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JSCC launches new clearing service

26 February 2014

The Japanese clearinghouse now provides client clearing of JPY interest rate swaps

Japan Securities Clearing Corporation (JSCC) has launched a new client clearing service for JPY interest rate swaps and collateral management as part of its plans to expand its OTC derivatives clearing offering.

The firm, which is member of the Japan Exchange Group, has chosen Calypso’s technology for the service.

JSCC has signed up dealers including Citi, Mizuho, Morgan Stanley MUFG, Nomura and RBS.

The service’s attributes include drip-feed clearing, real-time integration with members and affiliates for clearing status, request for consent and collateral deposit/withdrawal.

Calypso’s collateral management system is expected to provide JSCC with real-time headroom checks on segregated accounts. JSCC said it reduces counterparty risk by segregating clients’ accounts from member banks.

Takeshi Hirano, director, strategic planning head, OTC derivatives clearing service, JSCC, said: "The launch of our client clearing service is an essential step for JSCC in expanding its service line in OTC derivatives clearing.

"Calypso's state-of-art technology and flexible platform has significantly contributed to our smooth migration from the current dealer-to-dealer environment to accommodate the wider range of customer services."

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