Foreigners resist Tokyo’s rules for clearing

International dealers are resisting the need to accept full liability in order to join a Japanese clearing house, arguing that this goes against practise in Europe and the US. The divide needs to be resolved before the Tokyo Stock Exchange is supposed to start clearing credit derivatives by June.

  • 15 Feb 2011

Disagreements between the Tokyo Stock Exchange (TSE) and international dealers over the level of liability that clearing members should have to a central clearing counterparty (CCP) could impact the bourse’s plans to start clearing credit default swaps, a senior executive at the TSE has told asiamoney.com.

Japanese dealers are ...

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Rank Lead Manager Amount $m No of issues Share %
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5 Standard Chartered Bank 12,864.13 73 5.19%

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5 Standard Chartered Bank 5,686.63 26 5.79%

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1 Bank of America Merrill Lynch 929.36 4 8.03%
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