JSCC Completes the Bulk Conversion of IRS Cleared Contracts referencing LIBOR (for swaption exercise) to those referencing TONA (OIS)
In January, 2003, Japan Securities Clearing Corporation (JSCC) was the first clearing organization licensed in Japan to conduct the CCP clearing under the Securities and Exchange Law (now called Financial Instrument Obligation Assumption Service based on the Financial Instruments and Exchange Law) and started Clearing cash transactions on Japanese Stock Exchanges. The commencement of JSCC’s Clearing Business combined the clearing of cash transactions, which used to be handled by each exchange, and dramatically improved the safety and efficiency of the clearing and settlement processes.
Source: jpx.co.jp