Mandatory Electronic Trading of Japanese Yen Interest Rate Swaps Takes Effect
Bloomberg Tradebook Japan Limited ("Tradebook Japan") today announced the launch of its Electronic Trading Platform (ETP) in Japan, in support of the September 1 mandate for banks and securities firms to use electronic platforms for specified over-the-counter (OTC) derivative transactions.
Tradebook Japan is operating the new trading platform for its ETP, under the Japan Financial Instruments and Exchange Act (FIEA). As of September 1, mandatory use of electronic trading platforms goes into effect, covering certain Japanese yen denominated interest rate swap transactions and affecting certain financial institutions with notional amounts of JPY 6 trillion or more for specified OTC derivative transactions.
"Bloomberg is committed to support the trading of relevant instruments and provide required solutions for compliance," said Shintaro Sasaki, Representative Director of Tradebook Japan. "With our experience working with both the buy-side and sell-side firms in Japanand delivering electronic trading solutions globally, we are uniquely positioned to help our clients who expect best-in-class execution services in an evolving regulatory landscape."
Tradebook Japan's electronic trading solution is delivered through the Bloomberg Professional service. Trades executed on the Bloomberg ETP will be sent to the Japan Securities Clearing Corporation for clearing. The Bloomberg ETP will facilitate the trading workflow of both buy-side and sell-side firms, supported by Bloomberg's 24/7 customer service and global news, data and information platform.
Tradebook Japan is registered with the Japanese Financial Services Agency as a Type 1 Financial Instruments Business Operator authorized to provide OTC derivatives trading services.
Bloomberg's ETP is the latest solution supporting clients in the evolving regulatory environment, which includes an existing multi-asset class swap execution facility (Bloomberg SEF) and a swap data repository (BSDR) and authorization from the UK Financial Conduct Authority to operate a multilateral trading facility (Bloomberg MTF).