JSCC incurred 311 IM breaches in 2020

The combined clearing entities of the recently-merged Japan Securities Clearing Corporation (JSCC) and Japan Commodity Clearing House (JCCH) disclosed 311 initial margin (IM) breaches for 2020. The year before, the JSCC alone reported 110.

The rolling 12-month tally of margin breaches was highest for the Japan Government Bond (JGB) futures and options service at end-December, at 119. This compares with 44 the year prior. The interest rate swap (IRS) service experienced 80 breaches, up from just

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