Change to Japan clearing mandate ends LCH-JSCC talks

A decision to limit the scope of Japan's clearing mandate has torpedoed months of partnership talks between LCH.Clearnet and the Japan Securities Clearing Corporation


LCH.Clearnet’s SwapClear and the Tokyo Stock Exchange’s Japan Securities Clearing Corporation (JSCC) have called off a joint effort to build and run an interest rate swap clearing house in Japan. Discussions opened in late 2010, but broke down in September after Japan’s regulator narrowed the scope of its clearing mandate. Ultimately, the costs of the venture outweighed the opportunity, SwapClear says.

The breakdown of the effort raises questions about Japan’s ability to meet the end-2012

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