JSCC picks Calypso for collateral management
27 February 2014 Tokyo
Image: Shutterstock
The Japan Securities Clearing Corporation (JSCC) has gone live with the Calypso Technology system for client clearing of JPY interest rate swaps and collateral management.
JSCC launched its voluntary client clearing service with the support of Japanese dealers ahead of the Calypso mandate. Dealers that have signed up to offer client clearing include Citi, Mizuho, Morgan Stanley MUFG, Nomura and RBS.
The new client clearing service includes drip-feed clearing (near real-time), real-time integration with members and affiliates for clearing status, request for consent, and collateral deposit/withdrawal. The enhanced service covers clearing of both amortised swaps and accreting swaps.
The Calypso collateral management system will enable JSCC to provide real-time headroom checks on segregated accounts. By segregating clients’ accounts from member banks, JSCC will provide additional security to accounts, reducing their counterparty risk.
Takeshi Hirano, director and strategic planning head of the OTC derivatives clearing service at JSCC, commented: “The launch of our client clearing service is an essential step for JSCC in expanding its service line in OTC derivatives clearing. Calypso's state-of-art technology and flexible platform has significantly contributed to our smooth migration from the current dealer-to-dealer environment to accommodate the wider range of customer services.”
JSCC launched its voluntary client clearing service with the support of Japanese dealers ahead of the Calypso mandate. Dealers that have signed up to offer client clearing include Citi, Mizuho, Morgan Stanley MUFG, Nomura and RBS.
The new client clearing service includes drip-feed clearing (near real-time), real-time integration with members and affiliates for clearing status, request for consent, and collateral deposit/withdrawal. The enhanced service covers clearing of both amortised swaps and accreting swaps.
The Calypso collateral management system will enable JSCC to provide real-time headroom checks on segregated accounts. By segregating clients’ accounts from member banks, JSCC will provide additional security to accounts, reducing their counterparty risk.
Takeshi Hirano, director and strategic planning head of the OTC derivatives clearing service at JSCC, commented: “The launch of our client clearing service is an essential step for JSCC in expanding its service line in OTC derivatives clearing. Calypso's state-of-art technology and flexible platform has significantly contributed to our smooth migration from the current dealer-to-dealer environment to accommodate the wider range of customer services.”
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