JSCC’s bond and IRS units hit by almost 200 breaches

Q2 volatility triggered some of the largest initial margin breaches ever reported by the CCP

The combined 13 clearing entities of the Japan Securities Clearing Corporation (JSCC) reported 263 initial margin breaches in the second quarter of the year, compared with 125 the previous three months.

The rolling 12-month tally of backtesting breaches was highest for the Japanese Government Bond (JGB) futures and options service at end-June, at 105. This compares with 22 the quarter prior. The peak breach for this unit clocked in at ¥10.1 billion ($72 million) and was 10,594% larger than the

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