INTERNATIONAL: JSCC Receives CFTC Authorization to Expand Clearing Services for JPY Interest Rate Swaps

Wednesday September 17 2025

On 16^th September 2025, Japan Securities Clearing Corporation (JSCC) received a regulatory authorization from the U.S. Commodity Futures Trading Commission (CFTC), the U.S. regulator, allowing JSCC, under certain conditions, to expand the clearing services of JPY interest rate swap (JPY-IRS) to customers which fall under the CFTC’s definition of U.S. person (U.S. Customers).

The authorization also exempts JSCC’s Clearing Members clearing JPY-IRS for U.S. Customers from the requirements to register as Futures Commission Merchants (FCM) or Commodity Trading Advisors (CTA), subject to certain conditions.

With this determination, U.S. Customers can access the clearing venue with the deepest liquidity for JPY-IRS, ensuring that they are on a level playing field with their non-U.S. peers and U.S. swap dealers.

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