GFI Group is honoured to have been asked by the Japan Securities Clearing Corporation (JSCC) and Tokyo Stock Exchange (TSE) to join the Working Group set up in May for the design of a central counterparty to clear over-the-counter derivatives.
The JSCC and TSE Working Group, set up in accordance with the report released from the Study Group on post-trade processing of OTC derivatives trades on 27 March 2009, is comprised of 16 members. GFI Group, through its subsidiary GFI Securities Limited -Tokyo Branch, is the only inter-dealer broker serving in the Working Group. Other members are major Japanese and international banks and securities houses.
The objective of the Group is the creation of a detailed central counterparty functionality for the purpose of launching a clearing service for interest rate swaps (IRS) and credit default swaps (CDS).The JSCC will develop clearing operations for OTC derivatives trades based on the conclusions of the Working Group.
L.D.