Clifford Chance

Development of CCP in Japan – Interest Rate Swap Clearing [Japanese version]

27 April 2012

With respect to certain types of OTC derivative transactions, the mandatory clearing of obligations at a central counterparty (CCP) are to be imposed by November 2012. Japan Securities Clearing Corporation (JSCC) has already commenced its operation as a CCP with regard to CDS transactions in Japan. In March 2012, JSCC released the draft outline of interest rate swap clearing with a view to commencing its clearing operations for interest rate swaps by November 2012.

This note briefly discusses the mandatory clearing obligations and the draft outline.

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