JSCC swap surge triggers plea to rethink US client ban
With over two-thirds of yen RFR swaps volumes going to JSCC, calls grow for CFTC to ease clearing restrictions
Calls are growing for US regulators to rethink a ban on US clients clearing yen interest rate swaps at Japan’s central counterparty, after the demise of the yen Libor benchmark led to a dramatic shift in liquidity in the replacement risk-free rate (RFR) swaps toward the domestic CCP.
In Japan, cleared yen interest rate swap liquidity has until recently been split roughly 50-50 between two
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 info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Markets
Review of 2025: It’s the end of the world, and it feels fine
Markets proved resilient as Trump redefined US policies – but questions are piling up about 2026 and beyond
Does crypto really need T+0 for everything?
Instant settlement brings its own risks but doesn’t need to be the default, writes BridgePort’s Soriano
Asset managers prep autocall ETFs with assets tipped to hit $30bn
Actively managed strategies wait in the wings after systematic approach nets Calamos $500m
US insurers turn to short-dated FX forwards as notionals rise
Counterparty Radar: Trades under three months make up nearly 60% of total positions, up from just a third in 2022
Citi launches core inflation QIS
Custom indexes eliminate energy and food prices to ease trading of stickier inflation trends
Analysts dismiss BDC credit quality concerns
Growing private credit worries helped drive losses, but fundamentals are said not to support that view
October’s crash shows crypto has come of age
Ability to absorb $19bn liquidation event marks a turning point in market’s maturity, says LMAX Group's Jenna Wright
From inertia to acceleration: scaling tri-party VM and collateral reuse
Catalysing network effects and expanding non-cash VM at scale
