Japan Securities Clearing Corporation (JSCC) announces that the monthly clearing volume in its clearing services for interest rate swap transactions (IRS) reached 314 trillion yen in May 2024, accomplishing record-breaking monthly volume for the three months in a row from March 2024.

Since JSCC started IRS clearing service in 2012, JSCC has regularly improved its functions. 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 monetary policy of the Bank of Japan, through efficient and reliable clearing service by these improvements, the clearing volume has expanded since March this year hitting a monthly record high for three consecutive months.

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. We are glad to see the expansion of our clearing service resulting from the enhancement. We believe hedging needs of interest rates will keep growing in light of the recent Japanese Yen interest market. As a primary CCP of yen derivatives, we will continue to improve convenience and make JSCC’s clearing services widely available globally.”