The Impending Post-trade Market Revolution in Japan

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8 December 2017
Eiichiro Yanagawa

Derivatives Clearing Infrastructure Renewal: Initiatives and Challenges

This report is the fifth in a series of reports on the securities settlement revolution. It is based on a Celent survey conducted in the fall of 2017 about technology use in post-trade operations. It offers a comprehensive overview of the current state of market participants and challenges they face in the ongoing market transformation while offering proposals related to the potential of emerging technologies, innovation, legacy issues, and ecosystem migration.

JSCC Derivative Clearing Renewal Project Initiative

Japan’s derivative market has increased in tandem with the expansion of market derivatives and securities OTC derivatives, growing by leaps and bounds. Work on an initiative to renew the clearing infrastructure has followed in the wake of market integration already completed on the execution system side by virtue of the new J-GATE (futures, options) that began operating in July 2016.

  • The project is designed to overhaul the Japan Securities Clearing Corporation’s listed derivatives clearing system and enhance risk-monitoring and collateral-management functions (scheduled to commence operation in February 2018).
  • The JSCC new clearing system is being designed to be a common platform for all JSCC clearing operations including the clearing of cash products and JGBs with the aim of optimizing total costs (scheduled to be completed in 2020).


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