Japan Securities Clearing Corporation

The Measures to Deal with Phase 14(OTC Derivatives Clearing System) will go live on Monday, October 6, as scheduled.

jscc_admin — Sun, 05 Oct 2025 03:00:00 +0000

We would like to announce that OTC Derivatives Clearing System update associated with the measures to deal with the Phase 14 will go live on Monday, October 6, as scheduled, based on the go-live approval today.

Go-live of the Enhancement of Clearing Framework Related to Settlement of Creation/Redemption of Cash Type ETF

jscc_admin — Sun, 28 Sep 2025 05:00:00 +0000

As a result of a migration rehearsal today, the enhancement of clearing framework related to Creation/Redemption of Cash Type ETF will go-live on September 29 (Mon.), as scheduled. New ETF Creation/Redemption Platform (CredNex) operated by Tokyo Stock Exchange will also go-live simultaneously.

Conclusion of IRS Clearing Brokerage Agreement

jscc_admin — Thu, 25 Sep 2025 00:00:00 +0000

JSCC hereby notifies you of the receipt of the notification from a Clearing Participant acting as Clearing Broker to the effect that it concluded an IRS Clearing Brokerage Agreement with the following Clearing Customer (Non-affiliate of its Clearing Participant).

- SQD1 Limited

For any enquiries, please contact us:
Risk Monitoring Division, Risk Management Department
Japan Securities Clearing Corporation
Tel: +81-50-3361-1789

CFTC grants approval, allowing U.S. Customers access to the most liquid Yen Swap Market

jscc_admin — Tue, 16 Sep 2025 01:00:00 +0000

On September 12, 2025, Japan Securities Clearing Corporation (鈥淛SCC鈥? received an amended order of exemption from registration as a Derivatives Clearing Organization (鈥淒CO鈥? and a no-action letter with regard to sections 4d(f) and 4m(1) of the Commodity Exchange Act and Commission Regulation 39.6(b)(1) (鈥淣o-Action Letter鈥?, from the U.S. Commodity Futures Trading Commission (鈥淐FTC鈥?, allowing JSCC, under certain conditions, to expand the clearing services of JPY interest rate swap (鈥淛PY-IRS鈥? to customers which fall under the CFTC鈥檚 definition of U.S. person (Note 1) (鈥淯.S. Customers鈥?. The exemptive relief also exempts JSCC鈥檚 Clearing Members clearing JPY-IRS for U.S. Customers from the requirements to register as Futures Commission Merchants (鈥淔CM鈥? or Commodity Trading Advisors (鈥淐TA鈥?, subject to certain conditions (Note 2). As is the case under the previous order from the CFTC, JSCC may continue to clear JPY-IRS for the proprietary accounts of U.S. persons - e.g., U.S. and non-U.S. affiliates of any clearing members, U.S. clearing members and the CFTC-registered FCMs.

With this new amended order, U.S. Customers can now access the clearing venue with the deepest liquidity for JPY-IRS, ensuring that they are on a level playing field with their non-U.S. peers and U.S. swap dealers.

In response to this amended order, Yasuyuki Konuma, President and CEO of JSCC, commented: "We have been diligently working to obtain authorizations and expand our capabilities as a clearing organization in various overseas jurisdictions, including the U.S., Europe, Australia, Hong Kong, Switzerland, and Canada, to meet a desire of our global users to hedge risks in the most liquid Yen derivative market. With this exemptive relief, U.S. Customers are able to efficiently hedge yen rate risks by trading JPY-IRS and clearing at JSCC, which would be even more crucial during times of market stress. Given the recent rise in yen rates we have seen a significant increase in demand from global investors to effectively hedge risks in the most liquid market, it is commendable that the CFTC has permitted the long-sought access for U.S. Customers at this critical time.
Moving forward, we will continue to enhance our risk management practices, as well as the efficiency for clearing members and customers globally to risk hedge, in collaboration with trading facilities (Note 3) and third party vendors, such as affirmation platforms and trade compression service providers, which have played an integral role for the expanding ecosystem of yen derivative market."

Note 1
U.S. person as defined in the CFTC's Interpretive Guidance and Policy Statement regarding Compliance with Certain Swap Regulations (78 Fed.Reg.45292 (July 26, 2013)) IV.A.4.
http://www.cftc.gov/idc/groups/public/@lrfederalregister/documents/file/2013-17958a.pdf
Note 2
https://www.cftc.gov/media/12671/JSCC AmendedExemptionOrder_09-12-2025/download
https://www.cftc.gov/csl/25-32/download

Under the terms and condition of the amended order and the No-Action Letter, Clearing Members of JSCC may clear JPY-IRS for U.S. Customers on the following conditions.

1. JSCC clearing members may only solicit and accept orders for JPY-IRS from U.S. customers that are eligible contract participants as defined under Section 1a(18) of the CEA and Commission Regulation 1.3.

2. JSCC clearing members that solicit and accept orders from U.S. customers for JPY-IRS may not be registered with the Commission as FCMs nor incorporated in the United States.

3. JSCC clearing members that solicit and accept orders from U.S. customers for JPY-IRS must be affiliates of Commission-registered FCMs.

4. JSCC must adopt rules that require any clearing member seeking to clear for a U.S. customer to provide written notice to, and to obtain an acknowledgment from, the U.S. customer prior to clearing that explains that (i) the clearing member is not registered with the CFTC as an FCM, nor a member of the National Futures Association; (ii) JSCC is exempt from registration with the Commission as a DCO; (iii) in the event of the bankruptcy of JSCC or a JSCC clearing member holding U.S. customer property, the bankruptcy would be governed by the laws of a non-U.S. jurisdiction; and (iv) in the event of the bankruptcy of JSCC or a JSCC clearing member holding U.S. customer property, the protections of the U.S. Bankruptcy Code, as defined in CFTC Regulation 190.01, that are applicable to customers of a registered FCM and DCO do not apply to the U.S. customers, or to the funds and positions of the U.S. customers. The written notice must include an explicit comparison of the protections available to the U.S. customer positions and funds under the U.S. Bankruptcy Code and Part 190 of the Commission鈥檚 regulations and JSCC鈥檚 home country regulatory regime. JSCC鈥檚 rules shall require the JSCC clearing member to retain the U.S. customer鈥檚 acknowledgment of the receipt of the written notice in its records. (The comparison document prepared by JSCC, titled "Protection Available to Customers on Interest Rate Swaps Cleared at JSCC: Comparison of Bankruptcy Protections Available to U.S. Persons under U.S. and Japanese Law" is available at /jscc/en/otc/i1h00a0000005j75-att/bankruptcyprotections_20250106.pdf.

5. JSCC clearing members and JSCC must hold funds received from U.S. customers to margin, guarantee, or secure JPY-IRS, or funds accruing to U.S. customers as a result of JPY-IRS, in accordance with applicable Japanese laws, regulations, and JSCC rules.

Note 3
JSCC Press Release: JSCC Announces Direct Connectivity with Tradeweb鈥檚 SEFs and MTFs to Revolutionize Straight Through Processing for JPY Interest Rate Swaps (March 24, 2025)
/jscc/en/information/press_releases/20250324.html

銆怌ontact銆?br /> Japan Securities Clearing Corporation
Clearing Planning Department
TEL:+81-3-3665-1234 (Main reception)

JSCC expands the scope of eligible issues for single-name CDS clearing

jscc_admin — Tue, 16 Sep 2025 00:00:00 +0000

Japan Securities Clearing Corporation announces that today it has expanded the scope of eligible issues for single-name credit default swaps (CDS) clearing, with the first clearing day on September 18.

With this addition, as total 60 issues are eligible for single-name CDS clearing. We will seek to enhance and upgrade our CDS clearing functions, for example, by expanding the scope of eligible issues, and provide services more accessible to market participants.

銆怤ew eligible issues銆?br /> ACOM CO., LTD.

* For all of issues eligible for CDS clearing, please visit here.

銆怌ontact銆?br /> OTC Derivatives Clearing Service
Japan Securities Clearing Corporation
Tel: 050-3361-1794
Email: otc@jpx.co.jp

JSCC Completes Compression Cycle for Cleared Interest Rate Swaps

jscc_admin — Fri, 12 Sep 2025 05:57:15 +0000

Japan Securities Clearing Corporation announced today that it had completed the compression cycle for cleared yen-denominated interest rate swaps (using TriOptima's triReduce service).

In today's cycle, 33,519 cleared swaps (25,518 full-size terminations and 8,001 partial terminations) with JPY 527.3 trillion in notional amount were terminated.

While continuing to provide the bulk compression service, JSCC will strive to ensure safe and efficient operations of our clearing services and enhance the accessibility of our services for market participants.

銆怲o investors銆慞oints of Attention related to Handling of Securities Option Contracts on SONY GROUP CORPORATION Shares

jscc_admin — Mon, 08 Sep 2025 08:00:00 +0000

The implementation of dividend in kind of subsidiary shares (stock distribution spin-offs) of SONY GROUP CORPORATION (Code: 6758) is scheduled to take effect on October 1, 2025.
This is to notify, in association with the announcement(/english/news/2020/20250908-01.html) made by the Osaka Exchange, Inc. (OSE) of the handling of the Securities Option Contracts on the shares of SONY GROUP CORPORATION, the points of attention on JSCC鈥檚 clearing and settlement service.

1. Positions
The strike price and the quantity of the underlying security per 1 unit of the Securities Option Contract will be adjusted from September 30, 2025 (Tue.) using the ratio shown below. Therefore, there will be no adjustment of positions of the Option Contracts existing as of September 26, 2025 (Fri.).
Please note that trading of the Securities Option Contracts on said underlying security will be suspended on the ex-rights date of September 29, 2025 (Mon.).

R: Ratio銆€R = P1脳S1 / (P1脳S1 + P2脳S2)
P1: The final price (including the final quote price) of SONY GROUP CORPORATION shares on the ex-rights date
P2: The final price (including the final quote price) of Sony Financial Group Inc. shares on the ex-rights date
S1: Number of issued shares of SONY GROUP CORPORATION (excluding own shares)
S2: Number of issued shares of Sony Financial Group Inc. (excluding own shares and shares held by SONY GROUP CORPORATION)

2. Settlement Price on Ex-rights Date
The price of the underlying security used to obtain the theoretical price in the calculation of the Settlement Price as of the ex-rights date (September 29, 2025 (Mon.)) shall be the price obtained by adjusting the final price of SONY GROUP CORPORATION shares on the same date with the ratio R (P1/R)鈥?br /> 鈥籘hat is the sum of the final price of SONY GROUP CORPORATION shares and the final price of SONY FINANCIAL GROUP INC. shares adjusted according to the number of issued shares (P1/R = P1+P2脳S2/S1).

Conducted the Compression of CDS Transactions

jscc_admin — Mon, 08 Sep 2025 07:00:00 +0000

Japan Securities Clearing Corporation announced today that it had completed the Compression cycle for all of the cleared CDS Transactions.

Please refer to Statistics* for the results of Compression.
*Data and Information > Statistics > Credit default Swap > Statistics for Credit Default Swap(Monthly)

JSCC will continue to strive for safe and efficient operation of Clearing Business, including continuous implementation of Compressions, to contribute to an improvement of convenience of market participants.

銆怲o investors銆慗SCC revises part of VaR Margin calculation method (combined position and handling of a holiday)

jscc_admin — Tue, 26 Aug 2025 07:00:00 +0000

JSCC is scheduled to take measure listed in the table below, in relation to Margin calculation method (VaR Method) for Index Futures/Options Contracts, such as Nikkei 225 Futures/Options and the like, aiming to improve the coverage ratio of Margin requirement¹.
* The measure mainly aims to improve the level of Margin level for combined position for Futures or Options and therefore, calculation method for Margin per Futures contract will not be revised (no impact on Margin level).

Effective date	Measure to improve the coverage ratio
Sep. 22, 2025 (Mon.)	i) Add stress scenarios for combined Futures position²
Jan. 26, 2026 (Mon.)	ii) Add stress scenarios for combined position including Options³ iii) Refine consideration of holiday in Option margin calculation⁴

1: JSCC designed its Margin framework so that 99% of loss amount will be covered for Futures/Options Contracts. Visit URL exhibited below, for details.
/jscc/en/cash/futures/marginsystem/VaR.html
2: Add hypothetical stress scenarios for a combination within the same contract month contract and that for inter-contract-month contract for each Futures Contract.
3: Add hypothetical stress scenarios for position combinations covering Nikkei 225 Options and TOPIX Options. Add the dates on which Margin shortfall has occurred in backtesting as stress scenarios.
4: The counting method of remaining Time to Maturity in Option Margin calculation will be changed from calendar basis (holidays are not taken into account) to business day basis for each type of Options.

Annex Impact of Improvement Measures on Margin Level

JSCC Completes Compression Cycle for Cleared Interest Rate Swaps

jscc_admin — Fri, 15 Aug 2025 06:06:04 +0000

Japan Securities Clearing Corporation announced today that it had completed the compression cycle with Quantile Technologies for cleared yen-denominated interest rate swaps.

In today鈥檚 cycle, 16,621 cleared swaps (13,188 full-size terminations and 3,433 partial terminations) with JPY 189.5trillion in notional amount were terminated.

While continuing to provide the bulk compression service, JSCC will strive to ensure safe and efficient operations of our clearing services and enhance the accessibility of our services for market participants.