First U.S. Customer Joins Yen IRS Clearing at JSCC Following CFTC Approval

Japan Securities Clearing Corporation (JSCC) is pleased to announce that Millennium has become the first U.S. customer for its yen-denominated interest rate swap clearing service (Note 1).

This milestone marks the first time U.S. customer has joined since the U.S. Commodity Futures Trading Commission (CFTC) granted approval in September 2025, allowing U.S. customers to access yen interest rate swap clearing at JSCC under the no-action letter and the amended exemption order (Note 2). This achievement underscores JSCC’s commitment to robust risk management practices comparable to those required under the CFTC’s regulatory framework. JSCC continues to work with partners worldwide to expand its reach and deliver globally recognized swap clearing solutions. As demand for access to yen derivatives market liquidity continues to grow—driven by the need for effective risk hedging amid ongoing uncertainty in the yen interest rate market—JSCC stands ready to support market participants worldwide.

"JSCC is dedicated to providing efficient and reliable clearing services to global market participants, working closely with our valued partners to strengthen the broader yen derivatives ecosystem," said Yasuyuki Konuma, President & CEO of JSCC. "As the primary central counterparty for yen cash and derivative markets, we remain committed to delivering innovative and competitive clearing solutions globally and contributing to financial market stability through robust risk management and customer protection."

About JSCC
In January 2003, JSCC became Japan’s first licensed clearing organization for cash equity transactions executed on Japanese stock exchanges. By integrating clearing processes previously managed by individual exchanges, JSCC dramatically improved post-trade efficiency and service quality in Japan’s securities markets. Over the years, JSCC has steadily expanded its service scope and now provides clearing for listed cash equities, financial and commodity derivatives, OTC derivatives (credit default swaps and interest rate swaps), and OTC Japanese Government Bond transactions (outright and repo). JSCC’s interest rate swap clearing services set a new monthly clearing value record of JPY 1,526 trillion in October 2025, driven by uncertainty surrounding the Bank of Japan’s interest-rate policy (Note 3).

【Contact】
Japan Securities Clearing Corporation
Clearing Planning Department
TEL:+81-3-3665-1234 (Main reception)