INTERNATIONAL: JSCC Receives Swiss FINMA Recognition as Foreign Central Counterparty

Monday January 29 2018

On 26^th January 2018, the  Japan Securities Clearing Corporation (JSCC)  was recognised by the Swiss Financial Market Supervisory Authority (FINMA)  as a foreign central counterparty under Article 60 of the Financial Market Infrastructure Act (FMIA) (Note 1), which was adopted in January 2016.

The FMIA is a regulation which outlines the financial infrastructures for securities and derivatives transactions and how these apply to the market participants. The Regulation prescribes authorisation framework for OTC derivatives central counterparties based in foreign countries.

Under the FMIA, CCPs with Swiss clearing participants are required to obtain the foreign central counterparty recognition from the FINMA. Therefore this recognition by FINMA grants the JSCC the power to continue to provide its IRS clearing services to Swiss financial institutions.

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