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Annual Report 2009

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Annual Report 2009 AnnualAnnual ReportReport 20092009 FORFOR THETHE YEARYEAR ENDEDENDED MARCHMARCH 31,31, 20092009 Profile Japan Securities Clearing Corporation (JSCC): a unified cross-market clearing organization in Japan To improve the efficiency and convenience of Objectives the market and to ensure safety in settlement. of Japan Securities Clearing Corporation (JSCC) was Incorporation licensed as the first clearing organization in Japan to conduct the Securities Obligation Assumption Service (current Financial Instruments Obligation Assumption Service) and commenced its operations in January 2003. JSCC's birth enabled consolidated securities transactions clearing, which used to be performed separately by individual markets, thus dramatically improving the efficiency and convenience of the securities markets. We endeavor to enhance the competitiveness of Corporate Japanese securities and derivatives markets Contents Philosophy by improving the efficiency, convenience and safety in post-trade processing infrastructure. Under its corporate philosophy, JSCC is committed 0ˎȡ0ˏ Message from the President to continue to provide the clearing and settlement infrastructure for securities markets as Japan's core Securing even higher levels of 0 0 clearing organization and steadfastly fulfill its role as such. ːȡ ˑ stability in settlement History 0˒ȡ0˓ Expanding services June 2009 0˔ȡ11 Securing reliability in settlement Added ̌ TOKYO AIM̍ as a designated market operator. March 2009 12ȡ13 Statistics Released the Report on Post-Trade Processing of OTC Derivatives Trades by the Study Group which consisted of 14ȡ17 Financial statements major financial institutions. January 2008 18ȡ19 Clearing participants Released thě Comprehensive Improvement Plan of the Risk management System̍. Board of Directors and auditors, June 2004 20 21 ȡ corporate data and organization chart Reached a basic agreement February 2004 on business collaboration Commenced clearing business for derivatives with Japan Government transactions at the Tokyo Stock Exchange. Bond Clearing Corporation. December 2003 Reached a basic agreement on business collaboration and mutual cooperation with JASDEC DVP Clearing Corporation and Japan Securities Depository Center, Inc. January 2003 Licensed as the first clearing organization in Japan to conduct the Securities Obligation Assumption Service (current Financial Instruments Obligation Assumption Service), and commenced clearing of cash transactions. July 2002 Established jointly by Japan's five stock exchanges and the Japan Securities Dealers Association. Roles of JSCC in Japan's Securities Markets Securities Settlement Trading Clearing Fund Settlement Tokyo Stock Exchange Stocks Settlement of Securities Osaka Securities Exchange JASDEC Nagoya Stock Exchange C B Japan Securities Sapporo Securities Exchange ()Depository Center REIT Fukuoka Stock Exchange Jasdaq Securities Exchange ETF Settlement of Funds TOKYO AIM Bank of Japan Fund settling banks Futures Tokyo Stock Exchange Options Japan Securities Clearing Corporation (JSCC) provides the clearing services for all cash transactions executed at any of the stock exchanges in Japan, as well as futures and options transactions executed at the Tokyo Stock Exchange, Inc. Services to Securities Infrastructures Integrated point of contact with participants Services relating to various Services relating to management of monitoring procedures participant bonds JASDEC DVP Clearing Japan Government Bond Jasdaq Securities Tokyo Stock Exchange Corporation Clearing Corporation Exchange Services relating to various monitoring Services relating to management of procedures participant bonds JSCC is entrusted by JASDEC DVP Clearing Corporation JSCC is entrusted with management operations relating to and Japan Government Bond Clearing Corporation with participant bonds that participants deposit with Tokyo Stock various procedures relating to monitoring of clearing Exchange, Inc. and Jasdaq Securities Exchange, Inc. As a participants' financial conditions (e.g. submission of required result, JSCC serves as an integrated point of contact for documents). JSCC thus serves as an integrated liaison participants to deposit various forms of collateral, including channel for these clearing organizations. As a result, clearing clearing funds. participants of these clearing organizations can complete filing with and reporting to all clearing organizations simply by submitting various documents to JSCC. MESSAGE FROM THE PRESIDENT Activities and Achievements in Fiscal Year 2008 In keeping with its corporate philosophy,̌ to enhance the competitiveness of Japanese securities and derivatives markets by improving the efficiency, convenience and safety in post-trade processing infrastructure̍, JSCC focused its efforts on the following areas. 1. Ensuring more reliable operational capability Expansion of system In order to further increase the reliability of the system, JSCC processing capacity increased the processing capacity of the clearing system from 18.8 million transactions to 21.8 million transactions per day in July 2008. Enhancing the crisis Then in October 2008, a back-up center for the clearing system was Launch of a back-up center management system launched, achieving duplication of the system. In addition, a third office was established in March 2009 as a Establishment of a third office measure to strengthen business continuity capabilities. As a measure to further strengthen the risk management system, Strengthening the risk Revision of the appropriate risk management practices of clearing JSCC revised the calculation method for clearing funds and achieved management system funds and collateral earlier deposit of collateral in July 2008, in accordance with the ̌Comprehensive Improvement Plan of the Risk Management System̍. Enhancing Review of clearing In order to enhance the financial base for stable provision of services, the financial base fee structure JSCC reviewed the clearing fee structure for derivative products and for derivative products summarized regulatory outlines in November 2008. Boosting Enhancement of communication Efforts were made to boost JSCC's global presence, including the global presence through the English website providing more information in English on the website. 2. For expanding the service Collaboration with Review on post-trade Dematerialization of stock Responding to newly overseas clearing processing of certificates and the subsequent listed products organizations OTC derivatives reform of the settlement system In April 2008, JSCC co- JSCC commenced services JSCC established the Study In response to the dematerialization hosted with overseas clearing for new exchange-traded products, Group on Post-Trade Processing of stock certificates in January 2009, organizations the CCP Global including mini-TOPIX futures, of OTC Derivatives Trades JSCC made adjustments to the rules Conference in Tokyo,where mini-JGB futures, and covered in cooperation with the Tokyo and operational procedures to accommodate clearing organizations from warrants. Stock Exchange and Japan the changes. Moreover, as part of the across the world gathered Securities Depository Center. subsequent reform of the settlement under one roof. JSCC organized The final report was released system, JSSC, in conjunction with the the conference as the host in March 2009. Tokyo Stock Exchange and Japan Securities country, whilst actively Depository Center, discussed the exchanging information. abolishment of T+4 settlement and trading suspension for a predetermined period with the parties involved. The outline of the details was released in March 2009. Future Outlook and Issues 1. Ensuring more reliable operational capability JSCC will continue to strive for more reliable operational capability in order to establish solid credibility as the core clearing and settlement Further strengthening the risk infrastructure in Japan's securities markets. More specifically, JSCC will management functions proceed with the review on introducing the intra-day collateral deposit system so as to further strengthen its risk management functions. JSCC will also conduct a review regularly in order to ensure that the collateral Ensuring more reliable Securing business continuity models and stress tests are appropriate. In addition, in terms of securing operational capability capabilities business continuity capabilities, JSCC will implement the business continuity plan (BCP) training using the back-up center which was Strengthening the internal completed in October 2008 and collaborative tests with other related control system infrastructure organizations to accumulate know-how. Furthermore, in order to strengthen the internal control system, JSCC will continue its efforts to reduce business risks by evaluating the operational risks on a continual basis and taking necessary measures. 2. Expanding clearing functions available Amidst the destabilization of the financial and capital markets, expectations for the role in financial transactions of clearing organizations are higher than ever. In these circumstances, JSCC plans to proceed with the following. Consideration of spe- Measures to accom- Steady implementation Examination of the cific issues in terms of modate the introduc- of the abolishment of possibilities of cooper- operation, system, as tion of new exchange- the rules such as T+4 ation with clearing well as revenue and traded products and settlement and active organizations both in expenditure with re- consideration of the participation in
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