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APAC’s First Yen-Dominated IRS Clearing Organisation: Catalyst Congratulates the Japan Securities Clearing Corporation

Catalyst Development Limited, today congratulated the Japan Securities Clearing Corporation (JSCC) on becoming the first clearing organisation in the Asia-Pacific region to clear yen-denominated IRS. This follows JSCC’s decision to commence clearing yen-denominated Interest Rate Swaps (IRS) from 9 October 2012.

A dedicated Catalyst team has been based at JSCC Tokyo since the beginning of the OTC IRS Clearing project in September 2011 and Catalyst have advised JSCC throughout the process, deploying specialists in all aspects of clearing, including risk management, regulation, operations, settlement and technology.

Christian Lee, Catalyst's Head of Risk & Clearing says “it is a significant achievement to deliver this service in time to meet regulatory deadlines. This is a major step for JSCC and we are delighted to have been able to support their realisation of a world class clearing service that conforms to global regulatory standards. I am particularly proud that the Catalyst team have helped design and engage with market participants to deliver a solution that strengthens the post-trade infrastructure for the Japanese OTC market. We look forward to continuing to assist and support JSCC in the ongoing expansion of the scope of their clearing service and to ensuring that our knowledge and experience continues to transfer into the project, so that these important developments have a strong and sustainable legacy.”