The LSE Directory / Clearing houses
Japan Securities Clearing Corporation (JSCC) is the central counterparty clearing house for Japan Exchange Group (JPX), interposing itself between buyers and sellers on cash equity and listed derivatives trades executed on the Tokyo Stock Exchange and Osaka Exchange. It guarantees settlement and absorbs counterparty default risk through clearing margin and default fund contributions collected from its clearing participants. It also operates Japan's clearing infrastructure for over the counter interest rate swaps, credit default swaps and OTC Japanese government bond transactions. JSCC differs from typical single-market CCPs in that it clears across both listed and over the counter product lines, and since 2020 across both financial and commodity markets, under one membership and risk management structure. Following its July 2020 integration with Japan Commodity Clearing House (JCCH), previously the commodity clearing subsidiary of Tokyo Commodity Exchange, JSCC absorbed clearing for listed commodity derivatives such as precious metals, rubber, agricultural products and energy futures, becoming what it describes as a one stop clearer spanning both the financial and commodity fields. That combination, financial and commodity, listed and OTC, under a single JPX owned CCP, is a structural feature not shared by clearing houses that specialise in a single asset class or market segment. JSCC was established in 2002 by Japan's then five stock exchanges, Tokyo, Osaka, Nagoya, Sapporo and Fukuoka, together with the Japan Securities Dealers Association, and began operating in January 2003 as Japan's first licensed central counterparty under the Securities and Exchange Law, taking over clearing functions the exchanges had previously run in house. It is now a wholly owned subsidiary of Japan Exchange Group and is supervised by Japan's Financial Services Agency. Konuma Yasuyuki has served as its president and representative director since April 2023. JSCC is recognised by the European Securities and Markets Authority as a Third Country CCP under EMIR, holds an order from the US Commodity Futures Trading Commission exempting it from registration as a Derivatives Clearing Organization for swaps clearing, and is a member of CCP Global, the international association of central counterparties. In September 2025 the CFTC issued an amended exemption order and an accompanying no action letter permitting eligible US persons, under specified conditions, to clear Japanese yen denominated interest rate swaps at JSCC, opening its yen swap clearing pool, one of the most liquid in that currency, to a broader US client base for the first time.
