<iframe src="//www.googletagmanager.com/ns.html?id=GTM-MS2WRF" height="0" width="0" style="display:none;visibility:hidden"></iframe>
home > Information > News > 【For Holiday Clearing Participants】Consecutive Holiday Trading Days in May 2023

【For Holiday Clearing Participants】Consecutive Holiday Trading Days in May 2023

2023/04/17

 (*) Please kindly note that risk management framework related to holiday trading (Preliminary Margin Add-on (added on house margin in principle) and Holiday Clearing Participant monitoring are applicable to Holiday Clearing Participant. Please refer to the today's notification for clearing participants on Target-JSCC for more details.
 
   The Osaka Exchange and the Tokyo Commodity Exchange will designate 3 consecutive days from May 3 (Wed. Holiday) to 5 (Fri. Holiday) of 2023 as Holiday Trading Days1. In association with this, JSCC will implement the treatments applicable to the consecutive Holiday Trading Days under our risk management framework concerning the holiday trading as described below.
 
   We would appreciate it if the Holiday Clearing Participants planning to participate in the holiday trading during this period would cooperate in the advance preparation as much as possible.
 
  1. Preliminary Margin Add-on Rate
  •  As previously announced, the preliminary margin add-on rate applicable to these 3 consecutive Holiday Trading Days will be 30%.
 
  1. Holiday Clearing Participant Monitoring Framework
  •  Following the Business Rules, JSCC will implement the monitoring of the Holiday Clearing Participants based on the "Risk/Collateral Ratio" during the consecutive Holiday Trading Days.
  •  If a Clearing Participant falling under the following: "Risk/Collateral Ratio" is 1 or more, and the portion exceeding 1 (Excess Risk Amount) is more than our designated amount at 16:00 on 5/3 (Wed. Holiday) or 5/4 (Thurs. Holiday) , they are required to take either of post additional collateral or risk reduction trade by 11:00 on the next Holiday Trading Day.
  •  If neither of above action is taken by 11:00 on 5/4 (Thurs. Holiday) and 5/5 (Fri. Holiday), JSCC may take measures of suspending, entirely or partially, an assumption of obligations for the relevant Holiday Clearing Participant during the consecutive Holiday Trading Days in accordance with Article 29-6, Paragraph 4 of the Business Rules.
 
  1. Request for Advance Preparation based on Holiday Clearing Participant Monitoring Framework
  •  Under the Holiday Clearing Participant monitoring framework, if the excess collateral is increased, the Risk/Collateral Ratio will be reduced and the possibility of JSCC asking a Clearing Participant to take actions mentioned above will be reduced.
  •  If an assumption of obligation is suspended, entirely or partially, there may be a material impact on the Holiday Clearing Participant as well as its clients.  So, for the consecutive Holiday Trading Days in May 2023, JSCC strongly recommends that Holiday Clearing Participants keep more excess collaterals than usual in Clearing Participant's house account or client accounts, as necessary, before the Holiday Trading Day, more than the Margin requirement, including the Preliminary Add-on amount JSCC requests.
Acrobat Reader

The “pdf” format refers to the portable document format from Adobe.
To view a file in this format, you must get Acrobat Reader which is available here.