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OTC Japanese Government BondsClearing Fee

Fee schedule of JSCC

The fees JSCC will charge clearing participants based on “Rules on Fees for JGB OTC Transaction Clearing Business” are as follows:

Japanese Government Bonds

1. Account management fee

Account management fee per month: JPY 1,800,000 (*1)

(*1) If a clearing participant holds more than one netting accounts, the applicable amount shall be the said amount plus an amount calculated by deducting one from the number of netting accounts that the clearing participant opens multiplied by JPY 100,000.

2. Clearing fee

  • (1) Buying and selling of JGBs

Assumption of Obligation Amount (referred to the amount paid/received on settlement day for buying/selling) multiplied by the rate specified in below a., b. or c.for type of Japanese government bonds specified therein (For Inflation-Indexed Japanese government bonds, metered rate); provided, however, for Inflation-Indexed Japanese government bonds, fixed charge is added to the said amount.

a.Treasury discount bills

Assumption of Obligation Amount Rate
Up to 200bil yen per month 0.002/10,000
More than 200bil yen up to 400bil yen per month 0.0015/10,000
More than 400bil yen up to 1tril yen per month 0.001/10,000
More than 1til yen up to 3tril yen per month 0.00075/10,000
More than 3tril yen per month 0.0003/10,000

b. Japanese government bonds other than a.and those specified in belowc.

Assumption of Obligation Amount Rate
Up to 1tril yen per month 0.004/10,000
More than 1tril yen up to 2tril yen per month 0.003/10,000
More than 2tril yen up to 4tril yen per month 0.002/10,000
More than 4tril yen up to 7tril yen per month 0.0015/10,000
More than 7tril yen per month 0.0006/10,000

c.Inflation-Indexed Japanese government bonds

Fixed Charge Metered Rate
Rate A JPY 500,000 (monthly) 0.08/10,000
Rate B JPY 100,000 (monthly) 0.16/10,000

*) When obligation of assumption is applied for buying/selling covering Inflation-Indexed Japanese government bonds, selection of rates in above table (Rate A or Rate B)and prior notification of such selection to JSCC are required.

  • (2) Cash-secured Bond Lending Transactions and/or Repo Transactions

Assumption of Obligation Amount (referred to as Ending Delivery Amount) multiplied by the rate specified for types of transactions specified in below a. and b. (For Inflation-Indexed Japanese government bonds, metered rate); provided, however, for Inflation-Indexed Japanese government bonds, fixed charge is added to the said amount. The rates selected for Inflation-Indexed Japanese government bonds apply to both transactions specified in a. and b. commonly.

* For overnight transactions, the amount obtained by multiplying the Assumption of Obligation Amount by the number of days within the lending period or transaction period.

Japanese government bonds other than Inflation-Indexed Japanese bonds
a.Overnight transactions

Assumption of Obligation Amount Rate
Up to 20tril yen per month 0.0003/10,000
More than 20tril yen up to 30tril yen per month 0.00018/10,000
More than 30tril yen up to 50tril yen per month 0.00009/10,000
More than 50tril yen up to 80tril yen per month 0.00006/10,000
More than 80tril yen up to100tril yen per month 0.00003/10,000
More than 100tril yen per month 0.00001/10,000

b.Transactions other than those specified in a. above

Assumption of Obligation Amount Rate
Up to 1.5tril yen per month 0.003/10,000
More than 1.5tril yen up to 2.5tril yen per month 0.0018/10,000
More than 2.5tril yen up to 5tril yen per month 0.0009/10,000
More than 5tril yen up to 8tril yen per month 0.0006/10,000
More than 8tril yen up to 10tril yen per month 0.0003/10,000
More than10tril yen per month 0.0001/10,000

Inflation-Indexed Japanese bonds

Fixed Charge Metered Rate
Rate A JPY 300,000 (monthly) a.Overnight transactions: 0.0004/10,000
b.Transactions other than those specified in a. above: 0.004/10,000
Rate B JPY 100,000 (monthly) a.Overnight transactions: 0.0012/10,000
b.Transactions other than those specified in a. above: 0.015/10,000

*) When obligation of assumption is applied for Cash-secured Bond Lending Transactions and/or Repo Transactions covering Inflation-Indexed Japanese government bonds, selection of rate in above table (Rate A or Rate B)and prior notification of such selection to JSCC are required.

3. Collateral Allocation Fee

Collateral Allocation Fee applies only to Clearing Participants who will become JGB deliverers as a result of the basket netting.
Fees related to Collateral Allocation consists of Collateral Allocation Fee and Inflation-Indexed Japanese government bonds fees and the relevant fee will be the delivery amount(*3) related to Starting/Rewind Obligation subject to Collateral Allocation (*2) multiplied by the following rate; provided, however, for Inflation-Indexed Japanese government bonds, fixed charge is added to said amount.

(*2)  Includes the obligations deferred from previous collateral allocation.
(*3)  For Collateral Allocation Fee, the amount deducting the market value of Inflation-Indexed Japanese government bonds allocated to Starting/Rewind Obligation from the delivery amount related to Starting/Rewind Obligation subject to Collateral Allocation (Including the obligations deferred from previous collateral allocation). For Collateral Allocation Fee for Inflation-Indexed Japanese government bonds, market value of Inflation-Indexed Japanese government bonds allocated to Starting/Rewind Obligation.

  • Collateral Allocation Fee
Delivery amount related to Starting/Rewind Obligation subject to Collateral Allocation Rate
Up to 500bil yen per month 0.0036/10,000
More than 500bil yen up to 2.5tril yen per month 0.0032/10,000
More than 2.5tril yen up to 10tril yen per month 0.0028/10,000
More than 10tril yen up to 15tri yen per month 0.0018/10,000
More than 15tril yen per month 0.0005/10,000
  • Collateral Allocation Fee for Inflation-Indexed Japanese government bonds
Fixed Charge Metered Rate
Rate A JPY 200,000 (monthly) 0.003/10,000
Rate B JPY 100,000 (monthly) 0.007/10,000

*) When Inflation-Indexed Japanese government bonds are included in Allocable Balance Notice, selection of rates in above table (Rate A or Rate B) and prior notification of such selection to JSCC are required.

4. Balance management fee

Balance Management Fee =  The monthly total amount of transactions subject to clearing × the rate specified below

Amount subject to Fee Calculation Rate
Up to 200bil yen per month 0.033/10,000
More than 200bil yen up to 300bil yen per month 0.031/10,000
More than 300bil yen per month 0.029/10,000

Amount subject to Fee Calculation for each calculation day= Total of monetary settlement obligations between each clearing participant and JSCC to be settled on the same settlement day (limited to those of which settlement day, etc. arrives after the second day from the calculation day)× the number of days to the following business day /365

5. Settlement day management fee

Total amount of Settlement day management fee for each settlement day, etc. (settlement day for buying/selling or Ending Settlement Day) calculated in accordance with the formula for all settlement day, etc. (*4)

(*4)  Settlement day management fee for each settlement day, etc. (settlement day for buying/selling or Ending Settlement Day) = The total amount of transactions subject to clearing relating to obligations to be settled on the same settlement day that JSCC assumes on a certain day from each clearing participant (for buying/selling, buying/selling price, for Cash-secured Bond Lending Transactions and/or Repo Transactions, Ending Delivery Amount)× the number of extra days to the settlement day (*5) / 365× 0.0000015

(*5) The number of days from the day immediately following the second day from the calculation day to the settlement day, etc.

6. DVP settlement fee

Per transfer of JGBs for DVP settlement: JPY 150

7. Collateral management fee

Per transfer for refund of initial margin and clearing fund: JPY 200

8. Participants terminal usage fee

Monthly charge per user ID: JPY 10,000

9. Certificate issuance fee

Per issuance for the following certificate (*6) : JPY 3,000

(*6) Initial margin balance certificate, JGB OTC Transaction Clearing Fund balance certificate, margin at default balance certificate, Special Clearing Charge Collateral balance certificate, Variation balance certificate and certificate related to Registration of Participants Web Terminal.

10. Handling of Commission

For Clearing Participants, holding a Netting Account related to commission (*7), fees for the relevant Netting Account are capped to below upper limits.

Fee Items subject to Upper Limits Upper Limits
Account management fee JPY 2,000,000 per month
Clearing fee (excluding the portion related to Inflation-Indexed Japanese government bonds)
Collateral Allocation Fee
Balance Management Fee
Settlement day management fee
DVP settlement fee
If the total amount for each fee listed in left column exceeds JPY 5,000,000 per month, JPY 5,000,000 per month

(*7) Netting Account related to brokerage of clearing (excluding the portion related to the clients belonging to the same corporate group as the clearing participant) and Trust Accounts.