergoes audits by an external auditor on the effectiveness of internal controls over the asset
administration business in order to enhance the soundness, transparency, and credibility of the business.
This validation is in compliance with the standards set forth by Japanese Institute of Certified Public
Accountants and American Institute of Certified Public Accountants, and we report the validation results toour customers. We will continue to appropriately design and operate internal controls to meet the trust of
our customers.

Proper Risk Management and Strict
Compliance with Laws and Regulations

37

Reference Materials
Financial Highlight  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 39
● Changes in key indicators

FINANCIAL STATEMENTS  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 40
● Balance Sheet● Statement of Income● Statement of Changes in Equity

38

Financial Highlight● Changes in key indicators

(unit:million yen)

Year Ended Mar.31, 2020

Year Ended Mar.31, 2021

Year Ended Mar.31, 2022

Ordinary Income

25,44827,32829,664

Ordinary Profits

1,333

1,055

1,384

Net Income

970

760

1,034

Trust Fees

22,20323,80325,746

Total Assets

3,190,818

3,642,035

6,048,540

Net Assets

24,292

24,81325,658

Capital Stock

10,00010,00010,000Total Number of Shares Issued

120,000

120,000

120,000

Non-Consolidated Capital Adequacy Ratio (Japanese Standards)

45.80％

48.48％

55.92%

Dividend Payout Ratio

25.0％

25.0％

25.0%

Number of Employees

846

891

1,028

● Changes in Trust Assets(unit:trillion yen)

500
412.4
400

300

288.9
254.7

200

100

0

Mar.31,2020

Mar.31,2021

Mar.31,2022

Reference Materials

39

Reference Materials

FINANCIAL STATEMENTS● Balance Sheet
AssetsCash and Due from Banks
Cash
Due from Banks
Securities
Japanese Government Bonds
Japanese Stocks
Other Securities
Loans and Bills Discounted
Loans on Deeds
Other Assets
Prepaid Expenses
Accrued Income
Cash Collateral Margin for Financial Institution
Other
Tangible Fixed Assets
Buildings
Other Tangible Fixed Assets
Intangible Fixed Assets
Software
Other Intangible Fixed Assets
Deferred Tax Assets
Total Assets
Liabilities
Deposits
Current Deposits
Ordinary Deposits
Other Deposits
Due to Trust Accounts
Other Liabilities
Accrued Income Taxes
Accrued Expenses
Asset Retirement Obligations
Accounts Payable
Other
Provision for Bonuses
Provision for Retirement Benefits
Provision for Directors’ Retirement Benefits
Total Liabilities
Net Assets
Shareholders’ Equity
Capital Stock
Retained Earnings
Revenue Reserve
Other Retained Earnings
Earned Surplus Brought Forward
Valuation and Translation Adjustments
Valuation Difference on Available-for-Sale Securities
Total Net Assets
Total Liabilities and Net Assets

40(unit:million yen)Mar. 31, 2021

Mar. 31, 2022

3,054,871
1
3,054,869
1,525
1,500
1
24
495,617495,617
88,970168
4,351
68,50015,950
382
201
180
12
2
9
656
3,642,035

5,469,816
1
5,469,815
1,518
1,500
1
17
490,711490,71185,369180
4,703
65,90014,585
356
177
178
11
1
9
755
6,048,540

28,403
20,5361
7,865
3,559,808
28,584
205
3,916
127
21,590
2,743
146
247
33
3,617,222

47,94526,829—21,116
5,942,961
31,458
361
4,820
128
23,112
3,036
184
315
18
6,022,882

24,813
10,00014,813396
14,417
14,4170024,8133,642,035

25,65810,00015,658434
15,223
15,2230025,6586,048,540

● Statement of Income(unit:million yen)

Year Ended Mar.31, 2021

Year Ended Mar.31, 2022

Ordinary Income

27,32829,664

Trust Fees

23,80325,746

Interest Income

1,972

2,474

Interest and Dividends on Securities

22

Interest on Call Loans

—

0

1,969

2,472

3,581

4,071

Interest on Due from Banks
Fees and Commissions
Fees and Commissions on Domestic and Foreign Exchanges
Other Fees and Commissions
Other Operating Income
Other
Other Ordinary Income

245

232

3,336

3,838

1,852

2,307

1,852

2,307

62

13

Gains on sales of equity securities

—

9

Other

62

4

26,27228,280Ordinary Expenses
Interest Expenses
Interest on Deposits

0

0

0

0

Interest on Call Money0—

Other Interest Expenses

00Fees and Commissions Payments

964

864

Fees and Commissions on Domestic and Foreign Exchanges

65

50

Other Fees and Commissions

899

814

General and Administrative Expenses

25,26027,356

Other Expenses

46

58

Other

46

58

Ordinary Profits

1,055

1,384

Extraordinary Loss
Loss on Dispositions of Noncurrent Assets
Income before Income Taxes
Income Taxes-Current

3

0

3

0

1,052

1,384

349

449

Income Taxes-Deferred

57

100

Total Income Taxes

291

349

Net Income

760

1,034

Reference Materials

41Reference Materials● Statement of Changes in Equity
Year Ended Mar.31, 2021

(unit:million yen)

Valuation Difference on
Available-for-Sale Securities

Shareholders’ Equity

CapitalStock
Balance at the Beginning of the Period
Changes in the Period
Dividends of Surplus
Net Income
Net Changes of Items Other
Than Shareholders’ Equity
Total Changes of Items During Period
Balance at the End of the Period

10,000Retained Earnings
Other Retained
Total
Earnings
Revenue
Retained
Reserve
Earned Surplus
Earnings
Brought Forward
348
13,947
14,295

Shareholders’EquityValuation
Valuation
Difference on
andAvailable-forTranslation
Sale
Adjustments
Securities

24,2952

2

24,292

—
—

48
—

291
760

242
760

242
760

—
—

—
—

242
760

—

—

—

—

—

1

1

1

—
10,00048
396

469
14,417518
14,813518
24,813

1
0

1
0

520
24,813

Year Ended Mar.31, 2022

(unit:million yen)

Valuation Difference on
Available-for-Sale Securities

Shareholders’ Equity

CapitalStock
Balance at the Beginning of the Period
Changes in the Period
Dividends of Surplus
Net Income
Net Changes of Items Other
Than Shareholders’ Equity
Total Changes of Items During Period
Balance at the End of the Period

Total Net
assets

10,000Retained Earnings
Other Retained
Total
Earnings
Revenue
Retained
Reserve
Earned Surplus
Earnings
Brought Forward
396
14,417
14,813

Shareholders’EquityValuation
Valuation
Difference on
andAvailable-forTranslation
Sale
Adjustments
Securities

Total Net
assets24,8130024,813

—
—

38
—

228
1,034

190
1,034

190
1,034

—
—

—
—

190
1,034

—

—

—

—

—

0

0

0

—
10,00038434

806
15,223844
15,658844
25,658

0
0

0
0

845
25,658Note
1.	These translations are literal translations of the financial statements that were prepared in accordance with the Companies Act in Japan andwere prepared solely for reference purposes.
2. Amounts of less than one million yen are rounded down.

42

We
Weaspire
aspiretotobe
bea aleading
leadingcustodian
custodianbank
bankadministrationservices
servicesofofthe
thehighest
highestquality
qualityadministrationt ht ha ta te feffi fci icei nent l tyl yp p
r or ov ivdi de se si ni nt et geg
r ar taet de da sa s es te t
globalstandards.
standards.
bybyglobal

OurOurasset
asset
administration
administration
services
servicesconsistconsistof safelyof safely
andandsecurely
securelyadministrating
administrating
money
money
andandsecurities
securities
depositeddepositedin ourin ourcustodycustodyunder
undercontracts
contracts
withwithcustomers
customersin accordancein accordance
withwiththe thelegal
legal
frameworks
frameworks
of Japanof Japan
andandother
other
nations,
nations,
as aswellwell
as assettling
settling
securities
securities
tradestradesandandexercising
exercising
votingvotingrightsrightsaccordingaccordingto theto theinstructions
instructionsof customersof customers
or theiror theiragents.
agents.
To meetTo meetthe therequirements
requirementsof customersof customers
for forinvestinginvestingin newin newmarkets,
markets,
adopting
adopting
newnew
investment
investment
approaches,
approaches,
using
using
value-added
value-added
services,
services,andandimproving
improvingsecurity
security
andandefficiency,
efficiency,
we wewill willcontinue
continue
ourourlarge-scalelarge-scale
IT investments
IT investments
while
while
striving
striving
to provide
to provide
more
more
sophisticatedsophisticatedhigh-quality
high-quality
services
servicesby bydeveloping
developing
ourouremployees
employees
andandefficiently
efficiently

Custodians and clearinghouses

Customers, investment agents
Customers, investment agents(e.g.,(e.g.,securities
securities
firms,
firms,
banks)
banks)
Brokers
Brokers(e.g., BOJ, JASDEC, overseas custodian banks)

Issuers
Issuersof securities,
of securities,
etc.etc.

(e.g.,(e.g.,
government,
government,
operatingoperatingcompanies)
companies)

Custodiansclearinghouses(e.g., BOJ,
JASDEC,and
overseas
custodian banks)

operatingoperatingourourorganization.
organization.

MTBJ Corporate Report 2022

Changes
Changesin Assetsin Assets
Under
Under
Administration
Administration
(AUA)
(AUA)

The Master Trust Bank of Japan

ChangedChangedthe ownershipthe ownership
structure
structure
to be jointly
to be jointly
ownedowned
by MUTB,
by MUTB,
NipponNippon
Life InsuranceLife Insurance
Company,
Company,
Nov. Nov.
20052005
Meiji Yasuda
Meiji Yasuda
Life InsuranceLife Insurance
Company,
Company,
and TheandNorinchukin
The Norinchukin
Trust &Trust
Banking& BankingCo., Ltd.
Co., Ltd.

Oct. 2005
Oct. 2005
ChangedChangedthe investment
the investment
structure:
structure:changedchangedthe investment
the investment
percentages
percentages
in associationin association
with thewithbirth
theofbirth
MUTBof MUTB
StartedStarted
the transfer
the transfer
of assetsof assetsfrom Nippon
from Nippon
Life InsuranceLife Insurance
Company
Company
Feb. Feb.
20042004
Completed
Completedtransfertransferof all ofassetsall assets
from shareholders’from shareholders’trusts trusts
after having
after havingtransferredtransferred
the investment
the investment
trust andtrustotherand asset
other asset
administration
administration
operations
operations
Nov. Nov.
20032003
from UFJ
fromTrust
UFJBank
Trust Limited
Bank Limited(current(current
MUTB)MUTB)

Transferred
Transferred
the pension
the pension
trust, specified
trust, specified
moneymoney
trust, andtrust,otherand asset
other asset
Oct. 2002
Oct. 2002
administration
administration
operations
operations
from UFJ
fromTrust
UFJBank
Trust Limited
Bank Limited(current(current
MUTB)MUTB)

MTBJ Bldg., 2-11-3 Hamamatsucho, Minato-ku, Tokyo JAPAN 105-8579
Telephone Number : 03-5403-5100
Fax Number : 03-5403-5098
https://www.mastertrust.co.jp/english

Launched
Launched
full-scale
full-scaleasset administration
asset administration
services
serviceswith thewithtransfer
the transfer
of assetof administration
asset administration

ChangedChangedthe investment
the investment
percentages
percentages
to be equal
to be equalfor Mitsubishi
for Mitsubishi
Trust and
TrustBanking
and Banking
Corporation
Corporation
Mar. Mar.
20012001(current(current
MUTB),MUTB),
NipponNippon
Life InsuranceLife Insurance
Company,
Company,
and ToyoandTrust
ToyoBank
Trust (current,
Bank (current,
MUTB)MUTB)
StartedStartedthe Japan’s
the Japan’s
first online
first online
information
information
Jun. Jun.
20002000serviceservice

May May
20022002
operations
operations
from Mitsubishi
from Mitsubishi
Trust and
TrustBanking
and Banking
Corporation
Corporation(current(current
MUTB)MUTB)
Relocated
Relocatedthe headthe officehead toofficethe tocurrent
the current
location,
location,
MTBJ MTBJ
Building
Building
in Hamamatsucho,
in Hamamatsucho,

Jan. Jan.
20022002
coinciding
coinciding
with thewithlaunchthe launchof the ofasset
the administration
asset administration
businessbusiness

Launched
Launched
MaiNet,MaiNet,
MTBJ’sMTBJ’s
integrated
integrated
information
information
serviceservice
combiningcombining
its online
its online
information
information
serviceservice

Feb. Feb.
20012001
and integrated
and integrated
report reportserviceservice

StartedStarted
operations
operations
throughthroughinvestments
investments
by Mitsubishi
by Mitsubishi
Trust and
TrustBanking
and Banking
Corporation
Corporation(current(current
Mitsubishi
Mitsubishi
UFJ Trust
UFJandTrustBanking
and Banking
Corporation
Corporation[MUTB]),[MUTB]),
NipponNippon

May May
20002000
Life InsuranceLife Insurance
Company,
Company,
Toyo Trust
ToyoBank
Trust (current
Bank (current
MUTB),MUTB),
Meiji Life
MeijiInsuranceLife Insurance
Company
Company(current(current
Meiji Yasuda
Meiji Yasuda
Life InsuranceLife Insurance
Company)
Company)
and Deutscheand Deutsche
Bank. Bank.

Issued September 2022

1 1

MTBJ Corporate Report 2022

The Master Trust Bank of Japan MTBJ Corporate Report 2022

The Master Trust Bank of Japan