Tokyo Financial Exchange to enter margin utility business

Bourse becomes latest firm to offer services to meet uncleared margin rules

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Ticket to ride: TFX moves into non-cleared derivatives

Tokyo Financial Exchange (TFX) is establishing a unit to offer margin calculation and collateral services for small and medium-sized banks in Japan that are affected by incoming rules on margining for uncleared swaps. The company is the latest entity globally to go public with its ambitions in this area.

The margin rules for uncleared swaps have spawned a number of new business initiatives, including Trioptima AcadiaSoft's margin hub and Euroclear DTCC's margin transit utility. Other firms such

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