JSCC Extends Calypso Clearing Service to IRS
The JSCC, a constituent arm of the Tokyo Stock Exchange, says the service is used for initial and variation margin calculations in Yen overnight indexed swap (OIS) discounting, as well as trade life cycle processing and in managing risk.
San Francisco-based Calypso and JSCC first teamed up on central counterparty clearing for credit default swap (CDS) index products, brought online in 2011. The move to interest rate swaps comes in concert with Japanese regulators' efforts to reform OTC swaps markets in the country, and the extended service will be the first centrally-cleared, Yen-denominated rate swap offering in the broader Asia-Pacific.
"We needed a system that could scale to the volumes of the OTC business in Japan," says Yasushi Suzuki, a managing director at JSCC. "Calypso Technology's involvement in the project and experience working with global central counterparties was instrumental in enabling us to successfully meet the November 2012 Financial Instruments and Exchange Act (FIEA) deadline for OTC derivatives clearing. This milestone allows Japan to further improve the safety and transparency of the OTC market."
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