# Leading the Shift Toward Agent First On Chain Financial Markets | Yoshimasa Satoh, Pragma Tokyo 2026

- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2026-10-26
- Duration: 20:21
- Topics: ETHGlobal, Pragma Tokyo 2026, Pragma Tokyo, Tokyo, Japan, 2026, Yoshimasa Satoh, Alpaca, Alpaca Japan, brokerage API, broker dealer, trading infrastructure, agentic finance, AI trading agents, onchain markets, tokenized assets, crypto ETFs, Japan crypto regulation, institutional trading, clearing, settlement, custody, 24 hour trading, 24 5 trading, 24 7 trading, multi asset trading, financial markets, automation, stock trading, crypto trading, API first brokerage, Science & Technology
- Watch: https://streameth.org/watch/yt-X7SXu_BqUhY
- YouTube: https://www.youtube.com/watch?v=X7SXu_BqUhY

## Description

Yoshimasa Satoh, Representative Director of Alpaca Japan, introduces Alpaca’s API-first brokerage infrastructure and its role as a broker for brokers. With more than 300 institutional customers and 15 million end-user accounts, Alpaca provides trading, clearing, settlement, and custody across major global markets. Satoh explains how tokenized assets, crypto products, and traditional securities are converging as Japan prepares to treat crypto assets as financial products and expand access to crypto ETFs.

Satoh then connects longer trading hours, onchain settlement, and automation to agent-first markets. As U.S. exchanges move toward nearly continuous trading, AI agents can operate across time zones and asset classes that humans cannot monitor around the clock. He expects competition for investor liquidity to intensify as stocks, tokenized assets, and crypto become easier to access through common infrastructure. His recommendation is to automate decisions that can be optimized from data while keeping human judgment focused on uncertainty, values, and situations with many moving parts.

00:00 Introduction and Alpaca Japan
00:57 Alpaca as a Broker’s Broker
02:39 Open Financial Services Worldwide
03:53 Agent-First and Onchain Market Strategy
04:36 Institutional Scale and Global Accounts
05:19 API Infrastructure for Brokers
06:15 Japan’s Crypto Regulatory Shift
07:14 Crypto ETFs and Alpaca Investors
08:14 Traditional and Crypto Markets Converge
09:11 Tokenized Assets Across Markets
09:55 Japan’s Tokenization Constraints
11:08 AI, Automation, and Human Work
13:42 Nearly Continuous Financial Markets
15:46 Agent-Driven Trading
16:25 Onchain Multi-Asset Infrastructure
17:55 Competition for Investor Liquidity
19:02 Human Judgment Under Uncertainty

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🇯🇵 *Pragma Tokyo 2026*
Pragma Tokyo 2026 was held on September 25th at the Toranomon Hills Forum in Tokyo, Japan and was an in-person summit for builders and leaders in the web3 ecosystem. Watch the full Pragma Tokyo 2026 YouTube Playlist here: https://www.youtube.com/playlist?list=PLT7ZDw43Z98U

ETHGlobal's Pragma series takes place in cities around the world, and is designed to be a different kind of event. Pragma is a one-stage conference with founders-only on stage, bringing together a small group of curated attendees and speakers to discuss the future of web3 and reflect on the past. 

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