The Japan Government Bond Clearing Corporation(JGB CCP) is set to release further details of how it will operate in January 2005. System specifications will be released the following March, and the JGB CCP will actually open for business in May 2005.
A spokesman for Sumitomo Mitsui Banking Corporation (SMBC) in Tokyo says that, if all the transactions among broker-dealers are cleared by the JGB CCP, the total transaction volume is expected to be approximately JPY 4,676 trillion – or around 1.55 million transactions per annum.