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The Impending Post-Trade Market Revolution: Derivatives Clearing Infrastructure Renewal in Japan

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29 January 2018
Eiichiro Yanagawa

Key research questions

  • What is the JSCC Derivative Clearing Renewal Project?
  • Where are market participants in their efforts to respond?
  • What are the opportunities, challenges, and policy options that exist for market participants?

Abstract

The derivatives market in Japan has continued to expand dramatically in both listed derivatives and securities OTC derivatives. Osaka Exchange, Inc. (OSE) renewed its derivatives trading system J-GATE in July 2016. Japan Securities Clearing Corporation (JSCC) is also working on a renewal project on clearing services for listed derivatives.

JSCC implements various revisions to its listed derivatives clearing services to enhance its quality as CCP and improve participants’ convenience through practices broadly adopted by major overseas CCPs and sophisticated risk management.

Based on a exclusive survey conducted in the fall of 2017 about technology use in post-trade operations in Japan, Celent 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 potential of emerging technologies, innovation, legacy issues, and ecosystem migration.

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.

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