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The combined clearing entities of the recently-merged Japan Securities Clearing Corporation (JSCC) and Japan Commodity Clearing House (JCCH) disclosed 311 initial margin (IM) breaches for 2020. The year before, the JSCC alone reported 110.
The rolling 12-month tally of margin breaches was highest for the Japan Government Bond (JGB) futures and options service at end-December, at 119. This compares with 44 the year prior. The interest rate swap (IRS) service experienced 80 breaches, up from just
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The Japan Securities Clearing Corporation’s (JSCC) skin in the game increased more than 9% over the third quarter, following the integration of the Japan Commodity Clearing House (JCCH).
Own funds held by JSCC to handle a participant collapse amounted to ¥27.6 billion ($266 million) at end-September. This is up from ¥25.3 billion at end-June. The additional ¥2.4 billion was posted to cover the default of participants in the newly-integrated commodities clearing services.
The integration of
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