Japan Securities Clearing Corporation (JSCC) today announced that clearing volume in its clearing services for interest rate swap transactions (IRS) reached 1,181 trillion yen as of August 2023, exceeding the previous record of 2022 yearly total of 1,111 trillion yen, setting a new record.

Since JSCC started IRS clearing service in 2012, JSCC has repeatedly improved its functions so that its users in Japan and overseas should be able to enjoy globally competitive services. Recently, the company has been advancing measures for conveniences and efficiencies for users, such as enhancing STP (Straight Through Processing) from swap execution to clearing, and such as expanding cross-margins with listed interest rate products.

With the growing interest rate hedging needs in light of recent changes in the interest rate market, through efficient and reliable clearing service by these improvements, the monthly average was about 148 trillion yen, setting a new record for the year as of the end of August.

Yasuyuki Konuma, President & CEO of JSCC, commented:

“We are committed to enhancing our services competitively while maintaining robust risk management standards acceptable in any relevant jurisdiction. As a primary CCP in yen product markets, we will continue to improve convenience and make JSCC’s clearing services widely available globally, so that JSCC, will become CCP of the choice for yen interest rate derivatives globally.”