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)

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)

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Date: Saturday, January 25, 2025
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Leveraging the new standardized framework for regulatory reporting based upon ISDA’s (*1) globally promoted "Digital Regulatory Reporting (DRR)" solution and the FINOS (*2) open source managed "Common Domain Model (CDM)", JSCC plans to begin production-parallel operations of its regulatory reporting to the Financial Services Agency (FSA, the Japanese financial regulatory authority) and the CFTC (U.S. financial regulatory authority) from June 2025. JSCC is the first CCP (Central Counterparty) and Japanese entity to announce the adoption of DRR and CDM within a production environment.

JSCC joined The Linux Foundation in October 2023 and FINOS in June 2024 prior to its proof of concept utilizing DRR/CDM in August 2024, and has since conducted extensive discussions and experiments with major financial market organizations on the possibilities and future potential of open source software (OSS) and ecosystem-friendly solutions that can be shared globally and across industries. At the FINOS premier "Open Source in Finance Forum" held in New York in September 2024, JSCC's visionary efforts to date were recognized with JSCC being awarded the "Trailblazer Award."

JSCC President and CEO Konuma Yasuyuki said "Firstly, I would like to express my respect and gratitude to ISDA, FINOS, supporting developers, and all others involved with this cutting-edge global standard solution of DRR/CDM. I am also very pleased to now announce our plans to integrate DRR/CDM within our clearing organization processes. I want JSCC to continue its mid-long term perspective by proactively exploring further initiatives with global standardization and open sourced ecosystems that contribute to the advancement and stabilization of global financial markets."

“We are delighted that JSCC is adopting ISDA’s DRR as part of its regulatory reporting processes. By taking an industry-agreed interpretation of the reporting rules and converting it into code using the CDM, the ISDA DRR brings greater efficiency, automation, accuracy and consistency to the reporting of derivatives trades. ISDA has pledged to support 11 reporting rule sets in nine major jurisdictions through the DRR, so we look forward to working with JSCC as it rolls out its adoption,” said Scott O’Malia, Chief Executive of ISDA.

“We are proud to have such an integral participant in the global market infrastructure like JSCC in the FINOS Community and to witness their swift adoption of the CDM,” said Gabriele Columbro, Executive Director of FINOS and GM of Linux Foundation Europe. “Since becoming an open standard in 2023 within our Open RegTech initiative, the CDM has seen substantial adoption by major financial institutions for regulatory applications. As this momentum continues, we anticipate more firms investing in open tooling to accelerate CDM adoption across a broader range of business use cases.”

With the production parallel from June 2025, JSCC will begin comparative verification against its production data from the current system for IRS (interest rate swaps) transaction reporting to FSA and CFTC. JSCC will furthermore add CDS (credit default swaps) to its DRR/CDM based regulatory reporting and incrementally expand the DRR functionality (together with ISDA's plans to increase the number of target regulatory authorities).

Additionally, because CDM's future-oriented design framework may contribute to the innovative evolution of future financial systems, JSCC will continue on a mid-long term perspective to explore through experiments CDM's applicable scope.

About ISDA

About FINOS

Japan Securities Clearing Corporation (“JSCC”) added USD cash to the eligible collaterals in its IRS Clearing Service.
USD cash collateral posted by Clearing Participants and Customers will be, after the trust establishment at State Street Trust Bank (“SSTB”), managed on a daily basis through the sponsored repo transactions, the structure of which was jointly developed by State Street Bank and Trust Co., the parent company of SSTB, and Fixed Income Clearing Corporation (FICC) in the United States.

JSCC President and CEO Konuma Yasuyuki commented on this initiative as follows:
“An addition of USD cash to eligible collaterals in IRS Clearing Service is a very big milestone for JSCC providing clearing services to Clearing Participants and their customers active globally. Amid rising calls for CCPs’ safe custody and efficient management of collaterals globally, we are confident that State Street's USD cash collateral management service will realize great value for our users in Japan and overseas. "

Akiko Terada, Representative Director and President of SSTB said, "We are very grateful for the opportunity to collaborate with and support JSCC on this important financial services infrastructure in Japan. The sponsored repo transaction provided by us is an innovative investment scheme which will bring more sophisticated credit management and risk control to the Japanese market. The scheme also meets U.S. Treasury repo clearing requirement which is scheduled to be introduced by the U.S. Securities and Exchange Commission (SEC) in June 2026. We look forward to supporting market participants in Japan unlocking greater benefits."


JSCC will strive for safe and efficient operation of its clearing services to contribute to convenience of the market participants.

Japan Securities Clearing Corporation ("JSCC") is pleased to announce that the monthly clearing volume for its interest rate swap transactions ("IRS") reached a record-breaking 1,060 trillion yen (double-sided, the same hereinafter) in December 2024, surpassing the 1,000 trillion yen mark for the first time. Furthermore, the yearly clearing volume of 2024 also achieved an unprecedented high of 8,272 trillion yen, doubling the previous record of 4,025 trillion yen set in 2023.

Since JSCC started IRS clearing service in 2012, JSCC has repeatedly improved its functions so that our users in Japan and overseas should be able to enjoy globally competitive services. Recently, we have been advancing conveniences and efficiencies for users, such as enhancements to STP (Straight Through Processing) from swap execution to clearing　including skipping take-up processes and launched cross-margins with 3-Month TONA Futures.

Due to these improvements, coupled with recent changes in the Bank of Japan's monetary policy and the increasing demand for efficient rate risk hedging, the clearing volume significantly expanded last year, setting new monthly and yearly records. JSCC remains dedicated to continuously enhancing its clearing services to meet needs for users both in Japan and internationally.

We announce an addition of USD cash to eligible collaterals having in mind an enhancement of user convenience and on-boarding of diverse layers of customers in IRS Clearing Service.

・Comparative Table of Old and New Provisions: Partial Amendment to Interest Rate Swap Clearing Business Rules and Other Rules in association with Addition of Eligible Collaterals in IRS Clearing Service” (published on March 22, 2024, with follow-on announcement published on December 13, 2024)
/jscc/en/rule/rule-changes/qtsnlk00000002bo-att/20241213_e.pdf

・Collateral
/jscc/en/risk/collateral/collateral.html

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).

・Atlas Macro Japan, Ltd.

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