First electronic yen swap cleared ahead of mandate

Japan Tokyo night 230px
By Hazel Sheffield
25 Jun 2014

The first electronically-traded and cleared yen swap with a Japanese bank has been executed. The transaction between Bank of Tokyo Mitsubishi and Deutsche Bank used an intention-to-clear facility provided by Tradeweb to indicate that it would send the trade to the Japan Securities Clearing Corporation for clearing.

Electronic trading of yen swaps is not yet mandated in Japan, but institutional investors are getting ready for rules that start in September 2015. The Tradeweb facility allows swap traders to choose, prior to the trade, the clearinghouse and clearing member they would like to use to clear ...

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