Only 4% of Japan swaps have traded electronically

ETP volumes are low despite mandate and participants are worried about regulation's future scope

Electronic trading off to a slow start

Japan's switch to electronic trading of certain over-the-counter interest rate swaps has got off to a sluggish start – due to a narrow mandate – with just 4% of the overall market being transacted on an electronic trading platform.

Japan's electronic trading mandate took effect on September 1, requiring onshore institutions with ¥6 trillion ($59 billion) of OTC derivatives to execute mandated swaps using an electronic trading platform (ETP).

The mandated tenors are extremely narrow, covering

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here