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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."