The reform of securities clearing and settlement system refers to a series of regulatory reforms and reform of related institutions addressed towards mitigating risks and enhancing the efficiency of securities clearing and settlement.
Specifically, the reform included upgrading related regulations, introducing DVP settlement for securities, establishing clearing houses such as Japan Securities Clearing Corporation (JSCC) and finally, in January 2009, implementing paperless share certificates. Tokyo Stock Exchange, Inc. (TSE) as a market operator actively joined in the discussion about these reforms from the earliest phases.
This page will provide some materials on the series of reforms, which were posted on the website of the Reform Promotion Center for Securities Clearing and Settlement System previously (this website is now closed). The Center, established in April 2002 to promote the reform, had a role in capturing the overall picture and specific issues of the reform and in conducting necessary research and public relations activities. Its management received human resource and financial support from institutions which make up the market infrastructure, including TSE.