Bond Dealers Await Crucial Test Of Japan's Settlement System


TOKYO -- The transition to real time gross settlement (RTGS) from net settlement in the Japanese government bond market on January 4 went smoothly, but market participants say that crucial tests for the system are yet to come.

"The transition has gone quite well," said Kenji Nakanishi, managing director at JP Morgan in Tokyo. "There haven't been any serious issues." In the fourth quarter of 2000, many senior derivatives traders were concerned that a number of institutions in Japan hadn't

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