Presentation by Japan Securities Clearing Corporation June 27 th-28 th, 2006 The 8 th ACG Cross Training Seminar Japan Securities Clearing Corporation June 27 th-28 th, 2006 1
TOPICS 1. Introduction of JSCC 2. Operations of JSCC 3. Direct and Indirect Structure Japan Securities Clearing Corporation June 27 th-28 th, 2006 2
1．Introduction of JSCC 1．(1) Establishment of JSCC Ø Stock exchanges in Japan had their own clearing functions before commencement of operations of JSCC. Ø This situation led to numerous inefficiencies, therefore it was essential to create a clearing organization and a CCP function that covered all of the nation’s markets and integrated all the clearing operations. Ø As a result, JSCC was established in July 2002 and has provided cross-market clearing operations for equity and fixed income products since January 2003. Ø The clearing operations for Tokyo Stock Exchange Derivatives has also been conducted by JSCC since February 2004. ◆About JSCC Date of Incorporation July 1 st, 2002 Commencement of Operations January 14 th, 2003 Shareholders*1 (Shareholding ratio) Tokyo Stock Exchange, Inc. (86. 3%) Osaka Securities Exchange Co. , Ltd. (9. 5%) JASDAQ Securities Exchange, Inc. (3. 4%) Nagoya Stock Exchange, Inc (0. 7%) Fukuoka Stock Exchange (0. 05%) Sapporo Securities Exchange (0. 05%) *2 *1 Shareholders of the JSCC are only market providers based on the idea that clearing functions are transferred from each market. *2 Shareholding ratio was determined on the basis of trading value of domestic stocks in each market. 3 Japan Securities Clearing Corporation June 27 th-28 th, 2006
1．(2) Structure of Trading, Clearing, Settlement Market 6 Stock Exchanges Trading Clearing Organization JSCC Clearing DVP settlement Settlement Organization Settlement Securities Settlement Transfer instructions Funds Settlement Tokyo Stock Exchange, Inc Central Securities Depository(JASDEC) Japan Securities Clearing Corporation June 27 th-28 th, 2006 Bank of Japan /Fund Settlement Bank 4
1．(3) Relationship among Infrastructures for Securities Markets in Japan －Share Ownership Clearing Organization JSCC 13. 7% Other Stock Exchanges 86. 3% Stock Exchange TSE*1 100% Settlement Organization 22. 0% Settlement Organization JASDEC*2 JSSC*3 *1 TSE: Tokyo Stock Exchange *2 JASDEC: Japan Securities Depository Center *3 JSSC: Japan Securities Settlement & Custody ①Operations for physical deliveries and safe keeping (entrusted by JASDEC) ②Other settlement and custody services Japan Securities Clearing Corporation June 27 th-28 th, 2006 5
1. （4）Scope of JSCC’s Operation Trading Stock Exchange Clearing 6 Stock Exchanges Settlement JASDEC Domestic Stock TSE/OSE Foreign Stock TSE Derivatives OSE Derivatives JSCC TSE / OSE JSSC/JASDEC The unified cross-market clearing organization TSE OSE JGB OTC JGBCC*1 Bank of Japan Non-Exchange Transaction Transfer JDCC*2 JASDEC *1 JGBCC: Japan Government Bond Clearing Corporation *2 JDCC: JASDEC DVP Clearing Corporation Japan Securities Clearing Corporation June 27 th-28 th, 2006 6
1. (5) Outline of JSCC’s core business Eligible transactions ・All exchange-traded cash products ・TSE traded derivative transactions (JSCC has commenced TSE derivatives clearing since Feb. 2004) Core services ・Assumption of the obligation ・Netting ・Account Transfer Instruction ・Settlement guarantee Japan Securities Clearing Corporation June 27 th-28 th, 2006 7
1. （6）Outline of JSCC’s complementary business TSE JASDAQ Stock Exchange Management services concerning surety bond JSCC Monitoring of the financial status of participants JGBCC JDCC Japan Securities Clearing Corporation June 27 th-28 th, 2006 8
2. Operations of JSCC 2. (1) Cross-market Clearing Organization TSE Transactions ↓ Matching OSE Nagoya SE Transactions Fukuoka SE Transactions Sapporo SE Transactions JASDAQ SE Transactions ↓ Matching ↓ Matching JSCC Assumption of the obligation ■ CCP Function ■ Settlement Guarantee Scheme Netting Agency Clearing Participants Non-clearing participants (Market participants other than clearing participants) Principal Clearing Participants Account Transfer Instructions DVP Settlement (Link between settlement of securities and funds) Central Securities Depository (JASDEC) Clearing Participant A/C Bank of Japan/ Fund Settlement Banks JSCC’s A/C Clearing Participant A/C Clearing Participant A/C Japan Securities Clearing Corporation June 27 th-28 th, 2006 Clearing Participant A/C JSCC’s A/C Clearing Participant A/C 9
2. （2） Core Processing of Clearing Assumption of the obligation ü Assuming the obligation simultaneously when transaction are executed on stock exchanges ü Receipt of transaction data from stock exchanges ü Notice of assumption of the obligation data to each participant Netting ü Calculation of net position of securities and funds ü Netting with respect to each participant, and each security ü Without distinction between house and client Account Transfer Instruction ü DVP Settlement (Settlement link between securities and funds) ü Instruction of transfer to JASDEC and Bank of Japan or Fund Settlement Banks ü Notice of settlement data to each participant Japan Securities Clearing Corporation June 27 th-28 th, 2006 10
2. （3） Data processing (Trading-Clearing-Settlement) Date Settlement Procedures Receipt of transaction data Stock Exchange T Assumption of the obligation Participant’s transaction data Assumption of the obligation data Notification Correction T+1 Participant Notification Netting T+2 Notification Settlement data Settlement Instruction T+3 Notification <Securities Settlement> Book-entry transfer at the JASDEC Participant Japan Securities Clearing Corporation June 27 th-28 th, 2006 <Funds Settlement> Account transfer at BOJ or Fund Settlement banks 11
3. Direct and Indirect Structure 3. （1） Securities Accounts Central Securities Depository (JASDEC) Securities Co. A (JSCC participant) client JSCC house Securities Co. B (JSCC participant) house client Account transfer Instruction Securities Co. A client Securities Co. B JSCC Toyota: 3, 000 house Customer A-1 Sony -2, 000 Customer A-2 client Customer B-1 SONY +3, 000 Sony: 1, 000 Toyota +3, 000 Toyota -3, 000 Sony -4, 000 Customer B-2 Sony +3, 000 Japan Securities Clearing Corporation June 27 th-28 th, 2006 12
3. （2）Agency Clearing Participant category ü Principal Clearing Participants/ Agency Clearing Participants Participant requirement ü Sound internal system for management ü Appropriate internal system for business operation ü Stable financial criteria for participation (Please refer to the below table. ) ・Securities company Principal Net Assets Net Capital Requirement Ratio 300 million 2 billion 20 billion 200 % Principal Paid-in Capital Agency 300 million 2 billion 20 billion 8% 8% 400 % ・Registered financial institution Paid-in Capital Shareholders’ Equity Capital Adequacy Ratio* Solvency Margin Ratio * In case of a participant without overseas branches, 4% is applied. Japan Securities Clearing Corporation June 27 th-28 th, 2006 13
Image of Principal and Agency Clearing Participants JSCC Principal Clearing Participants client Clearing and Settlement Agency Clearing Participants house Client Clearing Process by Agency Clearing Participants Client Non-Clearing participants Securities Co. A client Client house Client Ø Transactions conducted by Non-Clearing Participants on stock exchanges shall be cleared through Agency Clearing Participants. client Ø Agency Clearing Participants receive a notification for assumption of the obligation with each Non-Clearing Participant. Securities Co. B house client Client Ø Agency Clearing Participants have to make a contract with Non-Clearing Participants, and submit a copy of the contract to JSCC. Client Ø The position of Non-Clearing Participants are netted together with that of Agency Clearing Participants, and settled at JASDEC in accordance with the transfer instruction by JSCC. Japan Securities Clearing Corporation June 27 th-28 th, 2006 14
3. （3）Account for Margin of Derivatives Trading JSCC Account for Margin Principal Clearing Participant house client Principal Clearing Participant house Agency Clearing Participant house client Non-Clearing participants house client Deposit of Margin for derivatives Ø Participants have to deposit margin for derivative trading to JSCC Account for Margin. Ø Participants have to deposit margin for their own position and margin for their customer’s position separately. Ø Margin of Non-Clearing Participants is deposited through their Agency Clearing Participants. Japan Securities Clearing Corporation June 27 th-28 th, 2006 15
Thank you Japan Securities Clearing Corporation 2 -1, Nihombashi-Kabuto-cho, Chuo-ku, Tokyo 103 -0026 Japan Phone: +81 -3 -3665 -1234 Fax : +81 -3 -3665 -1235 URL : http: //www. jscc. co. jp/english/index. html E-mail: t-oomori@jscc. co. jp y-sakamaki@jscc. co. jp Japan Securities Clearing Corporation June 27 th-28 th, 2006 16
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