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Risk ManagementClearing Fund

Clearing Fund

(As of May 1, 2018)

  • JSCC requires each Clearing Participant to contribute to a Clearing Fund which covers potential future exposure in the case of the default of multiple Clearing Participants in extreme but plausible market conditions, for each Clearing Business. When Clearing Participant defaults, clearing fund by Survivors might be used.
  • For Cash Products, CDS, IRS and OTC JGB, default expectations are set to the 2 largest Clearing Participants (including their Affiliated Companies(*)), while expectations are set to the 1 largest Clearing Participant for Listed Derivatives.
  • The required amount for the Clearing Fund of each Clearing Business is revised on either a daily, weekly or monthly basis, in accordance with the risk amount of the relevant business.

(*) Any subsidiary or affiliate, or the parent company of such Clearing Participant, or any subsidiary or affiliate of the parent company.

Cash Products Clearing Fund
Listed Derivatives Clearing Fund
CDS Clearing Fund
IRS Clearing Fund
OTC JGB Clearing Fund