Repositories
Central Clearing Requirements
Central Clearing Requirements Information Repository
Notes (Japan-Financial Services Agency)
(Last Updated: 19 November 2020)
Authority: | Japan-Financial Services Agency |
Jurisdiction: | Japan |
Note 1 | Japan
Exemptions to central clearing requirements Exemptions to central clearing requirements include: - Transactions that existed when central clearing requirements became effective - Transactions where any of the parties is a non-Financial Instruments Business Operator or a non-Registered Financial Institution - Transactions for trust accounts (average outstanding notional amount is less than JPY 300 billion from 1 December 2016.) - Intra-group transactions - CDS transactions where either of the parties, with reasonable grounds, is not a clearing members of a CCP - IRS transactions where at least one party is (a) not (i) a Type I Financial Instruments Business Operator, (ii) a bank which is a Registered Financial Institution, (iii) Development Bank of Japan, (iv) Shoko Chukin Bank, (v) Shinkin Central Bank, (vi) Nochu Bank, (vii) Insurance Company or (b) Financial Instruments Business Operator (average outstanding notional amount is less than JPY 300 billion). (Note: This exemption ((a) and (b)) is effective from 1 December 2014, (a)(vii)is effective from 1 December 2016) Source: Amendment to the Financial Instruments and Exchange Act of Japan, May 2010, amendment to the Cabinet Order and the JFSA Notice, June 2014, November 2014. |