Japan FSA relaxed about spike in JGB liquidity swap trades

No regulatory focus on emerging Japan liquidity swaps market


Despite market players reporting a threefold increase in the number of Japanese government bond (JGB) linked liquidity swap deals between domestic players and international banks in 2013, the Japanese financial regulator says it has no plans to intervene beyond its usual monitoring of firm's liquidity positions.

Liquidity swaps – or collateral transformation trades – between offshore institutions swapping lower quality assets, typically equities, for JGBs held by onshore firms in Japan for

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