JSCC has updated the "Principles for Financial Market Infrastructures Disclosure" on April 1, 2025, describing its compliance with the Principles for Financial Market Infrastructures ("PFMI").
For "Principles for Financial Market Infrastructures Disclosure", please refer to the below URL.

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’s cycle, 19,143 cleared swaps (14,226 full-size terminations and 4,917 partial terminations) with JPY 168.9 trillion in notional amount were terminated.
(*) Terminations of Euroyen TIBOR-OIS basis swaps generated due to technical reason (i.e., to retain Euroyen TIBOR Fixing results fixed on and before December 30, 2024) at one-time conversion of Euroyen TIBOR referencing trades to OIS trades are excluded from the above values.

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.

Japan Securities Clearing Corporation (JSCC) published the "Medium-Term Business Plan (FY2025-2027)" approved by the Board of Directors.

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).

・Arrowpoint Master Fund c/o Arrowpoint Investment Partners (Singapore) Pte. Ltd.

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

Japan Securities Clearing Corporation (JSCC) is pleased to announce the establishment of a direct connection with the MTFs and SEFs*1 of Tradeweb, a leading global operator of electronic marketplaces for rates, credit, equities and money markets. This brand-new connectivity enables seamless access to JSCC’s clearing services immediately after the execution of JPY Interest Rate Swaps (IRS) on the Tradeweb SEF and MTF platforms, without any affirmation process.

In light of recent shifts in monetary policy within the JPY rate market, the monthly clearing volume for JPY IRS at JSCC reached a record-high of 1,060 trillion yen (double-sided, the same hereinafter) in December 2024*2, surpassing the milestone of 1,000 trillion yen. Additionally, the yearly clearing volume for 2024 soared to 8,272 trillion yen, more than doubling the previous highest record of 4,025 trillion yen set in 2023, hitting another all-time high. These remarkable achievements clearly show the growing need for JSCC’s JPY IRS clearing services by a broader base of users, including the international buy side who use the Tradeweb SEFs and MTFs for swap execution.

In response to this growing demand from international users, including hedge funds and banks, to clear JPY IRS transactions executed on SEFs/MTFs, JSCC has continued to enhance Straight Through Processing (STP) for JPY IRS clearing, such as eliminating the take-up process in September 2023. The roll-out of a direct connection between JSCC and the Tradeweb SEFs and MTFs further marks a revolutionary enhancement in STP from trade execution to clearing, significantly strengthening the efficiency and reliability of JSCC`s IRS clearing service.

Yasuyuki Konuma, President & CEO of JSCC, commented, “I am confident that this collaboration with Tradeweb reinforces the convenience and efficiency of the overall JPY IRS market. As the demand for electronic trade execution and STP continues to grow, we are committed to continuously improving our services to contribute to the further development of the Japanese derivatives market, where swap users can freely trade and clear with each other in the most liquid market for JPY IRS.”

*1 SEF: Swap Execution Facility under U.S. regulation
MTF: Multilateral Trading Facility under EU and UK regulations
*2 See JSCC‘s announcement on 6th January, 2025: Record-Breaking Monthly and Yearly Volume in Clearing Service for Interest Rate Swap


About JSCC
In January 2003, JSCC was licensed in Japan as the first clearing organization for cash equity transactions executed on Japanese Stock Exchanges. The birth of JSCC enabled the integration of clearing processes that used to be performed separately by individual stock exchange, dramatically improving the efficiency and serviceability of the post-trading processing in securities markets. Since its start, JSCC has steadily expanded the scope of its services, and now, in addition to listed cash and financial /commodity derivatives, JSCC currently provides clearing services for OTC derivatives (credit default swaps and interest rate swaps) and OTC Japanese Government Bond transactions for outright and repo.

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.

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, 40,949 cleared swaps (27,990 full-size terminations and 12,959 partial terminations) with JPY 371.8trillion in notional amount were terminated.
Note: Terminations of Euroyen TIBOR-OIS basis swaps generated due to technical reason (i.e., to retain Euroyen TIBOR Fixing results fixed on and before December 30, 2024) at one-time conversion of Euroyen TIBOR referencing trades to OIS trades are excluded from the above values.

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.

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.

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, 38,079 cleared swaps (29,618 full-size terminations and 8,461 partial terminations) with JPY 631.5 trillion in notional amount were terminated.
Note: Terminations of Euroyen TIBOR-OIS basis swaps generated due to technical reason (i.e., to retain Euroyen TIBOR Fixing results fixed on and before December 30, 2024) at one-time conversion of Euroyen TIBOR referencing trades to OIS trades are excluded from the above values.

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.

(Updated on February 5) Simulation result of Margin per contract when setting the floor (as of February 3, 2025) was added to bottom of this page.

Effective from the Margin calculation on Monday, February 10, 2025, JSCC will set the floor, represented as the product of the smallest tick size and the contract unit, for Option scenario profit/loss* in Margin calculation method (VaR method) for Futures and Option Contracts.

* In VaR method, a portfolio level profit/loss is obtained based on the scenario profit/loss for each instrument, and the value that covers 99% of such profit/loss is adopted as Margin requirement. For Option scenario profit/loss, the value equivalent to the expected option value when applying the scenario is recorded in VaR Margin Calculation Parameter File (BPF), and the floor applies only when such value is zero.

(Reference 1) Floor for Scenario Profit/Loss

(Reference 2) Simulation result of Margin per contract when setting the floor (as of January 6, 2025)
(Reference 3) Simulation result of Margin per contract when setting the floor (as of February 3, 2025)