Slow start to US dollar rates clearing in Japan

Dealers cite limited demand to clear foreign currency interest rate swaps at JSCC

tokyo-chuo
Japan Securities Clearing Corporation is based in Tokyo's Chuo district

A new foreign currency interest rate clearing service at Japan Securities Clearing Corporation (JSCC) has seen only one trade cleared over the past four months. Dealers blame the lack of a mandate from the local regulator and a reluctance to split margin between clearing houses.

On September 24, JSCC began offering clearing for US dollar, euro and Australian dollar interest rate swaps, on top of its existing yen swap service. The success of domestic currency clearing – where volumes have grown s

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