On September 12, 2025, Japan Securities Clearing Corporation (JSCC) received a regulatory authorization from the U.S. Commodity Futures Trading Commission (CFTC), the U.S. regulator, allowing JSCC, under certain conditions, to expand the clearing services of JPY interest rate swap (JPY-IRS) to customers which fall under the CFTC’s definition of U.S. person (hereinafter referred to as “U.S. Customers”). The authorization also exempts JSCC’s Clearing Members clearing JPY-IRS for U.S. Customers from the requirements to register as Futures Commission Merchants (FCM) or Commodity Trading Advisors (CTA), subject to certain conditions. JSCC may continue to clear JPY-IRS for the proprietary accounts of U.S. persons - e.g., U.S. and non-U.S. affiliates of any clearing members, U.S. clearing members and the CFTC-registered FCMs.

With this determination, U.S. Customers can now access the clearing venue with the deepest liquidity for JPY-IRS, ensuring that they are on a level playing field with their non-U.S. peers and U.S. swap dealers.

JSCC will continue its efforts for the global deployment, and to enhance the efficiency, of its Clearing Services, to respond to global investors’ JPY interest rate risk hedging needs.

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