Japan Securities Clearing Corporation https://www.jpx.co.jp/jscc/en/ In January, 2003, Japan Securities Clearing Corporation (JSCC) was the first clearing organization licensed in Japan to conduct the CCP clearing under the Securities and Exchange Law (now called Financial Instrument Obligation　Assumption Service based on the Financial Instruments and Exchange Law) and started Clearing cash transactions on Japanese Stock Exchanges. The commencement of JSCC’s Clearing Business combined the clearing of cash transactions, which used to be handled by each exchange, and dramatically improved the safety and efficiency of the clearing and settlement processes. Wed, 19 Aug 2026 00:05:09 +0000 en-US hourly 1 Revision of the market price multipliers of Substitute Securities etc. https://www.jpx.co.jp/jscc/en/information/news/20260817_.html Mon, 17 Aug 2026 00:00:00 +0000 https://www.jpx.co.jp/jscc/en/information/news/20260817_.html

JSCC revised the market price multipliers to calculate substitute price of Substitute Securities etc. so that they reflect recent market condition, which takes effect on September 24, 2026 for Listed Products Clearing Business and on August 31, 2026 in CDS Clearing Business, IRS Clearing Business and Japanese Government Bond Over-the-Counter Transaction Clearing Business.

For the details, please refer to ""Revision of the market price multipliers of Substitute Securities etc. in Listed Products Clearing Business", "Revision of the market price multipliers of Substitute Securities in CDS Clearing Business", "Revision of the market price multipliers of Substitute Securities in IRS Clearing Business" and "Revision of the market price multipliers of Substitute Securities in Japanese Government Bond Over-the-Counter Transaction Clearing Business".

-Contact-
Risk Monitoring Division, Risk Management Department
Japan Securities Clearing Corporation
Tel: +81-50-3361-1789

Revision of the market price multipliers of Substitute Securities etc. in Listed Products Clearing Business
Revision of the market price multipliers of Substitute Securities in CDS Clearing Business
Revision of the market price multipliers of Substitute Securities in IRS Clearing Business
Revision of the market price multipliers of Substitute Securities in Japanese Government Bond Over-the-Counter Transaction Clearing Business
]]> Conclusion of IRS Clearing Brokerage Agreement https://www.jpx.co.jp/jscc/en/information/news/20260807_1.html Fri, 07 Aug 2026 00:00:00 +0000 https://www.jpx.co.jp/jscc/en/information/news/20260807_1.html

JSCC hereby notifies you of the receipt of the notification from a Clearing Participant acting as Clearing Broker to the effect that it concluded an IRS Clearing Brokerage Agreement with the following Clearing Customer (Non-affiliate of its Clearing Participant).

- ASTIGNES ASIA RATES MASTER FUND LTD.


For any enquiries, please contact us:
Risk Monitoring Division, Risk Management Department
Japan Securities Clearing Corporation
Tel: +81-50-3361-1789

]]> Conclusion of IRS Clearing Brokerage Agreement https://www.jpx.co.jp/jscc/en/information/news/20260805_1.html Wed, 05 Aug 2026 00:00:00 +0000 https://www.jpx.co.jp/jscc/en/information/news/20260805_1.html

JSCC hereby notifies you of the receipt of the notification from a Clearing Participant acting as Clearing Broker to the effect that it concluded an IRS Clearing Brokerage Agreement with the following Clearing Customer (Non-affiliate of its Clearing Participant).

- Verition Multi-Strategy Master Fund Ltd.


For any enquiries, please contact us:
Risk Monitoring Division, Risk Management Department
Japan Securities Clearing Corporation
Tel: +81-50-3361-1789

]]> Conclusion of IRS Clearing Brokerage Agreement https://www.jpx.co.jp/jscc/en/information/news/20260724_1.html Fri, 24 Jul 2026 00:00:00 +0000 https://www.jpx.co.jp/jscc/en/information/news/20260724_1.html

JSCC hereby notifies you of the receipt of the notification from a Clearing Participant acting as Clearing Broker to the effect that it concluded an IRS Clearing Brokerage Agreement with the following Clearing Customer (Non-affiliate of its Clearing Participant).

- Brummer Fixed Income Master Ltd

For any enquiries, please contact us:
Risk Monitoring Division, Risk Management Department
Japan Securities Clearing Corporation
Tel: +81-50-3361-1789

]]> 【To investors】Partial Revision to Method of Determining Settlement Prices for Futures and Options https://www.jpx.co.jp/jscc/en/information/news/20260625.html Thu, 25 Jun 2026 11:00:00 +0000 https://www.jpx.co.jp/jscc/en/information/news/20260625.html

JSCC will partially revise the method of determining settlement prices for futures and options scheduled for August 3, 2026 (Mon.).

The key revised points are as follows:

Prioritized adoption of the mid price of the best quotes

Target Products

5-year JGB Futures, 20-year JGB Futures, 3-Month TONA Futures, Nikkei 225 VI Futures, Overseas Index Futures, Nikkei 225 Dividend Index Futures, FX Futures, Shanghai Natural Rubber Futures, Commodity Index Futures (CME Group Petroleum Index Futures)

Description of Revision

For products where the Settlement Price is primarily determined using the mid price of the best quotes (best ask and best bid), the methodology will be revised to better reflect actual order conditions. Specifically, following the execution price determined by the Closing Auction (Itayose), the mid price of the best bid and ask quotes immediately before the end of continuous trading session (Zaraba) will be adopted, when determining the settlement price.

For example, for 20-year JGB Futures, the last contract price in the auction trading session after 2:50pm is adopted, following to the contract price at the close of the afternoon session by the Closing Auction (Itayose), however, after the revision, the said last contract price will be replaced by the mid price of the best bid and ask quotes immediately before the end of continuous trading session (Zaraba).

Change of volatility calculation method for theoretical prices used for calculation of Options

Target Products

Options on JGB Futures, Index Options, Securities Options　and Options on Gold Futures

Description of Revision

For all option products, in order to standardize the timing of volatility calculation, the volatility used for theoretical price calculation will be revised to be calculated from the mid price of the best quotes in auction trading session immediately before the volatility calculation.

Currently, we calculate volatility for each time using the mid price of best quotes or contract price in auction trading session on the trading day and use the latest one to calculate the Settlement Price. After the revision, we fix a timing to calculate volatility used for calculation of Settlement Price and use the mid price of the best quotes indicated at immediately before such timing.

As for Index Options and Securities Options, if data which could be referenced as actual value is obtained from market participants, JSCC will use such data for calculation, after processing.

Others

To determine the last contract price adopted to the Settlement Price for 10-year JGB Futures, contracts concluded in the night trading session are currently excluded, however, these contracts will be included after the revision.

As in the same manner for Nikkei 225 Futures (Large), for all subsequent contract month contracts following the second contract month contracts for TOPIX Futures (Large), JPX Nikkei 400 Futures, Nikkei 225 mini and Nikkei 225 Options (for Nikkei 225 mini and Nikkei 225 Options, those with the same contract month as the second contract month contract of Nikkei 225 Futures(Large)), the Settlement Price will be uniformly the theoretical price, regardless of whether there are executions between 3:30 p.m. and the closing of the daytime auction trading session.

Related Documents

For more details about the changes, please refer to the documents below.

Method of Determining Settlement Prices for Futures and Options (with change history)
Method of Determining Settlement Prices for Futures and Options (with change history applied)
]]> JSCC Joins the Securities Finance Association https://www.jpx.co.jp/jscc/en/information/press_releases/20260623.html Tue, 23 Jun 2026 05:00:00 +0000 https://www.jpx.co.jp/jscc/en/information/press_releases/20260623.html

Japan Securities Clearing Corporation (“JSCC”) announces that it has joined the Securities Finance Association (formerly Pan Asia Securities Lending Association (PASLA); hereinafter, “SFA”) as a Solution Member.

SFA is an industry association for securities finance　in the Asia-Pacific region. Since its establishment in 1995, it has promoted the development of the field through information sharing and dialogue among market participants.

Through its membership in SFA, JSCC will strengthen its network with market participants across the Asia-Pacific region and further promote the sharing of knowledge on market developments and practices related to securities finance and collateral management. JSCC will also continue its efforts to improve its services and broaden its user base.

Mr. Isao Hasegawa, President & CEO of JSCC, commented:
“In recent years, the financial market environment has been evolving, driven by factors such as the diversification of transactions, increasing globalization, and the growing importance of the proper management and effective use of collateral. Against this backdrop, we consider it highly meaningful to join SFA. As the clearing organization within Japan Exchange Group, JSCC will continue to serve as a key market infrastructure, striving to provide services that meet the needs of both domestic and international market participants, while balancing safety and efficiency and contributing to the sustainable development of financial markets.”

Note (external website)

Contact Points related to this Press Release
Japan Securities Clearing Corporation
Clearing Planning Department
TEL:+81-3-3665-1234 (Main reception)

]]> Conclusion of IRS Clearing Brokerage Agreement https://www.jpx.co.jp/jscc/en/information/news/20260601_1.html Mon, 01 Jun 2026 00:00:00 +0000 https://www.jpx.co.jp/jscc/en/information/news/20260601_1.html

JSCC hereby notifies you of the receipt of the notification from a Clearing Participant acting as Clearing Broker to the effect that it concluded an IRS Clearing Brokerage Agreement with the following Clearing Customer (Non-affiliate of its Clearing Participant).

- CX Sapphire Limited

For any enquiries, please contact us:
Risk Monitoring Division, Risk Management Department
Japan Securities Clearing Corporation
Tel: +81-50-3361-1789

]]> Director Candidates https://www.jpx.co.jp/jscc/en/information/press_releases/lkevdh0000000m5h.html Wed, 27 May 2026 06:30:00 +0000 https://www.jpx.co.jp/jscc/en/information/press_releases/lkevdh0000000m5h.html

Director Candidates

Director Candidates
]]> Conclusion of IRS Clearing Brokerage Agreement https://www.jpx.co.jp/jscc/en/information/news/20260526_1.html Tue, 26 May 2026 00:00:00 +0000 https://www.jpx.co.jp/jscc/en/information/news/20260526_1.html

JSCC hereby notifies you of the receipt of the notification from a Clearing Participant acting as Clearing Broker to the effect that it concluded an IRS Clearing Brokerage Agreement with the following Clearing Customer (Non-affiliate of its Clearing Participant).

- CAPULA ALTERNATIVE MARKETS ALPHA MASTER FUND LIMITED

For any enquiries, please contact us:
Risk Monitoring Division, Risk Management Department
Japan Securities Clearing Corporation
Tel: +81-50-3361-1789

]]> Revision of the market price multipliers of Substitute Securities etc. https://www.jpx.co.jp/jscc/en/information/news/20260518_2.html Mon, 18 May 2026 00:00:00 +0000 https://www.jpx.co.jp/jscc/en/information/news/20260518_2.html

JSCC revised the market price multipliers to calculate substitute price of Substitute Securities etc. so that they reflect recent market condition, which takes effect on June 22, 2026 for Listed Products Clearing Business and on June 1, 2026 in CDS Clearing Business, IRS Clearing Business and Japanese Government Bond Over-the-Counter Transaction Clearing Business.

For the details, please refer to ""Revision of the market price multipliers of Substitute Securities etc. in Listed Products Clearing Business", "Revision of the market price multipliers of Substitute Securities in CDS Clearing Business", "Revision of the market price multipliers of Substitute Securities in IRS Clearing Business" and "Revision of the market price multipliers of Substitute Securities in Japanese Government Bond Over-the-Counter Transaction Clearing Business".

-Contact-
Risk Monitoring Division, Risk Management Department
Japan Securities Clearing Corporation
Tel: +81-50-3361-1789

Revision of the market price multipliers of Substitute Securities etc. in Listed Products Clearing Business
Revision of the market price multipliers of Substitute Securities in CDS Clearing Business
Revision of the market price multipliers of Substitute Securities in IRS Clearing Business
Revision of the market price multipliers of Substitute Securities in Japanese Government Bond Over-the-Counter Transaction Clearing Business
]]>