The recent emergence of a basis between yen-denominated interest rate swaps cleared at the Japan Securities Clearing Corporation (JSCC) versus those cleared at LCH may prompt the local market to accept a wider range of derivatives valuation adjustments, according to Nomura's head of credit trading.
While European and US banks have been actively pricing in a variety of over-the-counter derivatives valuation adjustments – collectively known as XVAs – for years, dealers in Japan have been more
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