On Nov. 6, JPN SCC revised rules on margin surcharge system.
JPN SCC amended Rules on margins, etc., for futures and option contracts; Handling of rules on margins, etc., for futures and option contracts; Rules on required amount of clearing fund, in consideration of the introduction of a margin surcharge system.
Based on excess collateral risk amount, revision of clearing fund calculation method.
Follows JPN SCC Jun. 2024 notice of VMA upgrade to v3.0 from v2.0, see #196649.
Revisions to Rules
Mainly involve the introduction of a system of increasing the required trading margin depending on the amount of risk under stress scenarios (in excess of collateral).
Amend clearing fund allocation method for listed financial derivative clearing business.
Effectiveness
Revisions are effective May 26, 2025, unless there are exceptional circumstances.
Regulators
JPN SCC
Entity Types
B/D; Depo; Inv Co
Reference
RF 11/6/2024
Functions
Actuarial and Valuation; Financial; Operations; Risk; Settlement; Trading; Treasury
Countries
Japan
Category
State
N/A
Products
Clearing; Deposits; Derivatives; Fund Mgt; Futures
