JSCC to clear TIBOR Interest Rate Swaps (IRS) transactions from February 25, 2013
2013/02/25
Japan Securities Clearing Corporation (JSCC) today announced that the company has started clearing TIBOR OTC Interest Rate Swaps (IRS) from February 25, 2013.
TIBOR stands for the Tokyo Interbank Offered Rate and is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks on the Japanese wholesale money market (or interbank market). The rate referred to here is Euroyen TIBOR (also refered to as ZTIBOR).
JSCC commenced clearing LIBOR IRS on October 9, 2012. The addition of TIBOR IRS further mitigates counterparty risk and improves efficiency via margin offsets within combined LIBOR and TIBOR IRS portfolios, this is expected to improve liquidity.
JSCC will continue to broaden the scope of products eligible for clearing and further enhance its risk management program, in order to improve the competitiveness of Japanese financial and capital markets. JSCC will continue to work closely with all market participants.
-Contact Information-
OTC Derivatives Clearing Service
+81-3-3665-1405
otc@jscc.co.jp
