| Authority: |
Japan-Financial Services Agency
|
| Jurisdiction: |
Japan
|
| Product features |
| Single name/index: |
Index
|
| Reference entities type: |
Corporate
|
| Reference entities region: |
Japan
|
| Index or single-name: |
iTraxx Japan
|
| Index tenor or single-name CDS tenor: |
N/A
|
| Series: |
Series 6 and all subsequent series, up to and including the current series
|
| Tranched: |
Not specified
|
| Other Product Characteristics: |
|
| Eligible CCPs |
| Eligible CCPs: |
JSCC
|
| Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
| Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
| End-users/ non-financial entities exemption: |
Yes
View Note
Japan
Exemptions to central clearing requirements
Exemptions to central clearing requirements include:
- Transactions that existed when central clearing requirements became effective
- Transactions where any of the parties is a non-Financial Instruments Business Operator or a non-Registered Financial Institution
- Transactions for trust accounts (average outstanding notional amount is less than JPY 300 billion from 1 December 2016.)
- Intra-group transactions
- CDS transactions where either of the parties, with reasonable grounds, is not a clearing members of a CCP
- IRS transactions where at least one party is
(a) not (i) a Type I Financial Instruments Business Operator, (ii) a bank which is a Registered Financial Institution, (iii) Development Bank of Japan, (iv) Shoko Chukin Bank, (v) Shinkin Central Bank, (vi) Nochu Bank, (vii) Insurance Company or
(b) Financial Instruments Business Operator (average outstanding notional amount is less than JPY 300 billion).
(Note: This exemption ((a) and (b)) is effective from 1 December 2014, (a)(vii)is effective from 1 December 2016)
Source: Amendment to the Financial Instruments and Exchange Act of Japan, May 2010, amendment to the Cabinet Order and the JFSA Notice, June 2014, November 2014.
|
| Affiliated entities / group entities exemption: |
Yes
View Note
Japan
Exemptions to central clearing requirements
Exemptions to central clearing requirements include:
- Transactions that existed when central clearing requirements became effective
- Transactions where any of the parties is a non-Financial Instruments Business Operator or a non-Registered Financial Institution
- Transactions for trust accounts (average outstanding notional amount is less than JPY 300 billion from 1 December 2016.)
- Intra-group transactions
- CDS transactions where either of the parties, with reasonable grounds, is not a clearing members of a CCP
- IRS transactions where at least one party is
(a) not (i) a Type I Financial Instruments Business Operator, (ii) a bank which is a Registered Financial Institution, (iii) Development Bank of Japan, (iv) Shoko Chukin Bank, (v) Shinkin Central Bank, (vi) Nochu Bank, (vii) Insurance Company or
(b) Financial Instruments Business Operator (average outstanding notional amount is less than JPY 300 billion).
(Note: This exemption ((a) and (b)) is effective from 1 December 2014, (a)(vii)is effective from 1 December 2016)
Source: Amendment to the Financial Instruments and Exchange Act of Japan, May 2010, amendment to the Cabinet Order and the JFSA Notice, June 2014, November 2014.
|
| Pre-existing transactions exemption: |
Yes
View Note
Japan
Exemptions to central clearing requirements
Exemptions to central clearing requirements include:
- Transactions that existed when central clearing requirements became effective
- Transactions where any of the parties is a non-Financial Instruments Business Operator or a non-Registered Financial Institution
- Transactions for trust accounts (average outstanding notional amount is less than JPY 300 billion from 1 December 2016.)
- Intra-group transactions
- CDS transactions where either of the parties, with reasonable grounds, is not a clearing members of a CCP
- IRS transactions where at least one party is
(a) not (i) a Type I Financial Instruments Business Operator, (ii) a bank which is a Registered Financial Institution, (iii) Development Bank of Japan, (iv) Shoko Chukin Bank, (v) Shinkin Central Bank, (vi) Nochu Bank, (vii) Insurance Company or
(b) Financial Instruments Business Operator (average outstanding notional amount is less than JPY 300 billion).
(Note: This exemption ((a) and (b)) is effective from 1 December 2014, (a)(vii)is effective from 1 December 2016)
Source: Amendment to the Financial Instruments and Exchange Act of Japan, May 2010, amendment to the Cabinet Order and the JFSA Notice, June 2014, November 2014.
|
| Other exemptions, if any: |
Yes
View Note
Japan
Exemptions to central clearing requirements
Exemptions to central clearing requirements include:
- Transactions that existed when central clearing requirements became effective
- Transactions where any of the parties is a non-Financial Instruments Business Operator or a non-Registered Financial Institution
- Transactions for trust accounts (average outstanding notional amount is less than JPY 300 billion from 1 December 2016.)
- Intra-group transactions
- CDS transactions where either of the parties, with reasonable grounds, is not a clearing members of a CCP
- IRS transactions where at least one party is
(a) not (i) a Type I Financial Instruments Business Operator, (ii) a bank which is a Registered Financial Institution, (iii) Development Bank of Japan, (iv) Shoko Chukin Bank, (v) Shinkin Central Bank, (vi) Nochu Bank, (vii) Insurance Company or
(b) Financial Instruments Business Operator (average outstanding notional amount is less than JPY 300 billion).
(Note: This exemption ((a) and (b)) is effective from 1 December 2014, (a)(vii)is effective from 1 December 2016)
Source: Amendment to the Financial Instruments and Exchange Act of Japan, May 2010, amendment to the Cabinet Order and the JFSA Notice, June 2014, November 2014.
|
| |
| Effective Date: |
1 November 2012
|
| |
| Reference: |
Amendment to the Financial Instruments and Exchange Act of Japan, May 2010.
JSCC, Monthly Statistical Data (CDS), June 2014
|
| |
| Last Update of the Regime: |
|
