「FSB Continuity of Access to FMIs for Firms in Resolution」質
問項目への回答
Responses to Questionnaires in“FSB Continuity of Access to FMIs for Firms in
Resolution”

株式会社日本証券クリアリング機構
2024年3月31日
Japan Securities Clearing Corporation
March 31, 2024

本書の目的及び免責 (Purposes and disclaimer)
本書は、FSB（the Financial Stability Board）が2020年8月14日に公表した「FSB Continuity ofAccess to FMIs for Firms in Resolution」1で取りまとめられたFMI（Financial Market
Infrastructure）への質問項目（その後の変更を含みます。2）に対する株式会社日本証券クリアリン
グ機構（以下「当社」といいます。）の回答を記載したものです。本書は和英併記で作成していますが、質問項目は原文（英文）をそのまま掲載しています。
本書は、当社の清算参加者が関連当局によるレゾルーション3管理下に入った場合にも当社に対するアクセスを継続する計画を策定するにあたっての一般的なご参考情報を提供することを目的としており、関連する法令、規制当局の命令、当社の業務方法書及びその関連規則に基づく当社による破綻処理その他の業務運用を網羅するものではありません。したがって、本書は、実際の清算業務において当社が常に本書の回答に明示又は暗示される行動をすることを保証するものではなく、当社は、いかなる理由があっても、本書の利用に起因する損害について一切の責任を負いません。
本書はいかなる意味においても当社の助言や意見を提供するものではなく、本書の利用者は、自ら法律顧問その他の専門家による助言を受けることなく、本書の内容のみを見て行動を起こし又は起こさないべきではありません。
This document contains Japan Securities Clearing Corporation (“JSCC”)’s responses to
the Questionnaires for FMI (Financial Market Infrastructure) published in “FSB Continuity ofAccess to FMIs for Firms in Resolution”1 dated Aug. 14, 2020, as amended.
The purpose of this document is to provide general reference information for Clearing
Participants4 to develop a plan for continued access to JSCC even in case where they are
under resolution process by relevant authorities, and is not to list up in an exhaustive
manner JSCC’s default settlement process and other operational process under applicablelaws, regulations, orders of regulatory authorities, JSCC’s business rules and related rules.
Therefore, this document does not guarantee JSCC would take actions expressed or impliedin JSCC’s responses provided in this document in actual clearing services, and JSCC will
have no liability over any and all damages airing from any use of this document for any
reason whatsoever.
In no sense, this document offers JSCC’s advice or opinion. Readers of this document
should not take any actions or inactions only based on this document, without advice of their
1 https://www.fsb.org/wp-content/uploads/P140820.pdf
2 https://www.fsb.org/wp-content/uploads/P200821-2.pdf
3 レゾルーションとは、FSBが各国当局に要請する金融機関の秩序だった破綻処理で、その実施により、納税者を支払い支援の損失に晒すことなく、破綻金融機関の不可欠な経済機能の継続を維持することを目的としています。「破綻処理」と日本語訳されることがありますが、当社の業務方法書に基づく破綻処理（破綻参加者の未決済約定の整理や、当該整理に伴って生じた損失の填補等）との区別が明らかになるよう
本書では「レゾルーション」と表記しています。
(Note) English translation is omitted as this footnote explains about Japanese translation of“resolution”.
4 In this document, both of “Clearing Participant” and “member” shall have the same meaning,referring to an entity directly accessing to the clearing services provided by JSCC.
2

own legal counsel and other advisors.

3目次 (Index)
Part I: Legal entity and general contract/service information: ......................................... 5
Part II: Rulebook / Contractual provisions regarding termination ................................... 11Part III: Prior to resolution, during signs of distress at the participant ........................... 22
Part IV: During and after resolution .............................................................................. 32
Part V: Arrangements and operational processes to facilitate continued access in resolution..................................................................................................................................... 424

Part I: Legal entity and general contract/service information:
0.

Please provide the following details:a)the date of the most recent version of the answers to this questionnaire, andb)

an overview of the changes made since the previous version.

＜当社回答/ Responses＞
a)

2024年3月31日
March 31, 2024b)

年次の定期更新を行ったものであり、前回版から大きな変更はございません。We did anannual regular update, and there is no substantial changes from the previous version.

1.

Please provide the following details:a)Full Legal Nameb)

Legal Entity Identification Number (LEI)c)

Jurisdiction of incorporation and registered number in the relevant corporate
registryd)Supervisory, resolution or other relevant regulatory authority responsible foroverseeing the activities of your organisation in (i) the relevant jurisdiction(s) ofincorporation, and (ii) if different from the jurisdiction of incorporation, the relevant
jurisdiction(s) of operation. Where an FMI is overseen by more than one regulatory
authority, please also indicate which is the principal/ home regulator of the FMI
and the relevant function(s) regulated by the respective authorities.

e)

The ownership arrangement of the legal entity (e.g. is it majority owned by its
users?)＜当社回答/ Responses＞
a)

株式会社日本証券クリアリング機構
Japan Securities Clearing Corporationb)549300JHM7D8P3TS4S86c)

日本 （登記における会社法人等番号：0100-01-079219）
Japan (Corporate Number on Company Register: 0100-01-079219)

d)(i) 金融庁、農林水産省及び経済産業省 （当社の本国監督当局）
Financial Services Agency, Ministry of Agriculture, Forestry and Fisheries, and Ministry of
Economy, Trade and Industry (JSCC’s supervisory authorities in Japan)
5

(ii) 当社は、複数の海外当局（米国CFTC、欧州ESMA、豪州ASICおよびRBA、香港SFCならびにスイスFINMA）から認証等を受けています。また、当社は、カナダのオンタリオ州OSCから暫定的な認証免除を取得しています。詳細は以下のウェブサイトをご覧ください。
https://www.jpx.co.jp/jscc/kaisya/license.html
JSCC has obtained recognitions, authorizations and the like from multiple overseas
authorities (i.e, U.S. CFTC, EU ESMA, ASIC and RBA of Australia, SFC of Hong Kongand FINMA of Switzerland). Also, JSCC has obtained an interim exemption from OSC of
Ontario, Canada. Please see below website for details.
https://www.jpx.co.jp/jscc/en/company/regulatory-status.html
また、当社は、英国BOEに対して第三国CCP認証の申請を行っており、暫定認証の対象となっています。
In addition, JSCC made a submission to the Bank of England with respect to recognition
as a Third Country CCP, and has obtained temporary recognition.

https://www.bankofengland.co.uk/-/media/boe/files/financial-stability/financialmarket-infrastructure-supervision/list-of-third-country-ccps
当社の議決権の過半数は株式会社日本取引所グループが保有しています。当社の株主構成は以下の会社概要に記載されています。
https://www.jpx.co.jp/jscc/kaisya/gaiyou.htmle)

The majority of voting rights of JSCC is held by JPX Group, Inc. JSCC’s shareholder
structure is specified in JSCC’s Corporate Profile available from the below link:
https://www.jpx.co.jp/jscc/en/company/profile.html
2.

Please provide the following information:a)b)Hyperlink to the published FMI disclosure template under the Disclosure
Framework for Financial Market Infrastructures.
a list or description of services provided, including a summary of the key ongoing
access requirements that you require of members for each service (including
operational, financial, and capital requirements).

＜当社回答/ Responses＞a) 日本語
https://www.jpx.co.jp/jscc/kaisya/fmi.html
Englishhttps://www.jpx.co.jp/jscc/en/company/fmi.htmlb)

当社では、証券現物取引、上場金融デリバティブ取引、上場商品デリバティブ取引、CDS取引、金利スワップ取引及び国債店頭取引に対する清算業務を提供しております。各清算業務に関して当社が提供する清算サービスの概要は以下のウェブサイトに掲載されています。
https://www.jpx.co.jp/jscc/seisan.html
JSCC offers clearing services for cash securities trading, listed financial derivatives, listedcommodity derivatives, credit default swap(“CDS”), interest rate swap(“IRS”) and OTC
Japanese government bond(“JGB”) transactions. The outline of JSCC’s clearing services
are available on the below website.
6https://www.jpx.co.jp/jscc/en/cash.html
また、各清算業務の清算参加者資格の基準の詳細は以下のウェブサイト及び規則をご覧ください。
https://www.jpx.co.jp/jscc/sankasha.html
Please see below website and business rules for details of the requirements for Clearing
Qualifications for each clearing service.
https://www.jpx.co.jp/jscc/en/participant.html〇 業務方法書第７条
Business Rules, Article 7〇 商品取引債務引受業に関する業務方法書第７条
Business Rules on Business of Assuming Commodity Transactions Debt, Article 7〇 ＣＤＳ清算業務に関する業務方法書第９条
CDS Clearing Business Rules, Article 9〇 金利スワップ取引清算業務に関する業務方法書第９条
Interest Rate Swap Clearing Business Rules, Article 9〇 国債店頭取引清算業務に関する業務方法書第７条
Japanese Government Bond Over-the-Counter Transaction Clearing Business Rules,
Article 7
3.

Do your members/ clients access your services directly or through an intermediary?

＜当社回答/ Responses＞
清算参加者は当社の清算サービスに直接アクセスすることができます。顧客（非清算参加者）は清算参加者に委託することにより、間接的に当社の清算サービスにアクセスすることができます。
Clearing Participants may directly access JSCC’s clearing services. Customers (Non-Clearing
Participants) may access JSCC’s clearing services indirectly through Clearing Participants acting as
intermediaries.
4.

Do your members/ clients need a specific software or IT programme to receive yourservices? If the answer is ‘yes’, is such software/ IT programme your proprietary productor a specific third party product (please also consider whether specific plug-ins that you
require clients to run only run in combination with certain software, e.g. Microsoft
products)?

＜当社回答/ Responses＞
清算参加者が当社の清算サービスを受けるためには、清算参加者側において、インターネットブラウザ（
Microsoft Edge等）が別に必要となりますが、それ以外の専用ソフトウェアやITプログラムは必要ではありません。
7

For Clearing Participants to receive JSCC’s clearing services, they need to have access to aninternet browser (such as Microsoft Edge), but no other dedicated software or IT programme isrequired.
5.

If your contracts are all governed by one governing law, please specify which governing
law this is. If there are different governing laws, please specify the main governing laws
applicable and explain whether this is dependent on the location of the services provided
or as negotiated with the members/ client, or any other reason.

＜当社回答/ Responses＞
当社の規則及び当社と清算参加者の間の清算参加者契約は、日本法準拠です。ただし、CDS清算業務については、債務負担が成立しているCDS 取引の取引条件は、別段の規定がない限り、英国法を準拠法とします（CDS業務方法書第１２６条第２項）。これらの準拠法に関する扱いは、清算サービスを受ける清算
参加者及び顧客の所在地によって変わることはありません。
JSCC’s rules and Clearing Participant Agreement between JSCC and Clearing Participants aregoverned by the laws of Japan. However, for JSCC’s CDS Clearing Service, the terms andconditions of cleared CDS trades are governed by English law, unless otherwise specified (CDS
Clearing Business Rules, Article 126, Paragraph 2). These rules on the governing laws are thesame no matter where a Clearing Participant or a client receiving our clearing services are located.
6.

Are there any other service providers or FMIs (for example, CSDs, payment systems orother infrastructure) that a member / client would need to have access to in order toreceive your services? Please provide the names of those types of service providers
and their regulatory status, where applicable.

＜当社回答/ Responses＞
当社との証券決済、資金決済又は担保預託に関して、以下のFMI及びサービス提供者にアクセスする必要があります。
For securities settlement, fund settlement or collateral posting with JSCC, members need to accessthe following FMI and service providers:•

証券現物取引、上場金融デリバティブ取引、上場商品デリバティブ取引に対する清算業務に関する担保としての代用有価証券5の証券決済及び当該証券担保に係るカストディアンとしての証券保管振替機構5

証券現物取引、上場金融デリバティブ取引、上場商品デリバティブ取引に対する清算業務における代用有価証券の詳細については、以下リンクの「JSCC FMI原則に基づく開示」の「IV. 原則ごとの情報開示、原則５ 担保、重要な考慮事項 １」をご参照ください。
https://www.jpx.co.jp/jscc/kaisya/fmi_pdf.html
For details of eligible securities collateral in JSCC’s securities cash trades, listed financial
derivatives and listed commodity derivatives clearing services, please refer to “IV. Principle-byPrinciple Summary Narrative Disclosure, Principle 5: Collateral, Key Consideration 1” of “Principles
for Financial Market Infrastructures Disclosure” available at the following link:
https://www.jpx.co.jp/jscc/en/company/fmi-pdf.html
8Japan Securities Depository Center, Inc. ("JASDEC”) for settlement of eligible securities
collateral3 for securities cash trades, listed financial derivatives and listed commodity
derivatives clearing services, and as a custodian for securities collateral.
•

証券現物取引、上場金融デリバティブ取引、上場商品デリバティブ取引に対する清算業務に関する外国国債証券（米国債、英国債、独国債及び仏国債）の担保に係るカストディアンとしてのEuroclear Bank SA / NV
Euroclear Bank SA / NV as a custodian for non-Japanese government bond collateral (U.S.
Treasuries, UK government bonds, German government bonds and French government
bonds) for securities cash trades, listed financial derivatives and listed commodity
derivatives clearing services.

•

国債店頭取引清算業務に関する当社・清算参加者間の取引情報授受に利用される決済照合シ
ステムを提供している証券保管振替機構
JASDEC provides a pre-settlement matching system used for exchange of trade
information between JSCC and Clearing Participants for JSCC’s OTC JGB Clearing
Service.

•

CDS 清算業務に関して Trade Information Warehouse を提供する DTCC Deriv/SERV LLCDTCC Deriv/SERV LLC provides a Trade Information Warehouse used for JSCC’s CDS
Clearing Service.

•

金利スワップ清算業務に関して MarkitWire を提供する MarkitSERV Limited、当社へのアクセスがある各電子取引基盤や各電子照合システム
MarkitSERV Limited provides MarkitWire, as well as other electronic trading platforms andelectronic affirmation systems providing access to JSCC’s IRS Clearing Service.

•

資金決済のための資金決済銀行、国債証券のカストディアンとしての日本銀行
The Bank of Japan acts as a fund settlement bank for fund settlement and as a custodian
for JGB.

•その他の資金決済のための当社が選定する資金決済銀行（商業銀行）、担保に係るカストディアン
Other fund settlement banks (commercial banks) designated by JSCC for fund settlement
and acting as collateral custodians.

7.

Does your operating framework recognise the continued operations of FMI participants
once they enter into resolution (e.g. as under the Bank of England’s Resolvability
Assessment Framework, or the Single Resolution Board’s Expectations for Banks)?

＜当社回答/ Responses＞
規則上レゾルーションに入ったことだけを理由にアクセスを制限するという規定はありません。清算参加者とは日常的にコミュニケーションを行っており、レゾルーションプロセスに入った場合にも、その業務継続の状況等について把握できることを想定しています。ストレス状態にある清算参加者との連絡や情報交換についてはPart III-21もご参照ください。
Under JSCC’s rules, there are no provisions to restrict access solely by reason of a Clearing
Participant’s entering into resolution. JSCC communicates with Clearing Participants on a daily
basis, and even if they enter into a resolution process, JSCC would seek to understand theirbusiness continuity status. Please also refer to Part III-21 for communication/notification with
Clearing Participants in times of stress.
910Part II: Rulebook / Contractual provisions regarding termination
8.

Discretionary termination rights.
a)Rule Book / Participation agreement provisions: which provisions give rise to aright to terminate a service user’s access? Are the FMI’s termination provisions
disclosed publicly? If so, please provide any link(s) to that information.

b)

Are these provisions based solely on objective criteria, or can the FMI exercise
judgement when triggering termination?

c)

Does the FMI use ‘forward looking’ indicators that may trigger termination, and if
so, which ones?

d)

Do the FMI’s provisions envisage that (i) financial stress on the participant’s side
(as defined in its provisions – please provide the definition of such stress) and/or(ii) a resolution event (recognised in the relevant jurisdiction) qualifies as a materialchange that may trigger termination?

e)During stress or resolution of the member, are actions by other FMIs taken into
account as possible indicators or triggers for termination?

f)

Are there any other relevant provisions regarding termination? If so, please explain
why they are necessary for the FMI to enable rights for termination.

＜当社回答/ Responses＞
a)

以下の当社規則（下記のリンク先で公表されています。）に、参加者破綻時の破綻参加者の未決済約定の処理（期限前終了等）に係る規定が定められています。なお、清算参加者
資格の取消しに係る規定はPart II-9をご覧ください。
JSCC’s rules published on JSCC’s website at the below links prescribe rules for the
management of a defaulting member’s unsettled contracts (such as earlytermination).
For provisions with respect to the revocation of a Clearing Participant’s Clearing
Qualification, please see Part II-9.
〇 業務方法書6第７６条第７項乃至第１２項
https://www.jpx.co.jp/jscc/kisoku/cimhll00000001nbatt/010_BusinessRules_20230529.pdf 4,
Article 76, Paragraphs 7 to 12
https://www.jpx.co.jp/jscc/en/rule/cimhll00000001nbatt/010_BusinessRules_20230529e.pdf〇 商品取引債務引受業に関する業務方法書7第７６条第７項乃至第１２項
https://www.jpx.co.jp/jscc/kisoku/cimhll00000001nb-att/u89at3000000eqke.pdf

6

証券現物取引、上場金融デリバティブ取引に対する清算業務に関する業務方法書。以下同じ。
Business Rules for JSCC’s securities cash trades and listed financial derivatives clearing
services.
7

上場商品デリバティブ取引に対する清算業務に関する業務方法書。以下同じ。
Business Rules for JSCC’s listed commodity derivatives clearing service.
11

Business Rules on Business of Assuming Commodity Transaction Debts5, Article 76,
Paragraphs 7 to 12
https://www.jpx.co.jp/jscc/en/rule/cimhll00000001nbatt/200_BusinessRulesonBusinessofAssumingCommodityTransactionDebts_202311
23.pdf〇 ＣＤＳ清算業務に関する業務方法書第９２条第１項
https://www.jpx.co.jp/jscc/kisoku/cimhll00000001qyatt/01cdsgyoumuhouhousho20180406.pdf
CDS Clearing Business Rules, Article 92, Paragraph 1
https://www.jpx.co.jp/jscc/en/rule/cimhll00000001qyatt/01CDSClearingBusinessRules20180406.pdf〇 金利スワップ取引清算業務に関する業務方法書第９１条第１項
https://www.jpx.co.jp/jscc/kisoku/cimhll00000001ow-att/01_irsgyoumuhouhousyo.pdf
Interest Rate Swap Clearing Business Rules, Article 91, Paragraph 1
https://www.jpx.co.jp/jscc/en/rule/cimhll00000001ow-att/01e_IRSBusinessRules.pdf〇 国債店頭取引清算業務に関する業務方法書第７８条
https://www.jpx.co.jp/jscc/kisoku/cimhll00000001nvatt/01Japanese_Government_Bond_Over-theCounter_Transaction_Clearing_Business_Rules_20220111_J.pdf
Japanese Government Bond Over-the-Counter Transaction Clearing Business Rules,
Article 78
https://www.jpx.co.jp/jscc/en/rule/cimhll00000001nvatt/01Japanese_Government_Bond_Over-theCounter_Transaction_Clearing_Business_Rules_20220111_E.pdf
b)

取引所取引清算業務（証券現物取引、上場金融デリバティブ取引、上場商品デリバティブ
取引に対する清算業務）、ＣＤＳ清算業務及び金利スワップ清算業務については、清算参加者について客観的な破綻事由が発生することに加え、「支払不能のおそれ」があることを当社が認定した場合にも、当社による当該清算参加者に対する破綻等認定（以下「破綻等認定」）となります。国債店頭取引清算業務については、清算参加者について客観的な破綻事由が発生した場合に加え、一定の事由が生じた場合に清算参加者に当社が通知することによって期限の利益を喪失することとなっており（国債店頭取引清算業務に関する業務
方法書第７８条第２項）、当該通知を行うかどうかについて当社の判断の余地があります。
For JSCC’s Listed Products Clearing Service (securities cash trades, listed financial
derivatives and listed commodity derivatives), CDS Clearing Service and IRS
Clearing Service, JSCC determines a Clearing Participant default (“Default
Determination”) when an objective default event occurs, as well as when JSCC
recognizes the "likelihood of [a Clearing Participant] becoming unable to pay its
debts.”For JSCC’s OTC JGB Clearing Service, due dates for a Clearing Participant are
accelerated upon the occurrence of the Clearing Participant’s objective default event.
In addition, JSCC may notify the Clearing Participant when a certain event occurs,
which triggers the acceleration for the Clearing Participant (Japanese Government
Bond Over-the-Counter Transaction Clearing Business Rules, Article 78, Paragraph2). JSCC maintains discretion in making the judgement on whether to issue such a
notice.

c)上記b)で述べた「支払不能のおそれ」は、現に支払不能が生じたことを確認できない場合でも、そのおそれが生じたことを当社が認定した時点で期限前終了等のトリガーとなります。
To clarify on the “likelihood of becoming unable to pay its debts” quoted in b) above,even if JSCC cannot confirm that a Clearing Participant is actually unable to pay its
12debts, early termination and other measures can be triggered if JSCC determines that
there is a likelihood of the Clearing Participant becoming unable to pay its debts.
d)(i)財務状況の悪化の程度が上記b)で述べた「支払不能のおそれ」の認定に影響を与えることは考えられますし、財務状況の悪化により支払不能や（ＣＤＳ清算業務と金利スワップ取引清算業務については）債務超過に陥ればそれ自体が破綻事由に抵触します。なお、次項（9. Suspension or restriction of membership）で述べるとおり、一定の財務基準に抵触した清算参加者は、清算停止や資格取消しの対象となることがあります。(ii)レゾルーションは客観的な破綻事由に含まれておりませんが、レゾルーションが清算参加者における財務状
況の悪化に起因している場合、当社による「支払不能のおそれ」の認定に影響を与えることは考えられます。
(i) A certain level of deterioration of financial conditions may impact on JSCC’s
determination of a Clearing Participant’s “likelihood of becoming unable to pay its
debts” quoted in b) above. If a Clearing Participant becomes unable to pay or (for the
CDS and IRS Clearing Services) becomes insolvent, such event itself would
constitute a default. As discussed in the next section (9. Suspension or restriction ofmembership), a Clearing Participant breaching JSCC’s prescribed minimum financial
requirements may be subject to a suspension of clearing or revocation of its Clearing
Qualification. (ii) A resolution does not constitute an objective default event, but whensuch resolution has occurred due to deterioration of the Clearing Participant’s
financial conditions, this deterioration could influence JSCC’s determination of the
Clearing Participant’s “likelihood of becoming unable to pay its debts”.

e)

他のFMIのアクションが当社の清算参加者の業務継続可能性等に影響を与える可能性があるため、「支払不能のおそれ」の認定判断に影響を与える可能性があると考えられます。
As actions by other FMI may impact the possibility of business continuity of JSCC’s
Clearing Participant, the actions of other FMI may have an influence JSCC’s
judgement of a Clearing Participant’s “likelihood of becoming unable to pay its debts”.

f)

例えば、損失補償財源を超える破綻損失が発生した場合に生存参加者の清算約定を解消するティアアップ、コンプレッションサービスやポジション移管サービスでも未決済約定の期限前終了についての規定が存在しますが、期限前終了の相手方となる清算参加者の財務ストレスやレゾルーションに起因するものではありません。
In addition to the above, JSCC maintains certain rules for the early termination of
unsettled contracts. For example, there are rules for trade tear-up to cancel a nondefaulting Clearing Participant’s cleared contracts if a default loss exceeds JSCC’sloss compensation financial resources. Besides, rules for compression services andposition transfer technically includes the aspects of early termination. However, thoseare not relevant to Clearing Participants’ financial stress or entering resolution.

9.

Suspension or restriction of membership.
a)

Does your framework allow for suspension or restriction of a participant’s
membership rather than termination? If yes, what exactly does this imply (forinstance, limiting the right to enter new transactions in the system)? Please
explain any differences to termination.

b)

Is there a specific timeline for a suspension period before it leads to terminationof membership, and are there circumstances where suspension may be lifted
without a termination of membership?

13＜当社回答/ Responses＞
a)

はい。清算参加者に決済を履行しない又はそのおそれがある場合、当社は、当社が必要と認める範囲及び期間につき、当該参加者の新規取引の清算の全部又は一部を停止するとともに、当該清算参加者への金銭及び有価証券等の全部又は一部の引渡しを停止することができます。
Yes. When a Clearing Participant fails, or is deemed likely to fail, its performance ofsettlement, JSCC may suspend, either entirely or partially, clearing of new trades bysuch Clearing Participant to such extent and for such period of time that JSCC
considers necessary. JSCC may also suspend, entirely or partially, the delivery ofcash and securities to such Clearing Participant.
〇 業務方法書第７６条第１項
Business Rules, Article 76, Paragraph 1〇 商品取引債務引受業に関する業務方法書第７６条第１項
Business Rules on Business of Assuming Commodity Transactions Debt, Article 76,
Paragraph 1〇 ＣＤＳ清算業務に関する業務方法書第９０条第１項
CDS Clearing Business Rules, Article 90, Paragraph 1〇 金利スワップ取引清算業務に関する業務方法書第８９条第１項
Interest Rate Swap Clearing Business Rules, Article 89, Paragraph 1〇 国債店頭取引清算業務に関する業務方法書第７７条第１項
Japanese Government Bond Over-the-Counter Transaction Clearing Business Rules,
Article 77, Paragraph 1
また、清算参加者（又は親会社保証をしている親会社）が一定の財務基準に抵触した場合の措置として、当社は、新規取引の清算の全部又は一部の停止を行うことがあります。ＣＤ
Ｓ清算業務及び金利スワップ取引清算業務においては、清算参加者（又は親会社保証をしている親会社）が一定の財務基準に抵触した場合、参加者資格の取消しがなされることもあります。財務基準に抵触した場合の措置は、緊急の必要がある場合を除き、措置評価委
員会への諮問を経てから実施されます（Part III-19-vをご参照ください。）。
In addition, if a Clearing Participant (or a parent providing a parental guarantee)
breaches certain minimum financial requirements, JSCC may suspend clearing of
new trades entirely or partially. In JSCC’s CDS and IRS Clearing Services, when a
Clearing Participant (or a parent providing a parental guarantee) breaches certain
minimum financial requirements, JSCC may revoke the Clearing Participant’s
Clearing Qualification. In case of a breach of the minimum financial requirements, themeasures to revoke a Clearing Qualification would only be taken after going througha consultation process at the Disciplinary Measures Assessment Committee (except
in the case of an emergency) (please refer to Part III-19-v.).
〇 業務方法書第２９条第３項、第４項及び第７項
Business Rules, Article 29, Paragraphs 3, 4 and 7〇 商品取引債務引受業に関する業務方法書第２９条第３項及び第６項
Business Rules on Business of Assuming Commodity Transactions Debt, Article 29,
Paragraphs 3 and 6〇 ＣＤＳ清算業務に関する業務方法書第２８条第３項乃至第６項
CDS Clearing Business Rules, Article 28, Paragraphs 3 to 614

〇 金利スワップ取引清算業務に関する業務方法書第２８条第３項乃至第６項
Interest Rate Swap Clearing Business Rules, Article 28, Paragraphs 3 to 6
〇 国債店頭取引清算業務に関する業務方法書第２８条第３項乃至第５項
Japanese Government Bond Over-the-Counter Transactions Clearing Business
Rules, Article 28, Paragraphs 3 to 5
清算参加者に対する新規取引の清算の全部または一部停止では、当該清算参加者の既存の清算約定が処分されるわけではない点が、破綻等認定と異なります。ただし、参加者資格が取り消された場合、清算参加者は当社が定める期間内に既存の未決済清算約定を解消することが求められ、これに応じない場合には、破綻処理に準じて当社によるポジショ
ン処分がなされます。
Full or partial suspension by JSCC of the clearing of new trades by a Clearing
Participant is different from determination by JSCC of a Clearing Participant default,
as in the case of a suspension, the Clearing Participant’s existing cleared contracts
would not be liquidated. However, upon revocation of the Clearing Qualification, theClearing Participant is required to terminate existing unsettled cleared contracts
within a time period designated by JSCC. If the Clearing Participant is not able toadhere to JSCC’s instruction, JSCC would proceed with the liquidation of the Clearing
Participant’s positions by applying mutatis mutandis the liquidation process ofdefaulter’s positions.
〇 業務方法書第３６条
Business Rules, Article 36〇 商品取引債務引受業に関する業務方法書第４１条
Business Rules on Business of Assuming Commodity Transactions Debt, Article41〇 ＣＤＳ清算業務に関する業務方法書第３８条
CDS Clearing Business Rules, Article 38〇 金利スワップ取引清算業務に関する業務方法書第３８条
Interest Rate Swap Clearing Business Rules, Article 38〇 国債店頭取引清算業務に関する業務方法書第３５条
Japanese Government Bond Over-the-Counter Transactions Clearing Business
Rules, Article 35b)

特定のタイムラインは定められていません。新規取引の清算の全部又は一部の停止が行われているかどうかにかかわらず、破綻事由が生じれば当社は直ちに破綻等認定を行う可能性があります。新規取引の清算の停止の必要がなくなり又は停止事由が解消すれば、当社は停止を解除します。ただし、新規取引の清算停止措置を受けてから１年（ＣＤＳ清算
業務及び金利スワップ取引清算業務においては６か月）以内に清算参加者が措置の解除を受けられない場合、当社は当該清算参加者の参加者資格を取り消すことができます。
There is no specific timeline. Regardless of whether or not clearing of new trades issuspended, entirely or partially, in case of the default event on the Clearing
Participant, JSCC could immediately make determination that a default event has
occurred. When a suspension of clearing of new trades becomes unnecessary, orthe event causing a suspension ceases to exist, JSCC would lift the suspension.
However, if the suspension is not lifted within 1 year (or 6 months in case of JSCC’s
CDS and IRS Clearing Services) after the initial measures to suspend the clearing of
new trades were implemented, JSCC may revoke the Clearing Qualification of therelevant Clearing Participant.
15

〇 業務方法書第３１条
Business Rules, Article 31〇 商品取引債務引受業に関する業務方法書第３５条
Business Rules on Business of Assuming Commodity Transactions Debt, Article 35〇 ＣＤＳ清算業務に関する業務方法書第３４条
CDS Clearing Business Rules, Article 34〇 金利スワップ取引清算業務に関する業務方法書第３４条
Interest Rate Swap Clearing Business Rules, Article 34〇 国債店頭取引清算業務に関する業務方法書第３０条
Japanese Government Bond Over-the-Counter Transaction Clearing Business Rules,
Article 30
10. Critical FMI service rules, contractual arrangements, or procedures should reflect any
legal restrictions on termination and suspension of access because of an FMI service
user entering into resolution (FSB 2017 Guidance, 1.1).
a)

In what way do your rules, contractual arrangements and procedures reflect this?

b)

Do such arrangements include the effect of parent or affiliates entering resolution?

c)

Do you have any plans to amend or otherwise change, or have you recently
changed your rules, contractual arrangements or procedures to address legal
restrictions on termination of access in the event that an FMI service user enters
resolution? If so, please provide details of the proposed/applied changes.

＜当社回答/ Responses＞
a)

当社の規則上、清算参加者がレゾルーションに入ったことは、当社の破綻等認定による期限前終了や新規取引の清算停止の自動的なトリガーとはなっていません。これらのトリガーの詳細は、前２項（8. Discretionary termination rights 及び 9. Suspension or restrictionof membership）をご参照ください。
Under JSCC’s rules, a Clearing Participant entering into resolution would not
automatically trigger an early termination, based on JSCC’s determination of default,
nor the suspension of clearing of new trades. Please refer to the preceding 2
sections (8. Discretionary termination rights and 9. Suspension or restriction ofmembership) for details of these triggers.

b)

親会社や関連会社がレゾルーションに入ったことも、（親会社保証がある場合を含め）破綻等認定や新規取引の清算停止の自動的なトリガーとはなっていません。
The parent or an affiliate of a Clearing Participant entering into resolution would not
automatically trigger a default determination nor the suspension of clearing of new
trades (even in the case where the Clearing Participant has a parental guarantee).

c)

清算参加者がレゾルーションに入った場合に関する規則の変更を最近行っておりませんし、これを行う予定もありません。当社としましては、規則改正の必要があれば、清算参加者
とも議論の上、本件に関する国際的な動向も踏まえながら適切な対応をしていく所存です。
JSCC has neither recently revised, nor has any plan to revise, our rules concerning16the case of a Clearing Participant entering into resolution. When rule changes arecontemplated on this point, JSCC will discuss with Clearing Participants, considering
the international development on this matter.
11. Triggers, procedure and consequences of termination of FMI participation.
a)Triggers: in which situations would termination be considered? Is
participation/membership generally terminated in case of financial stress? Are
these criteria clearly outlined in the rulebook or other contractual documentation(please include the relevant references)?

b)

Please explain the management and monitoring around the termination process steps and timelines of the escalation and decision-making, as well as of theimplementation of termination. (Please provide concrete examples, if any, ofparticipation/membership terminations and flag, where relevant, any changes
made to the termination process since).

c)

What are the consequences of termination on the participant/member’s ability toaccess the FMI’s services? Would the firm be able to complete the processing of
any outstanding transactions (e.g. not accepted for clearing or settlement, or inprocess but not complete) it has in the FMI’s systems, or are these cancelled or
liquidated?

d)Would the decision to terminate participation/ membership be notified ex ante (i.e.
before it takes effect) to the competent authorities of (i) the direct participant and/orof (ii) the FMI? Would this decision be communicated ex ante to the participant
itself? On both aspects, how long in advance of actual termination would such
notifications occur?

e)What impact would a participant/member’s termination have on theirparent/subsidiaries’ direct membership in the FMI?

f)

Does the FMI have cross-default provisions in its rule set? Could it put a member
in default because of an affiliate’s insolvency or of an indirect participant/client’s
default or do the rules explicitly prevent or exclude such automatic termination (aslong as other obligations are being met)?

g)

What assistance would the FMI provide with the porting (within the FMI) of theparticipant’s direct and/or indirect positions/outstanding transactions to aparent/subsidiary membership, third party successor or bridge entity?

h)Please discuss any other points related to termination.

＜当社回答/ Responses＞
a)Part II-8をご参照ください。
Please refer to Part II-8.

b)

清算参加者が決済を履行しない又はそのおそれがある場合、当社では、社長が本部長を担い、執行役員、チーフリスクオフィサー（CRO）及び部長で構成されるデフォルト対策本部を速やかに設置します。デフォルト対策本部における情報収集や検討の結果、破綻等認定を行う場合は、社長がこれを行います。なお、社長が不在の場合は、事前に定められた権17

限代行者が本部長の責務を代行します。破綻処理がおおむね終了した場合には、CROが社長との協議によりデフォルト対策本部を解散します。破綻等認定の事由については、上記a)をご参照ください。
When a Clearing Participant fails, or is likely to fail, performance of its settlement,
JSCC will promptly establish a “Default Headquarters” headed by JSCC’s CEO andcomprised of the executive officers, the Chief Risk Officer (CRO) and the generalmanagers. When JSCC determines that a Clearing Participant is in default, following
consideration by the Default Headquarters, the CEO will declare the default. In case
the CEO is unavailable, a pre-determined deputy would take his place. When thedefault management is substantially completed, after the discussion with the CEO,the CRO will dissolve the Default Headquarters. For events relating to thedetermination of a Clearing Participant default, please refer to a) above.
c)

取引所取引清算業務において、当社は破綻等認定を行った場合に当該清算参加者のすべての新規取引の清算を停止することが可能であり（業務方法書第７６条第５項、商品取引債務引受業に関する業務方法書第７６条第５項）、その場合に、当該清算参加者が当社を金融商品取引清算機関又は商品取引清算機関として指定する取引所の取引参加者でもあった場合には、当該取引所における取引ができなくなることが考えられます。
これに対し、店頭取引の清算業務においては、当社が新規取引の清算の停止をした場合（
ＣＤＳ清算業務に関する業務方法書第９０条第２項、金利スワップ取引清算業務に関する業務方法書第８９条第２項、国債店頭取引清算業務に関する業務方法書第７７条１項）であっても、当該清算参加者の清算前の約定済み取引は、当該取引に適用される関連法規制及び当該取引に係る執行条件への順守が確保されている限り、当事者間の合意のもとで、非清算取引として継続可能であると考えられます。ただし、清算集中義務の対象となってい
るＣＤＳ及び金利スワップ取引については、当社以外の清算機関において清算集中義務を履行できない場合には、清算前の約定済み取引を解約せざるをえなくなることも考えられます。
In the Listed Products Clearing Service, when JSCC determines that a Clearing
Participant has defaulted, it may suspend clearing of all new trades by the relevant
Clearing Participant (Business Rules, Article 76, Paragraph 5, Business Rules on
Business of Assuming Commodity Transaction Debts, Article 76, Paragraph 5).
If the defaulting Clearing Participant is also a trading participant of an Exchange forwhich JSCC is designated as the Financial Instruments Clearing Organization or
Commodity Clearing Organization, the defaulting Clearing Participant would not beable to trade on such Exchange.
For JSCC’s OTC JGB, IRS and CDS clearing services, even if JSCC suspends theclearing of new trades (CDS Clearing Business Rules, Article 90, Paragraph 2,
Interest Rate Swap Clearing Business Rules, Article 89, Paragraph 2, Japanese
Government Bond Over-the-Counter Transaction Clearing Business Rules, Article 77,
Paragraph 1), such Clearing Participant’s executed but not yet cleared trades may
continue as non-cleared trades between the counterparties (assuming that it is incompliance with applicable laws and regulations, and that the trade conditions agreed
between counterparties also allow it). However, non-centrally cleared CDS and IRS
subject to central clearing obligations may need to be unwound, if they cannot becleared at another CCP.
いずれの清算業務においても、破綻等認定の時点で清算済みの取引については、当社の破綻処理の枠組みで処分されます。
In all clearing services, a defaulting Clearing Participant’s cleared trades would beliquidated using JSCC’s pre-defined default settlement framework.
18

d)

破綻等認定を行う可能性がある場合には、認定に先立ち、少なくとも当社の本国監督当局と事前に情報連携することを想定しています。また、対象の清算参加者自身からも破綻等認定の前に状況の報告を受けることを想定していますが、客観的に明らかな破綻事由が生じた場合には参加者自身からの報告を受けずに破綻等認定を行う可能性もあります。事前の情報連携や報告の時期はケースバイケースであり、対象清算参加者の状況悪化の速度や程度によっても異なります。
When there is a possibility that a Clearing Participant may default, JSCC anticipates
communications with, at least, the supervisory authorities in Japan, in advance of any
such determination of a Clearing Participant default. In addition, while JSCC would
expect the Clearing Participant in question to submit a report on their status to JSCC
in advance, in the case of an objectively evident default event, JSCC may determinethat a Clearing Participant has defaulted without receiving a report from the Clearing
Participant.
Advance communication and report timing would be different for each default
scenario, depending on the speed and the severity of the deterioration at the Clearing
Participant in question.

e)

破綻等認定は個社ごとに判断するため、破綻清算参加者の親会社や子会社の清算資格が必ず影響を受けるとは限りません。（PartIV-32もご参照ください。）
An event of default would be determined for each Clearing Participant. Therefore, theClearing Qualification of a parent or subsidiary of a defaulted Clearing Participant
would not necessarily be affected. (Please also refer to PartIV-32.)

f)

クロスデフォルト条項は存在しません。したがって、清算参加者の関連会社の債務超過や間接清算参加者及び顧客のデフォルトのみを理由として、当社が当該清算参加者の破綻等を自動的に認定することはありません。
JSCC does not have any cross-default provisions. Therefore, JSCC would not
automatically make determination that a Clearing Participant has defaulted solely
because of the insolvency of an affiliate or the default of its indirect participant orclient.

g)

当社は、清算資格の取得を申請した特定承継金融機関等（預金保険法（昭和４６年法律第３４号）に基づいて預金保険機構の子会社として設立されるブリッジ金融機関）に対して取得の承認を行うことができます（特定金融機関等による清算資格の取得については、
PartIV-36をご参照ください。）。この場合、破綻清算参加者を当事者とする清算約定の全部又は一部は特定承継金融機関等へ引き継がれることが想定されます。
また、破綻清算参加者の顧客ポジションについては、委託者は、破綻清算参加者の親会社や子会社を含む他の清算参加者へ引継がせることが可能です。この場合、当該委託者は自身のポジションを引き継ぐ他の清算参加者の承諾を受ける必要があります。
更に、破綻清算参加者を当事者とする清算約定等を処理する入札が実施される場合、破綻清算参加者の親会社や子会社を含む他の清算参加者は、入札対象取引を落札することで、破綻清算参加者を当事者とする清算約定の全部又は一部を引継ぐことが可能です。
JSCC may approve an acquisition of the Clearing Qualification by a Specified
Successor Financial Institution (a bridge financial institution established as a
subsidiary of the Deposit Insurance Corporation of Japan pursuant to the Deposit
Insurance Act (Act No. 34 of 1971)) if it applies to JSCC for a Clearing Qualification(please refer to Part IV-36 for acquisition of the Clearing Qualification by a Specified
Financial Institution). In this case, all or part of the cleared contracts to which thedefaulted Clearing Participant is a party are expected to be succeeded by theSpecified Successor Financial Institution.
For any client positions of the defaulted Clearing Participant, a client may have its
19

position transfer to another Clearing Participant, including the defaulted Clearing
Participant’s parent or subsidiary. In this case, the client would need to obtain theconsent of the Clearing Participant receiving its position.
When JSCC holds an auction for the settlement of the cleared contracts to which thedefaulted Clearing Participant was a party, other Clearing Participants, including thedefaulted Clearing Participant’s parent or subsidiaries, may succeed all or a part ofthe defaulted Clearing Participant’s cleared contracts, by winning the auction.
特筆すべきものはありません。
Not applicable.

h)12. FMIs should retain the ability, as specified in rules or contractual arrangements, toterminate, suspend or restrict participation or continued provision of services where thefirm fails to meet obligations or where safe and orderly FMI operations could becompromised (FSB 2017 Guidance, 1.1).
a)Under what conditions, if any, could safe and orderly FMI operations be at risk
from maintaining participation of a service user in resolution?

b)

Which indicators, if any, can a participant use to anticipate that such a scenario
may occur?

＜当社回答/ Responses＞
a)

一般的に、清算参加者がレゾルーションに入る理由として、当該清算参加者の信用状況が悪化したことが考えられます。ただし、決済不履行や支払不能又はそれらのおそれその他破綻事由がないと当社が判断した場合には、レゾルーションに入った清算参加者であっても清算サービスを利用することができます。一方、レゾルーションに入った清算参加者について、決済不履行や支払不能又はそれらのおそれその他破綻事由があるにもかかわらず、当社がこうした清算参加者に清算サービスを提供し続けることは、当社の安全な業務遂行に対して重大なリスクを生じる可能性があります。また、清算参加者が、清算参加者資格
上の財務要件に抵触した場合、清算参加者資格の取消しや新規取引の清算の停止が行われることがあります（PartII-9-a）をご参照ください）。
Generally, a reason for a Clearing Participant entering into resolution would be adeterioration of credit standing.
However, if JSCC determines that there has been no (or likelihood of) settlement
failure, inability to pay, or any other default event, Clearing Participants (even thoseentered into resolution) may utilize JSCC’s clearing services. On the other hand, if
JSCC should continue to provide clearing services to Clearing Participants, despite
the occurrence (or likelihood of) of a settlement failure, inability to pay, or otherdefault event, such conduct may create a material risk to JSCC’s sound businessexecution.
When a Clearing Participant breaches any of the financial requirements for its
Clearing Qualification, measures may be taken, such as a revocation of the Clearing
Qualification or a suspension of clearing for new trades (please refer to Part II-9-a).

b)

PartIII-15及び22をご参照ください。
Please refer to PartIII-15 and 22.

13. Are there any further aspects or issues to mention in relation to the provisions fortermination or suspension of membership? If possible, please provide concrete
examples of specific factors that were considered in the past when assessing whether
20to exercise judgement to terminate or suspend a participant’s access. Please elaborate.
＜当社回答/ Responses＞
特筆すべきものはありません。
Not applicable.

21

Part III: Prior to resolution, during signs of distress at theparticipant
The questions in this section assume a situation of stress, in which one of the FMI’s(direct) participants/members, or an affiliate company, exhibits signs of distress. Please
distinguish in case there are differences between situations of idiosyncratic vs. market
stress.
14. What management and monitoring process(es) does the FMI have in place to identify
a situation of stress of a (direct) FMI participant or its affiliate?
＜当社回答/ Responses＞
当社は清算参加者から月次、四半期ごと、半期ごと、年次の各単位で、清算参加者から財務状況の報告を受け、その内容についてモニタリングしています。また、当社は日々、清算参加者の財務状況に関するニュース、信用格付け及び市場データを含む関連情報のモニタリングもしています。これらのモニタリングを通じて、清算参加者等のストレス状態を特定しています。
JSCC requires its Clearing Participants to report on their financial status, on a monthly, quarterly,
semi-annually and annually basis, and JSCC monitors the contents of these reports. JSCC also
monitors news reporting concerning the financial status of Clearing Participants, and related
information, including the credit ratings and other market data, on a daily basis. JSCC works to
identify early signs of the stress of Clearing Participants through these monitoring procedures.
15. Which indicators does the FMI consider as part of its management and monitoring inorder to determine whether its participants/members face difficulties due toidiosyncratic and/or market stress (outside of entry into resolution)?
＜当社回答/ Responses＞
Part III-14に記載したモニタリングにおいて、当社は、財務情報、市場データ（株価、CDS、クレジット
スプレッド）、信用格付、ニュース、参加者からの説明その他の情報を考慮します。
As part of the monitoring described in Part III-14, JSCC takes into account indicators such as
financial information, market data (stock price, CDS, credit spread, etc.), credit rating, news
reporting, explanations obtained directly from Clearing Participant, and any other relevant
information.
16. What risk mitigation actions could the FMI take under its rules / internal procedures visà- vis the participant or member? Which of those potential actions are likely, i.e. to be
expected by the firm? How would risk mitigation vary in the event of mild, moderate,and severe stress situations at a participant/member? Could actions be taken eventhough the participant/member meets its obligations?
＜当社回答/ Responses＞
当社は、清算業務の運営上必要があると認める場合は、清算参加者に対し、決済不履行の有無に関わらず、必要な報告若しくは資料の提出又は臨店検査の実施を求めることができます（報告や検査については、Part III-22をご参照ください。）。
また、破綻事由が生じていない場合であっても、清算参加者が決済を履行しない若しくはそのおそれがある場合又は清算参加者が清算参加者資格の財務要件に抵触した場合、当社は、当該清算参加者に対し、清算参加者資格の取消しや新規取引の清算の停止を行うことができます（Part II-9-a）をご参照ください。）。
22

更に、清算参加者の信用状況が悪化している場合又は財務状況に比べてポジションが過大である場
合には、当社は、当該清算参加者に対し、決済不履行の有無に関わらず、証拠金の引上げ、担保の銘柄制限や掛目の引下げ、ポジションの改善指示又は新規取引の清算の停止を行うことができます。
When considered necessary for the operation of JSCC’s clearing services, JSCC may ask
Clearing Participants to report or submit materials, or acceptance of an on-site inspection,
regardless of whether or not there has been a settlement failure (please refer to Part III-22 forreporting and inspection).
Also, even if no default event has occurred, when a Clearing Participant fails, or is likely to fail,performance of its settlement, or when a Clearing Participant breaches any of the minimum
financial requirements for the Clearing Qualification, JSCC may revoke a Clearing Participant’s
Clearing Qualification or suspend their clearing of new trades (please refer to Part II-9-a).
In the case of a deterioration of a Clearing Participant’s credit standing, or when its positions
are deemed to be excessive vis-à-vis its financial status, JSCC may take measures against the
Clearing Participant, such as an increase in margin, limitation on types of collateral, applying ahigher collateral haircut, issuing an instruction to improve positions, or suspend the clearing of
new trades.
〇 業務方法書第２９条の２及び第２９条の４第５項
Business Rules, Article 29-2 and Article 29-4, Paragraph 5〇 商品取引債務引受業に関する業務方法書第３０条及び第３２条第５項
Business Rules on Business of Assuming Commodity Transaction Debts, Article 30 and Article
32, Paragraph 5〇 ＣＤＳ清算業務に関する業務方法書第２９条乃至第３２条
CDS Clearing Business Rules, Articles 29 to 32〇 金利スワップ取引清算業務に関する業務方法書第２９条の２乃至第３２条
Interest Rate Swap Clearing Business Rules, Articles 29-2 to 32〇 国債店頭取引清算業務に関する業務方法書第２９条の２Japanese Government Bond Over-the-Counter Transactions Clearing Business Rules, Article
29-2
具体的な措置やその程度は、清算参加者の財務状況や外部格付、その改善に向けた対応の報告、市場環境その他の状況を踏まえて決定しますが、CDS清算業務、金利スワップ清算業務及び国債店
頭取引清算業務において、当社は信用状況に応じた証拠金の割増率の上限を規定し、公表しています。
While specific measures and their severity would be determined in light of the financial status,
external rating, report by the Clearing Participant on responsive actions for improvement,
market conditions, and other factors, for CDS, IRS and OTC JGB Clearing Services, JSCC has
defined and published capped margin increase rates depending on credit standing.
〇 ＣＤＳ清算業務に係る清算参加者等の信用状況に関するガイドラインについて
Guidelines Concerning Credit Standing of Clearing Participants, etc. in CDS Clearing Business〇 金利スワップ取引清算業務に係る清算参加者等の信用状況に関するガイドラインについて
Guidelines Concerning Credit Standing of Clearing Participants, etc. in IRS Clearing Business〇 国債店頭取引清算業務に係る当初証拠金所要額の割増について
Increases in Required Initial Margin Amount related to JGB OTC Transaction
17. What self-reporting requirements are placed on the member/participant in a situation ofstress (e.g. additional reporting, increased reporting frequency; evidence of operational
23

and financial capacity)? Please provide any templates or overviews of required data
points, where available.
＜当社回答/ Responses＞
ストレス状態にある清算参加者に対しては、通常の頻度（Part III-14参照）による報告に加えて、例えば、日々の資金繰りの状況など、必要な頻度で必要な情報に関する報告を求めます。報告文書の様
式は、清算参加者の内部管理上利用されている様式、当局への報告様式及びその他個別の事情を考慮したうえで、都度当社が定めることとなります。
Against a Clearing Participant in a situation of stress, JSCC would require reporting of a range
of information, such as the status of daily cash-flows, in addition to ordinary reporting (refer toPart III-14). JSCC would prescribe the applicable reporting format on a case-by-case basis,taking into consideration the format used by the Clearing Participant for its internal controls, theformat of reporting to the competent authorities, and any other applicable considerations for theindividual Clearing Participant.
18. Please explain the methodology used to calibrate additional membership requirements(including operational, financial and capital requirements) for a member/client infinancial stress outside of resolution.
＜当社回答/ Responses＞
当社は、ストレス状態にある清算参加者に対し、証拠金の引上げ、担保の銘柄制限や掛目の引下げ
及びポジションの改善指示などを行うほか、清算参加者資格の取消しや新規取引の清算の停止を行うことができます（Part III-16をご参照ください）が、当社の業務方法書及び関連規則の改正が行われない限り、清算参加者の資格要件が追加・変更されることはありません。
For a Clearing Participant in stress, JSCC may take measures, such as increasing margin,
limiting the types of collateral and imposition of a higher collateral haircut and issuing an
instruction to improve positions, as well as revoking the Clearing Participant’s Clearing
Qualification and suspending the clearing of new trades (please refer to Part III-16). However,unless Business Rules and other relevant rules should be changed, there will be no additionand change on requirements in Clearing Qualifications.
19. Please describe for each of the below risk mitigation actions, in as far as they form partof the FMI’s set of potential risk mitigation actions: (i) whether these actions are
discretionary or pre-determined, e.g., would the FMI follow a required set of actions,which may be described in its rule book; (ii) in which way, if at all, the FMI could deviate
from the predetermined procedure so as to either disregard a mandated risk mitigation
action or adopt a non-standard action?
i.

Increasing membership contributions (e.g. default fund/loss
sharing contributions), mandating pre-funding, restricting withdrawal of
deposits;ii.

Increasing initial/variation margin/collateral requirements, restricting
collateral types, removing cross-margining facilities; increasing liquidity
obligations;iii.

Removing credit lines, reliance on parental guarantees or securities
borrowing facilities;

iv.

Enforcing trading controls including position limits, restricting markets;v.

Termination or suspension of participation/membership.
24＜当社回答/ Responses＞
i.

清算参加者に対し、リスク緩和措置として、清算基金の引上げ措置や引出し制限を行うことは想定していません。ただし、証拠金所要額が引上げられることで間接的に清算基金の所要額が影響を受けることはあります。
JSCC would not directly utilize an increase in the Clearing Fund contribution orlimit deposit withdrawals as a risk mitigation action against a Clearing
Participant.
However, there may be an indirect impact on the required amount of Clearing
Fund, as a result of an increase in margin requirements.

ii.

証拠金の引上げについては、CDS清算業務、金利スワップ清算業務及び国債店頭取
引清算業務においては、業務方法書及び予め定めたガイドラインに沿って実施し（Part III-16をご参照ください。）、証券取引等清算業務（証券現物取引及び上場金融
デリバティブ取引に対する清算業務）においては業務方法書に、商品取引債務引受業（上場商品デリバティブに対する清算業務）においては商品取引債務引受業に関する業務方法書に従い、当社から独立した委員で構成される措置評価委員会への諮問を経てから実施されます（措置評価委員会については、下記v）をご参照ください。）。
Margin increases as a risk mitigation action are implemented in line with theBusiness Rules and pre-defined guidelines for CDS, IRS, and JGB OTC
Clearing Services (please refer to Part III-16), the Business Rules for Securities
and Similar Contracts Clearing Business for cash securities trade and listed
financial derivatives clearing services, and the Business Rules on Business ofAssuming Commodity Transaction Debts for Business of Assuming Commodity
Transaction Debts for listed commodity derivatives clearing service.
These risk mitigation actions would only be taken after consulting with theDisciplinary Measures Assessment Committee, which comprises of members
independent from JSCC (please refer to v) below).

iii.

清算参加者に対し、リスク緩和措置として、親会社等による保証に制限を加えることは想定していません。
JSCC would not expect to impose any restrictions on parental guarantees for
Clearing Participants as a risk mitigation action.

iv.

清算参加者に対するポジションの改善指示については、当社から独立した委員で構成される措置評価委員会への諮問を経てから実施されます（措置評価委員会については、下記v）をご参照ください。）。
JSCC may issue an instruction to improve positions to a Clearing Participant as
a risk mitigation action, following consultation with the Disciplinary Measures
Assessment Committee comprised of members independent from JSCC (pleaserefer to v) below).

v.

清算参加者が決済を履行しない若しくはそのおそれがある場合の新規取引の清算の停止又は破綻等認定は、業務方法書に沿って実施し（Part II-11-b）もご参照ください）、清算参加者資格の財務要件に抵触した場合の清算参加者資格の取消しや新規取引の清算の停止については、緊急の必要がある場合を除き、措置評価委員会への諮問を経てから実施されます。
25

A suspension of clearing of new trades or default determination in case of
Clearing Participant’s failure (or likelihood of failure) of payment are
implemented in line with JSCC’s Business Rules (please also refer to Part II-11b).
Revocation of Clearing Qualification and a suspension of clearing of new trades
upon breach of minimum financial requirements would only be taken following
consultation with the Disciplinary Measures Assessment Committee, unlessthere is an urgent need.
〇 業務方法書第３３条の２
Business Rules, Article 33-2
〇 商品取引債務引受業に関する業務方法書第３８条
Business Rules on Business of Assuming Commodity Transaction Debts, Article
38〇 ＣＤＳ清算業務に関する業務方法書第３６条
CDS Clearing Business Rules, Article 36〇 金利スワップ取引清算業務に関する業務方法書第３６条
Interest Rate Swap Clearing Business Rules, Article 36〇 国債店頭取引清算業務に関する業務方法書第３３条
Japanese Government Bonds Over-the-Counter Transaction Clearing Business
Rules, Article 33
20. Please answer question 19 also for other risk mitigation actions, if any, that are notmentioned here and would likely be taken.
＜当社回答/ Responses＞
特筆すべきものはありません。
Not applicable.
21. In a situation of idiosyncratic or market stress, in which one of the FMI’s (direct)
participants/members, or an affiliate company, exhibits signs of distress,
communications and notifications may be necessary. Please distinguish in the below incase there are differences between a situation of idiosyncratic vs. market stress.
a)What notifications or communications would the FMI undertake to theparticipant/member, their competent and/or resolution authority, the FMI’s
competent and/or resolution authority, the stressed firm’s settlement agent, andother stakeholders, and when? Would any of these be based on an obligation for
the FMI to notify?

b)

Do you have a specific communication plan for this, or does your approach leverage
existing crisis communication mechanisms? In both cases, please describe themain features of the approach.

c)

Does the FMI need to get consent from the firm or inform the firm prior to a notificationor communication?

d)

Do the communication/notification protocols require specific factors to beconsidered, for example legal implication, market impact, etc.?
26

e)

Are your communication protocols standardised across participants or do they take
into account the specificities of firms’ participation and roles in respect of the FMI?

＜当社回答/ Responses＞
清算参加者のストレス時のコミュニケーションの詳細は以下のとおりです。特定の清算参加者に固有のストレスなのか市場のストレス時なのかによる違いはありません。
Details of the communications with Clearing Participants in stress are described below. Thereis no difference between a situation of idiosyncratic vs. market stress.
a)

清算参加者のストレス状態の内容について、状況に応じて、関係各所と連絡や情報交換を行うことがあります。Part II-11、Part III-17及びPart III-19もご参照ください。
For Clearing Participants in a situation of stress, JSCC may communicate and exchange
information with stakeholders, depending on the situation. Please also refer to Part II-11,
Part III-17 and Part III-19.

b)

当社は、当社に届け出られている清算参加者の責任者（以下の規定により決済業務責任者の当社への届出が求められます。）又は当社が適当と判断する担当者との間で、電話、メール及び面談その他の方法により、連絡や情報交換を行うことを想定しています。
また、当社の本国監督当局とは、主に電話、メール及び面談により、当社の海外監督当局とは、必要に応じて、主に電話及びメールにより、連絡や情報交換を行うことを想定しています。
更に、ストレス状態の清算参加者の監督当局、破綻処理当局、資金決済銀行及びその他の利害関係者とも、適した手段により、状況に応じて連絡や情報交換を行うことがあります。
JSCC would communicate and exchange information with the responsible person notified
to us in advance (Clearing Participants are required to notify JSCC of their person in
charge of settlement operations pursuant to the provisions set forth in the rules listed
below) or the person in charge whom JSCC considers appropriate at the Clearing
Participant, via telephone, e-mail, in-person, or using any other suitable method.
JSCC would communicate and exchange information mainly via telephone, e-mail and inperson, with Japanese supervisory authorities, and via telephone and e-mail as necessary,with overseas supervisory authorities.
Furthermore, we may communicate and exchange information with supervisory authorities,
default settlement agencies, fund settlement banks and other stakeholders of the Clearing
Participant under stress, through appropriate means depending on the situation.
〇 業務方法書第１３条
Business Rules, Article 13〇 商品取引債務引受業に関する業務方法書第１５条
Business Rules on Business of Assuming Commodity Transaction Debts, Article 15〇 ＣＤＳ清算業務に関する業務方法書第１４条
CDS Clearing Business Rules, Article 14〇 金利スワップ取引清算業務に関する業務方法書第１４条
Interest Rate Swap Clearing Business Rules, Article 14〇 国債店頭取引清算業務に関する業務方法書第１２条
Japanese Government Bonds Over-the-Counter Transaction Clearing Business Rules,
Article 12c)上記a)及びb)の連絡や情報交換にあたり、機密性の高い情報を第三者に提供するものでない限り、原則として、清算参加者からの同意や提供情報の共有の必要はありません。ただし、権限を27

有する当局から機密情報の提供を求められた場合には、清算参加者からの同意の要否も含めて、当局の指示に従う可能性があります。
At the time of communication and exchange of information mentioned in a) and b) above,
unless JSCC provides highly confidential information to a third party, neither Clearing
Participant’s consent nor sharing with the Clearing Participant of provided information
would be required. However, when submission of confidential information is required bycompetent authorities, we may follow instruction of the authorities, as a result of which
JSCC may omit the Clearing Participant’s consent.
d)

清算参加者のストレス状態が伝達されることで、インサイダー取引規制違反や市場への悪影響などを惹起しないように留意しています。なお、清算参加者に対して各種措置を実施した場合の通知又は公表の範囲や時期については、上記の観点を勘案して、当社が決めることができます。
We are very careful to avoid communication of Clearing Participant’s situation of stress,
which may lead to any violation of insider trading regulations, or adverse impact on thewider market. JSCC has discretion in deciding the scope and timing of any notification or
public announcement when a measure is taken against a Clearing Participant, taking into
consideration above factors.
〇 業務方法書第３４条第７項及び第８項
Business Rules, Article 34, Paragraphs 7 and 8〇 商品取引債務引受業に関する業務方法書第３９条第６項及び第７項
Business Rules on Business of Assuming Commodity Transaction Debts, Article 39,
Paragraphs 6 and 7〇 ＣＤＳ清算業務に関する業務方法書第３７条第３項及び第４項
CDS Clearing Business Rules, Article 37, Paragraphs 3 and 4〇 金利スワップ取引清算業務に関する業務方法書第３７条第４項及び第５項
Interest Rate Swap Clearing Business Rules, Article 37, Paragraphs 4 and 5〇 国債店頭取引清算業務に関する業務方法書第３４条
Japanese Government Bonds Over-the-Counter Transaction Clearing Business Rules,
Article 34e)

当社は清算参加者との連絡手順として標準的な手法を想定しており、参加形態や役割に応じて異なる方法にすることは想定していません。
JSCC’s communications protocols with Clearing Participants are standardized and they are
not dependent on specific firm’s participation form or role.
22. Alleviating uncertainty for the FMI.
a)

Which actions could the firm or the relevant authorities take in order to alleviate
uncertainty for the FMI, and reduce the risk that the FMI may take risk mitigation
actions that may have an adverse financial impact on the firm?

b)Which data / quantitative information and what qualitative information might you
need to receive from the participant and/or RA in order to allow the participant tomaintain access (please consider the three levels of access mentioned in footnote3)? Please specify by when you would need each piece of information, if
appropriate.
28

c)What other actions could be taken ex-ante to avoid a temporary interruption ofservices or the risk of some transactions remaining unexecuted?

d)Please discuss any other considerations.

＜当社回答/ Responses＞
a)

清算参加者における財務状況や信用状況の改善計画が提示された場合には、その内容によっては、ストレス状態にある清算参加者に対する措置が軽減又は見送りとなる可能性があります。
When a Clearing Participant’s improvement plan for financial status or credit standing ispresented to JSCC, depending on the plan’s contents, the imposition of measures by
JSCC against the Clearing Participant in stress may be mitigated or deferred.

b)

具体的な情報としては、決済履行への懸念がないことを示す資金繰りの情報、信用状況に問題がある場合や清算参加者資格の財務要件に抵触している場合には、資本増強を含む問題解決の見込みがあることを示す情報が想定されます。
For example, JSCC would require cashflow information, which allows JSCC to confirm
there would be no concern for Clearing Participant’s failure in a performance of settlement,
and/or, when there is a problem in credit standing or in case of breach of financial
requirements for Clearing Qualification, JSCC would require information that confirms theprospect of issue resolution, including reinforcement of the Clearing Participant’s capital.

c)

清算リスクを拡大させる取引を行わないことの誓約や清算リスクを縮小させる計画などが提示された場合にも、ストレス状態にある清算参加者に対する措置が軽減又は見送りとなる可能性があります。
When a Clearing Participant presents a commitment not to engage in any trade that would
expand clearing risk or a plan for reduction of clearing risk, imposition of measures against
the Clearing Participant in stress may be mitigated or deferred.

d)

特筆すべきものはありません。
Not applicable.

23. Considering adverse financial impact of FMI risk mitigation actions on direct/indirect
participants.
a)Some actions, designed to protect the FMI, may precipitate the failure of the relevant
participant/member or worsen its position at the time of resolution. How does the FMI
consider this when deciding to protect itself?

b)

Does the FMI take into account the impact on indirect participants of actions taken
in response to a direct participant/member facing financial stress?

＜当社回答/ Responses＞
a)

ストレス状態にある清算参加者に対する措置は、別段の定めがない限り、措置による影響を全く考慮することなく自動的に行われることはなく（Part III-16をご参照ください。）、清算参加者としての義務の遵守状況に応じて必要な措置を講ずることとしています。
JSCC would not take any automatic measures against a Clearing Participant in stressunless otherwise set forth in the rules (please refer to Part III-16). Taking into
consideration the potential impact caused by such measures, JSCC takes necessary
measures according to the Clearing Participant’s status of meeting its obligations to JSCC.
29

b)

ストレス状態にある参加者に対する措置の内容は、その顧客や他の清算参加者への影響を必要に応じて考慮して決定されます。
Any measures taken by JSCC against a Clearing Participant in stress would be decided
taking into consideration, as necessary, the potential impact on its customers and other
Clearing Participants.

24. Possible differences in treatment of domestic and foreign FMI service users entering into
resolution.
a)

Do you differentiate in your treatment of domestic and foreign FMI service users, andif so in what way?

b)

Among foreign users, is there a distinction for users from certain jurisdictions? If so,
what are those distinctions?

＜当社回答/ Responses＞
a)

いいえ。当社の業務方法書及び下部規則上、国内清算参加者と外国清算参加者（又は国内顧客と海外顧客）で、レゾルーションに入った場合に異なる取扱いを定めている規定はありません。
No. Under JSCC’s business rules and their subordinate rules, there are no provisionthat allow for different treatment in case of the entry into resolution of domestic
Clearing Participants and foreign Clearing Participants (or between domestic
customers and foreign customers).

b)

いいえ。
No.

25. Safeguards in jurisdictional legal frameworks.
a)

How do you assess whether the resolution framework of the jurisdiction in which afirm resides provides adequate safeguards to the provider of critical FMI services?12b)

From which regulatory regimes (e.g. countries) do you accept service users?

＜当社回答/ Responses＞
a)

FSBが年次で公表するレゾルーション報告書※などを参考に、清算参加者に適用され得るレゾルーションの枠組みが国際基準に則したものであるか否かを評価しています。
We assess whether the resolution framework that may be applied to Clearing Participants
meets international standards by referencing the resolution report published annually by
the FSB, as well as any and other relevant materials.
※ https://www.fsb.org/wp-content/uploads/P151223.pdf （2023年12月15日付け公表分）(published as of December 15, 2023)b)

当社の直接清算参加者の所在国・法域は、日本、米国、欧州、英国、スイス、香港です（2024年3月末日時点）。その他の国・法域からの参加要望がある場合は、当該国・法域の規制を踏まえて対応します。また、当社の間接参加者及び顧客の所在国・法域については、原則として制限はありません。ただし、金利スワップ清算業務の顧客との関係で、当社はカナダ（オンタリオ州）において暫定的な認証免除を得ています。また、米国においては、当社が米国CFTCから受けたDCO
30

登録免除決定の条件に従い、米国の清算参加者及びそのアフィリエイトのみにCDS及び金利ス
ワップ清算業務の利用を認めております。
Countries and jurisdictions of JSCC’s direct Clearing Participants are Japan, U.S., Europe,
UK, Switzerland and Hong Kong (as of the end of March 2023).
When onboarding is requested from any other country or jurisdiction, JSCC would deal with
it in light of regulations of that country/jurisdiction. JSCC, in principle, has no restriction on
the country/jurisdiction in which an indirect participant/customer is located.
However, with respect to Canada (Ontario), JSCC has obtained an interim exemption in
relation to customers of IRS Clearing Services. Also, for JSCC’s CDS and IRS Clearing
Services, only U.S. Clearing Participants and their affiliates are permitted to participate,according to the conditions of the exemption from registration as a DCO that JSCC
obtained from the U.S. CFTC.
26. Are there any further aspects or issues to mention in relation to interaction between the
FMI and a participant in financial stress? Do you have any examples of past experienceswhere the FMI has utilised its powers in relation to a member undergoing stress? Whatactions were undertaken and what were the outcomes? Could this example be indicativeof actions that may be taken in a future case?
＜当社回答/ Responses＞
特筆すべきものはありません。
Not applicable.

31Part IV: During and after resolution
27. When the FMI becomes aware of a participant entering a resolution process, which
actions would the FMI be likely to take vis-à-vis the participant? Could actions be takeneven though the participant/member meets its obligations?
＜当社回答/ Responses＞
当社は、清算参加者がレゾルーションに入っただけで、特定の措置を行うことはありませんが、破綻等認定を行った場合には、新規取引の清算の停止、清算参加者資格の取消し、金銭等の引き取りの停止並びに既存の清算約定の処分を行うことができます。また、財務状況が悪化している参加者に対して証拠金所要額の割増し等の措置をとる可能性もあります（Part II-8乃至10、Part III-16もご参照ください。）。清算参加者が現実に不履行を起こしていなくても、業務方法書に規定された基準に抵触すれば、これらの措置が取られる可能性があります。
JSCC would not take any specific measures solely because a Clearing Participant enters into a
resolution process.
Once JSCC determines that a Clearing Participant has defaulted, JSCC is permitted tosuspend clearing of new trades, revoke the Clearing Qualification, suspend the release of cash,
and liquidate outstanding cleared contracts.
JSCC may take certain measures, against the Participant whose financial conditions havedeteriorated (Please also refer to Part II-8 to 10, Part IIII-16), such as applying a margin
requirement add-on. These measures may be taken by JSCC if a Clearing Participant
breaches any of the requirements set forth in JSCC’s business rules, even where a Clearing
Participant is not in default.
28. Please explain the methodology used to calibrate additional membership requirements(including operational, financial and capital requirements) for a member/client in
resolution. To what extent does the FMI take into account the resolution strategy andtools applied to a member to determine their financial and operational requirements?
Does the FMI consider anything specific in its methodology in relation to ring-fenced or
specifically safeguarded entities?
＜当社回答/ Responses＞
レゾルーション中に清算参加者の資格要件が追加・変更されることはありませんが、個別の状況に応じて、当社が清算参加者に対して措置を実施する可能性があります（Part II-18をご参照ください。）。
財務状態が悪化している参加者の改善計画を踏まえて清算参加者に対する措置が軽減又は見送りとなる可能性もありますところ（Part II-22をご参照ください。）、清算参加者がレゾルーションに入った場
合、当該参加者に適用されるレゾルーションの方針や枠組みが考慮される可能性もあります。当社は清算資格の取得を申請した特定承継金融機関等に対して取得の承認を行うことができます（Part IV36をご参照ください。）。
JSCC makes no additions to, or change of, the requirements for membership requirements fora Clearing Participant in resolution. However, JSCC has the ability to take measures against a
Clearing Participant according to each specific situation (please refer to Part II-18).
While measures against a Clearing Participant may be mitigated or deferred, in light of an
improvement plan of a Clearing Participant whose financial conditions has deteriorated (pleasealso refer to Part II-22), when a Clearing Participant enters into resolution, a resolution policy orframework applicable to that Clearing Participant may also be considered.
JSCC may approve the acquisition of a Clearing Qualification by a Specified Successor
Financial Institution if the application is submitted to JSCC (Please refer to Part IV-36).

32

29. Please describe for each of the below risk mitigation actions, in as far as they form partof the FMI’s set of risk mitigation actions upon a participant entering a resolution process(in addition to actions that would be taken prior to resolution): (i) whether these actions
are discretionary or pre-determined, e.g., would the FMI follow a required set of actions,which may be described in its rule book; (ii) in which way, if at all, the FMI could deviate
from the predetermined procedure so as to either disregard a mandated risk mitigation
action or adopt a non-standard action; (iii) how/when the following risk mitigation actions
would be communicated to the participant.
i.

Temporary suspension of certain activities (and if so, which activities);

ii.

Potential requirements to contribute additional margin or amounts to default
or guarantee funds, secure additional liquidity commitments (including on an
intra- day basis), or to pre-fund part or all of payment and settlement
obligations;

iii.

Potential changes to operational or information requirements, including thoseneeded because certain services might not be available;

iv.

Potential requirements that may apply in relation to a bridge institution or athird party purchaser to which functions have been transferred.

＜当社回答/ Responses＞
ⅰからⅳのいずれの措置についても以下のとおりです。
Following applies to all of the items i. through iv. in the above questions:（i）

清算参加者に対するいずれの措置についても規則に沿って実施します。また、措置によっては当社から独立した委員で構成される措置評価委員会への諮問を経てから実施されます（Part II-19をご参照ください。）。特定承継金融機関による清算参加者資格の取得についてはPart IV-36をご覧ください。
All of the measures against Clearing Participants would be taken according to JSCC’s
rules.
In addition, some measures would only be taken after completing a consultation process
at JSCC’s Disciplinary Measures Assessment Committee, which comprises of members
independent from JSCC (please refer to Part II-19).
For acquisition of a Clearing Qualification by a Specified Successor Financial Institution,please refer to Part IV-36.

（ii）

上記（i）をご参照ください。
Please refer to (i) above.

（iii）

清算の全部又は一部の停止又は清算資格の取消しを行う場合はあらかじめ、それ以外の措置を行う場合は措置の決定後速やかに、その措置の対象となる清算参加者に対し、通知をします（措置の対象となる清算参加者以外の各清算参加者への通知については、Part II-21-d)
をご参照ください。）。
JSCC would give notification to the Clearing Participant prior to taking certain measures
such as suspending clearing entirely or partially, or revoking a Clearing Qualification.
JSCC would give notification immediately after determination of any other measure. (Fornotifications to Clearing Participants other than the Clearing Participant subject to themeasure, please refer to Part II-21-d).

33

30. Please answer question 29 also for other risk mitigation actions, if any, that are notmentioned here and that would likely be taken.
＜当社回答/ Responses＞
特筆すべきものはありません。
Not applicable.
31. In what way should a service user prepare for resolution-related risk mitigation
measures by the FMI to maximise the likelihood of maintaining access? Does the FMI
provide any documented guidance on this to its participants/members, and/or to theirRAs?
＜当社回答/ Responses＞
当社は、清算参加者がレゾルーションに入っただけで、特定の措置を行うことはありません。必要な措置は、清算参加者の義務の遵守状況に応じて講じますが、その状況は業務方法書、その下部規則及びガイドライン（Part III-16をご参照ください）に予め定めています。清算参加者は、当社に対して改善計画等を早期かつ任意に提供することにより、財務悪化時における当社の措置が軽減又は見送りとなる可能性がある（Part II-22をご参照ください。）ため、当社に対する早期の情報提供によって、当社
へのアクセス維持の可能性が高まるものと考えられます。
JSCC would not take any specific measures solely because a Clearing Participant enters into
resolution. Necessary measures are taken according to the Clearing Participant’s status ofmeeting their obligations to JSCC, as prescribed in the business rules, their subordinate rules
and guidelines (please refer to Part II-16). JSCC may mitigate or defer measures resulting froma Clearing Participant’s financial deterioration if an improvement plan is submitted to JSCC
swiftly and voluntarily (please refer to Part II-22). The possibility of maintaining access to JSCC
would be enhanced through the early provision of information to JSCC.
32. What impact would a member/ participant’s resolution have on any parent or
subsidiary’s direct membership at the FMI?
＜当社回答/ Responses＞
清算参加者資格の取消しの要否は個社ごとに判断するため、清算参加者がレゾルーションに入ったとしても、その親会社や子会社の清算参加者資格が必ずしも影響を受けるわけではありません（Part II11-e）をご参照ください。）。
Whether or not it is necessary for JSCC to revoke a Clearing Qualification is judged by on thespecific situation of each firm. Therefore, resolution of a Clearing Participant would notnecessarily negatively impact the Clearing Qualification of its parent or subsidiary (please refer
to Part II-11-e).
33. In a situation of idiosyncratic or market stress in which one of the FMI’s (direct)
participants/members, or an affiliate company, enters resolution, communications
and notifications may be necessary. Please distinguish in the below in case there aredifferences between a situation of idiosyncratic vs. market stress.
a)What notifications or communications would the FMI undertake to theparticipant/member, their competent and/or resolution authority, the FMI’s
competent and/or resolution authority, the firm’s settlement agent, and otherstakeholders, and when? Would any of these be based on an obligation for the FMI
to notify?

b)

Do you have a specific communications plan for this or does your approachleverage existing crisis communication mechanisms?
34

c)

Does the FMI need to get consent from the firm or inform the firm prior to a notificationor communication?

d)

Do the communication/notification protocols require specific factors to beconsidered, for example legal implication, market impact, etc.?

e)

Are your communication protocols standardised across participants or do they take
into account the specificities of firms’ participation and roles in respect of the FMI?

f)

Would your members / clients be able to leverage any preparations yourorganisation has undertaken to access the necessary communication infrastructure
to deliver the increased extent of communications that may be needed to respondto a resolution and any restructuring of a member/ client (such as increased callvolumes to call centres)?

g)

What management and monitoring arrangements would apply for these crisis
communications and notifications? Would you have a dedicated team or a point ofcontact for receiving and initiating all communications that relate to a member/ client
entity in resolution or any related restructuring?

＜当社回答/ Responses＞
清算参加者のストレス時のコミュニケーションの詳細は以下のとおりです。特定の清算参加者に固有のストレスなのか市場のストレス時なのかによる違いはありません。
Details of communications with Clearing Participants in stress are described below. There is nodifference between a situation of idiosyncratic vs. market stress.
a)乃至e)：Part III-21をご参照ください。
a) to e): Please refer to Part III-21.
f)及びg)：清算参加者がレゾルーション等に入るような状況においては、決済不履行の有無に関わらず、社長を本部長とするデフォルト対策本部が設置されることが想定され（Part II-11-bをご参照ください。）、連絡や情報交換の体制及びその内容のエスカレーション体制が、必要に応じて強化されることが想定されます。これにより、清算参加者との連絡や情報交換の量の増加に対応することができます。
f) and g): Should a Clearing Participant enter into resolution, JSCC would establish the Default
Headquarters headed by JSCC’s CEO, regardless of whether or not there is a settlement
failure (please refer to Part II-11-b). JSCC’s communication/notification mechanism andescalation mechanism would be reinforced as necessary. Thereby, JSCC has the capability to
manage an increase in volume of communications and notifications to/from Clearing
Participants.
34. Alleviating uncertainty for the FMI. (As requested in Part II, if the responses to subquestions a.-f. below have been documented in rulebook/contractual provisions or otherdocuments, please reference.)a)What actions (such as communication) could the participant or authorities take inorder to alleviate uncertainty for the FMI about the participant’s situation, and thereby
reduce the risk that the FMI may take risk mitigation actions that may have a further
adverse financial impact on the participant?
35

b)Assuming that the authorities and the affected member/ client may not be able toshare relevant information before the commencement of the resolution process,would that represent a material issue that could determine how your organisation
responds to the fact that a member/ client has been placed in resolution?

c)Which data / quantitative information would the FMI need to receive from theparticipant and/or RA in order to allow the participant to maintain access (pleaseconsider the three levels of access mentioned in footnote 3)? Please specify by when
you would need each piece of information, if appropriate, including when you would
need to be informed prior to resolution measures.

d)Which qualitative information would the FMI need to receive from the participant
and/or RA in order to allow the participant to maintain access to the FMI? Please
specify by when you would need each piece of information, if appropriate, including
when you would need to be informed prior to resolution measures.

e)What other actions could be taken ex-ante to avoid a temporary interruption ofservices or the risk of some transactions remaining unexecuted?

f)Please discuss any other considerations.

＜当社回答/ Responses＞
a)Part III-22-a)をご参照ください。
Please refer to Part III-22-a).

b)

財務状況や信用状況の改善計画が提示されなければ、ストレス状態にある清算参加者に対する措置が軽減又は見送りとなる可能性（PartIII-22をご参照ください。）は極小化されると見込まれます。
Unless the affected Clearing Participant could submit an improvement plan for financial
status or credit standing to JSCC, there would be a low possibility of JSCC mitigating ordeferring the measures against the affected Clearing Participant (Please refer to Part III22).

c)

PartIII-22-b)をご参照ください。
Please refer to Part III-22-b).

d)

支払不能のおそれを否定する定性的な情報があれば、破綻等認定されないことが見込まれます（Part II-8をご参照ください。）。また、決済不履行のおそれを否定する定性的な情報があれば、新規取引の清算の停止等の措置（Part II-9をご参照ください。）は適用されないことが想定されます。更に、悪化する財務状況や信用状況の回復が見込めないことを否定する定性的な情報があれ
ば、ストレス状態にある清算参加者に対する措置が軽減又は見送りとなる可能性があります（Part III-22をご参照ください。）。これらの情報は、当社が措置について意思決定を行うのに十分に先立って提供される必要があります。
If there were qualitative information countering the possibilities that the affected Clearing
Participant would not maintain its ability to meet its obligations to JSCC, a default
determination would be less likely (please refer to Part II-8). If there were qualitative
information countering the possibilities that the affected Clearing Participant would be
failing to settle, no measure, such as suspension of clearing of new trades (please refer toPart II-9), would be expected to be taken. If there exists qualitative information showingthat a recovery of the affected Clearing Participant’s deteriorating financial conditions or
credit standing can be expected, measures against the affected Clearing Participant may
36be mitigated or deferred (please refer to Part III-22). Any such information must be
provided to JSCC sufficiently in advance to allow JSCC to make an informed decision on
the measures.
e)及びf) Part III-22-c)及びd)をご参照ください。
e) and f): Please refer to Part III-22-c) and d).
35. Considering adverse financial impact of FMI risk mitigation actions on direct/indirect
participants.
a)Some actions, designed to protect the FMI, may worsen the position of the participant
at the time of resolution and as a result may also affect other participants. How does
the FMI consider this when deciding to protect itself?

b)

Does the FMI take into account the impact on indirect participants of actions taken
in response to a direct participant/member entering into resolution?

＜当社回答/ Responses＞
Part III-23をご参照ください。
Please refer to Part III-23
36. FMI rules and contractual arrangements should allow a bridge institution to maintain its
predecessor’s participation (membership) during a resolution process (FSB 2017
Guidance, 1.1). (As requested in Part II, if the responses to the sub-questions below havebeen documented in rulebook/contractual provisions or other documents, pleasereference.)a)

Please explain how the FMI rules, contractual arrangements and/or procedures
reflect this.

b)What would be the FMI’s process to ensure that continuity of access can be
maintained for the purchaser of a resolved entity or for a bridge institution?

c)Please share any timelines and any external dependencies for this process.

d)

If the purchaser or bridge institution requires a new access, do you have a “fast-track”
procedure to allow access for such a purchaser or bridge institution? How long issetting up access expected to take (with or without a “fast-track” procedure)? Whatwould the FMI require in order to continue providing the service pending completionof the onboarding procedure (e.g. connectivity and BIC/SWIFT codes to remainunchanged)?

e)What type of information is needed in the context of a change-of-control assessment,

i.e. to accept a purchaser or bridge institution as a participant/member?
Please specify by when you would need each piece of information, if
appropriate. How long would you then need to take an informed decision onaccess for the purchaser or bridge institution?
f)

Does the FMI explicitly consider, in its rulebooks or internal procedures, the possibilityof a RA requiring access for the purchaser or bridge institution even in case they
do not meet the membership or participation criteria (for instance where a37credit rating is required)?
g)Please discuss any other, e.g. practical, considerations around continuity of FMI
access of a bridge institution or of a purchaser.

＜当社回答/ Responses＞
a)

以下の当社規則において、当社は清算資格の取得を申請した特定承継金融機関等に対して取得の承認を行うことができる旨が規定されています。
JSCC’s business rules incorporate rules allowing JSCC to approve the acquisition ofClearing Qualifications by a Specified Successor Financial Institution if the application is
submitted to JSCC.
〇 業務方法書第６条第７項
Business Rules, Article 6, Paragraph 7〇 ＣＤＳ清算業務に関する業務方法書第８条第３項
CDS Clearing Business Rules, Article 8, Paragraph 3〇 金利スワップ取引清算業務に関する業務方法書第８条第３項
Interest Rate Swap Clearing Business Rules, Article 8, Paragraph 3〇 国債店頭取引清算業務に関する業務方法書第６条第５項
Japanese Government Bonds Over-the-Counter Transaction Clearing Business Rules,
Article 6, Paragraph 5b)

レゾルーションに入った清算参加者を買収した者が当該清算業務における既存の清算参加者であれば、改めて清算参加者資格を取得することなく、被買収先の清算約定に係る清算サービスへの継続的なアクセスが認められることが見込まれます。
また、特定承継金融機関等による清算資格取得申請の迅速化を認めることにより、清算サービスへの継続的なアクセスが認められることが見込まれます。
If the person purchasing a Clearing Participant in resolution is an existing Clearing
Participant for the relevant clearing service, continued access to the clearing service for thepurchased company is expected to be allowed.
By allowing the prompt application for a Clearing Qualification acquisition by a Specified
Successor Financial Institution, continued access to the clearing service would likely bemaintained.
〇 業務方法書の取扱い第４条第３項
Handling of Business Rules, Article 4, Paragraph 3〇 ＣＤＳ清算業務に関する業務方法書の取扱い第１８条第３項
Handling Procedures of CDS Business Rules, Article 18, Paragraph 3〇 金利スワップ取引清算業務に関する業務方法書の取扱い第１４条第３項
Handling Procedures of Interest Rate Swap Business Rules, Article 14, Paragraph 3〇 国債店頭取引清算業務に関する業務方法書の取扱い第３条第２項
Handling Procedures of Japanese Government Bonds Over-the-Counter Transaction
Clearing Business Rules, Article 3, Paragraph 2c)

レゾルーションに入った清算参加者を買収した者や清算約定を引き継いだ特定承継金融機関等
が当社の清算サービスにアクセスするためには、日本銀行及び/又は当社が選定する資金決済
38

銀行（商業銀行）が管理する資金の決済口座にもアクセスできることを確保する必要があります。
また、取引所取引清算業務の場合は取引をする取引所及び証券保管振替機構が管理する証券の決済口座、CDS清算業務の場合はDTCC Deriv/SERV LLCが提供するTrade Information
Warehouse、金利スワップ清算業務の場合は MarkitSERV Limitedが提供しているMarkitWire
又は当社へのアクセスがある各電子取引基盤や各電子照合システム、国債店頭取引清算業務の場合は日本銀行が管理する国債の決済口座及び証券保管振替機構が提供する決済照合シ
ステムにもアクセスできることを確保する必要があります。
For a person purchasing a Clearing Participant in resolution, or a Specified Successor
Financial Institution, to access JSCC’s clearing service, they need to ensure access to thefund settlement account managed by the Bank of Japan and/or any of the fund settlementbanks (commercial banks) designated by JSCC.
Additionally, access is required to the relevant exchange and the securities settlement
account managed by JASDEC (Listed Products Clearing Service), Trade Information
Warehouse provided by DTCC Deriv/SERV LLC (CDS Clearing Service), MarkitWire
provided by MarkitSERV Limited or electronic trading platform or electronic affirmation
system having access to JSCC (IRS Clearing Service), and JGB settlement accountmanaged by the Bank of Japan and pre-settlement matching system provided by JASDEC(OTC JGB Clearing Service).
d)

レゾルーションに入った清算参加者を買収した者が当該清算業務における既存の清算参加者である場合には、特段の事情がない限り、被買収先の清算約定に係る清算サービスのアクセスが買収直後から可能です。また、特定承継金融機関等については、当社の清算サービスへのアクセスに利用する決済口座、システム、事務処理などに変更があれば、当該変更箇所に係る業務執行体制に問題がないことが確認され次第、当社の清算サービスへのアクセスが可能となることが見込まれます。
If a person purchasing a Clearing Participant in resolution is an existing Clearing
Participant in the same clearing service, access to the clearing service related to thecleared contracts of the purchased Clearing Participant will be made available immediately
after the purchase, unless there is any special circumstances.
In the case of a Specified Successor Financial Institution, if there is any change to thesettlement account, system, operational processing used to access JSCC’s clearing
services, access to JSCC’s clearing services would be made available as soon as JSCC
can confirm that there is no problem with the business execution structure related to thosechanges.

e)レゾルーションに入った清算参加者を買収した者や清算約定を引き継いだ特定承継金融機関等
は、当社の清算サービスへのアクセスにあたり、資金や証券の決済口座、清算参加者代表者及び決済業務責任者、CDS清算業務及び金利スワップ清算業務の場合は取引情報の報告に必要なLEI（Legal Entity Identifier）、CDS清算業務、金利スワップ清算業務及び国債店頭取引清算業務の場合は、各照合システムの利用に必要なIDなどの情報を当社に届け出る必要があります。
For a person purchasing a Clearing Participant in resolution, or a Specified Successor
Financial Institution, to access JSCC’s clearing services, they need to notify JSCC of therequired information, such as fund and securities settlement account, the representative ofClearing Participant and the person in charge of settlement operations, LEI (Legal Entity
Identifier) required for trade information reporting (for CDS and IRS Clearing Services), andID required for utilization of the trade affirmation platform (for CDS, IRS and OTC JGB
Clearing Services).

f)

当社の規則において、資格要件を満たさない者に当社の清算サービスへのアクセスを認める可能性を想定した規定はありません。
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Our rules do not have any provisions that envisage a permitted access to our clearing
services by any person who does not satisfy requirements for the qualification.
g)

特筆すべきものはありません。
Not applicable.

37. FMIs should consider the operational, technological, financial and legal implications
arising from the transfer of functions or positions to a successor (either a bridge
institution or a third-party purchaser). (FSB 2017 Guidance, 1.4)
a)What preparations are necessary in your circumstances for such a transfer to be
successful? What changes would be necessary for such a transfer to be
successful? Please consider any preparations and changes by the FMI as well as
by FMI members/service providers/others.

＜当社回答/ Responses＞
Part V-36. c)～e) に記載される口座やID等の変更の情報が当社に滞りなく連携できるような体制を整備しておく必要があると考えられます。
A structure that makes possible the smooth communication of information, such as the changeof accounts and ID described in Part V-36, c) – e), needs to be in place.
38. Portability/Transferability of underlying client positions, for example to facilitate a bridgeor partial transfer resolution strategy.
a)

For CCPs: Which kind of segregated accounts are offered to (underlying) clients tofacilitate the portability/transferability of client positions and securities collateral?
Do you envisage that there may be material barriers to the effective and timelytransfer of client positions following a decision to transfer the activities of themember in resolution to another member? If so, please explain.

b)

For ICSDs: Do you offer segregated accounts to (underlying) clients? Do you
envisage that there may be material barriers to the effective and timely transfer ofclient securities and cash to another custodian following a decision to transfer theactivities of the participant in resolution to another participant? If so, please explain.

＜当社回答/ Responses＞
a)

顧客のポジション及び証拠金について、当社では、上場デリバティブ取引においてはグロス・ベースで合算されたオムニバス顧客口座又は個別の顧客口座、CDS清算業務及び金利スワップ清算業務においては個別の顧客口座によって管理します。当社は、レゾルーションに入った清算参
加者のすべての顧客のポジション及び証拠金の包括的な移管に対応できる業務体制を確保しています（Part V-41をご参照ください。）。なお、現物取引の清算業務においては、当社は移管すべ
き顧客のポジション及び証拠金を保持しておらず、国債店頭取引清算業務においては、現状、参加者のアフィリエイト以外の顧客は存在しません。
Clients’ position and margin are managed at in gross omnibus client accounts or individual
client accounts, for the listed derivatives clearing service, and in individual client accounts
for the CDS and IRS clearing services. JSCC ensures there is an operational structure inplace that is capable of dealing with the full transfer of positions and margin of all clients ofa Clearing Participant in resolution (please refer to Part V-41). For your information, in the
cash securities clearing service, JSCC holds no customer positions/margins for transfer,and in the OTC JGB clearing service, there are no clients other than the affiliates of40

Clearing Participants.
b)

N.A.
39. Are there any further aspects or issues to mention in relation to interaction between the
FMI and the participant during or after resolution of the participant?

＜当社回答/ Responses＞
特筆すべきものはありません。
Not applicable.

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Part V: Arrangements and operational processes to facilitatecontinued access in resolution
40. The FMI should consider establishing management, monitoring and operational rules
and procedures that facilitate the ability of FMI management to make prompt decisions
in response to a service user's resolution (including a period when the FMI is closed
for business). (FSB 2017 Guidance, 1.4)

a)What procedures are in place to facilitate prompt decision making at any time?
What, if any, are the limitations?

b)What would be the likely range of decisions undertaken after receiving notice of aservice user entering into resolution? What market communications or notifications
to the regulator would be undertaken?

＜当社回答/ Responses＞

a)

清算参加者が破綻等をした場合の対処をまとめたマニュアルを整備しているほか、清算参加者の破綻等を想定した訓練を少なくとも年１回行い、関係者との連絡や社内のエスカレーション手続
きなどを確認しています。これらにより、必要な時に迅速な判断ができることを確保しています。
JSCC has put in place detailed procedures to manage a Clearing Participant default. Also,
JSCC conducts “fire drill” at least annually, assuming a Clearing Participant default, to test
these procedures and confirm communications with parties involved and the internal
escalation process. Thereby, JSCC can ensure prompt decision making.

b)

清算参加者がレゾルーションに入る旨の連絡を受けた場合、当社は速やかに当社の本国監督当局及び必要に応じて当社の海外監督当局と連絡や情報交換を行うとともに、決済不履行のおそれや支払不能のおそれがあると判断した場合には、その状況に応じた必要な措置（Part II-8及び9をご参照ください。）を行います。
When JSCC receives notification that a Clearing Participant has entered into resolution, we
would promptly communicate and exchange information with our domestic supervisory
authorities and, if necessary, overseas supervisory authorities. When JSCC determinesthat there is a likelihood of settlement failure or inability to pay, we would take anynecessary measures depending on the situation (please refer to Part II-8 and 9).

41. In line with the Key Attributes,13 FMIs should regularly test the effectiveness of theirrelevant rules, contractual arrangements and procedures in responding to a resolution
scenario of a participant.
a)

How do you test these contingency arrangements? How do you take participantsin resolution into account in those contingency arrangements?

b)

How do your rules facilitate the transfer of positions of a client of a service user inresolution to another service user of the FMI, as applicable?

＜当社回答/ Responses＞
a)

当社では、少なくとも年１回、各清算業務において、清算参加者をはじめとする業務関係者が参42

加する破綻処理演習（ファイヤー・ドリル）を行い、清算参加者が決済不履行や破綻又はそれらのおそれがある場合の各種アレンジの実効性を確認しています。
At least once per year, each of JSCC’s clearing services conducts a “fire drill”, in which
Clearing Participants and other parties involved in JSCC’s operation participate, to confirm
the feasibility of various arrangements to manage a Clearing Participant’s settlement failure
or default, or when there is a likelihood of such settlement failure or default.
b)

当社では、清算参加者がレゾルーションに入ったことのみをもって当該参加者の顧客のポジショ
ン移管を認めない規定はありません。清算参加者に決済不履行や破綻等又はそれらのおそれがあり必要な措置を講ずる場合であっても、その顧客の円滑なポジション移管に配慮します。
JSCC has no rules that do not allow clients’ position transfers solely due to a resolution of
the Clearing Participant. Even in the case where JSCC takes necessary measures upon a
Clearing Participant’s settlement failure or default, or their likelihood, we would give properconsideration to the smooth position transfer of its clients.
42. How do you test members’ readiness of arrangements for meeting increased
information and communication requests (beyond those required in BAU) that will beneeded prior to and during resolution? Which disclosures do you require from membersin this regard?

＜当社回答/ Responses＞
当社では、少なくとも年１回、各清算業務において、清算参加者をはじめとする業務関係者が参加する破綻処理演習（ファイヤー・ドリル）を行い、清算参加者が決済不履行や破綻又はそれらのおそれがある場合に想定される連絡や情報交換の実効性を確認しています。
At least once per year, each of JSCC’s clearing services conducts a fire drill, in which Clearing
Participants and other parties involved in the operation participate, to confirm the feasibility ofcommunications and information sharing expected at the time of a Clearing Participant’s
settlement failure or default or their likelihood.
43. Are there any further aspects or issues to mention in relation to arrangements andoperational processes to facilitate continued access in resolution?
＜当社回答/ Responses＞
特筆すべきものはありません。
Not applicable.

43