Record-Breaking Monthly and Yearly Volume in Clearing Service for Interest Rate Swap

Japan Securities Clearing Corporation ("JSCC") is pleased to announce that the monthly clearing volume for its interest rate swap transactions ("IRS") reached a record-breaking 1,060 trillion yen (double-sided, the same hereinafter) in December 2024, surpassing the 1,000 trillion yen mark for the first time. Furthermore, the yearly clearing volume of 2024 also achieved an unprecedented high of 8,272 trillion yen, doubling the previous record of 4,025 trillion yen set in 2023.

Since JSCC started IRS clearing service in 2012, JSCC has repeatedly improved its functions so that our users in Japan and overseas should be able to enjoy globally competitive services. Recently, we have been advancing conveniences and efficiencies for users, such as enhancements to STP (Straight Through Processing) from swap execution to clearing　including skipping take-up processes and launched cross-margins with 3-Month TONA Futures.

Due to these improvements, coupled with recent changes in the Bank of Japan's monetary policy and the increasing demand for efficient rate risk hedging, the clearing volume significantly expanded last year, setting new monthly and yearly records. JSCC remains dedicated to continuously enhancing its clearing services to meet needs for users both in Japan and internationally.