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 1,700,000 (in case of JGB OTC Transaction Agency Clearing Participant, JPY 1,600,000) (*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. or b. for type of Japanese government bonds specified therein.
ａ．Treasury discount bills
| Assumption of Obligation Amount | Rate |
|---|---|
| Up to 200bil yen per month | 0.0019/10,000 |
| More than 200bil yen up to 400bil yen per month | 0.00145/10,000 |
| More than 400bil yen up to 1tril yen per month | 0.00095/10,000 |
| More than 1til yen up to 3tril yen per month | 0.0007/10,000 |
| More than 3tril yen per month | 0.00028/10,000 |
b. Japanese government bonds other than ａ．
| Assumption of Obligation Amount | Rate |
|---|---|
| Up to 1tril yen per month | 0.0038/10,000 |
| More than 1tril yen up to 2tril yen per month | 0.0029/10,000 |
| More than 2tril yen up to 4tril yen per month | 0.0019/10,000 |
| More than 4tril yen up to 7tril yen per month | 0.0014/10,000 |
| More than 7tril yen per month | 0.00055/10,000 |
- (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 overnight transactions, the amount obtained by multiplying the Assumption of Obligation Amount by the number of days within the lending period or transaction period.
a.Overnight transactions
| Assumption of Obligation Amount | Rate |
|---|---|
| Up to 15tril yen per month | 0.00028/10,000 |
| More than 15tril yen up to 25tril yen per month | 0.00017/10,000 |
| More than 25tril yen up to 50tril yen per month | 0.000085/10,000 |
| More than 50tril yen up to 80tril yen per month | 0.000055/10,000 |
| More than 80tril yen up to100tril yen per month | 0.000028/10,000 |
| More than 100tril yen per month | 0.0000095/10,000 |
b.Transactions other than those specified in a. above
| Assumption of Obligation Amount | Rate |
|---|---|
| Up to 1.5tril yen per month | 0.0028/10,000 |
| More than 1.5tril yen up to 2.5tril yen per month | 0.0017/10,000 |
| More than 2.5tril yen up to 5tril yen per month | 0.00085/10,000 |
| More than 5tril yen up to 8tril yen per month | 0.00055/10,000 |
| More than 8tril yen up to 10tril yen per month | 0.00028/10,000 |
| More than10tril yen per month | 0.000095/10,000 |
3. Collateral allocation fee
Collateral Allocation Fee applies only to Clearing Participants who will become JGB deliverers as a result of the basket netting.
Collateral Allocation Fee will be the delivery amount related to Starting/Rewind Obligation for which Collateral have been Allocated, multiplied by the rate specified below.
- Collateral Allocation Fee
| Delivery amount for which Collateral have been Allocated related to Starting/Rewind Obligation | Rate |
|---|---|
| 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 |
4. Balance management fee
The total monthly amount subject to Fee Calculation for each calculation day, calculated in accordance with the formula specified below (*2) multiplied by the rate specified below.
Balance Management Fee = The monthly total of amount subject to Fee Calculation for each calculation day × the rate specified below
| Amount subject to Fee Calculation | Rate |
|---|---|
| Up to 200bil yen per month | 0.031/10,000 |
| More than 200bil yen up to 300bil yen per month | 0.029/10,000 |
| More than 300bil yen per month | 0.027/10,000 |
(*2) 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. (*3)
(*3) 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 (*4) / 365× 0.0000015
(*4) 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. Handling of Commission
For Clearing Participants, holding a Netting Account related to commission (*5), 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 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 |
(*5) 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.
