第12回 FIAジャパン オペレーション委員会 議事録（公開版）FIA Japan Operations Committee — 12th Meeting Minutes (Public Version)

Note (Chatham House Rule): This record has been prepared under the Chatham House Rule; statements that would identify individual speakers have been removed. With the exception of the Chair (Shun Yanagisawa), the Secretariat (Tony Crane), the chairs of other FIAJ committees, and the Webmaster (David Wilkinson), neither individual names nor organization names are recorded. No substantive content — what was discussed or decided — has been altered.

Note (Status of this public version): This public version is not a verbatim translation of the Secretariat's internal final version. Wording has been deliberately altered to apply the Chatham House Rule. Substantive content — what was discussed and decided — matches the internal version, but word-for-word equivalence is not intended.

1. Meeting Overview

2. Executive Summary

This was a regular meeting of the FIA Japan Operations Committee, focused on advancing the standardization of domestic futures post-trade operations. The three primary agenda items were as follows:

1. FAMF Participation Report: A committee member attended the Foreign Asset Management Forum (FAMF) on June 10 and presented the committee's White Paper and the consolidated summary of Sessions 1–10 to an audience of 21 global foreign asset management firms. It was decided that FIA Japan would proceed with collecting feedback on the White Paper and conducting a survey.

2. Industry Questionnaire (v4) Review, Update, and Distribution: Based on the attached Questionnaire v4 (covering position settlement methods and average unit price calculation methods across overnight sessions, comprising five questions in total), JPM, JASDEC, and the Secretariat will collaborate on updates. Agreement was reached on confirming legal terminology (with Mr. Ohashi, Chair of FIA Japan LCC), obtaining FIA Japan Board of Directors (BoD) approval, and distributing the questionnaire with a response deadline of end of August.

3. FIA Japan Website Update: It was confirmed that meeting minutes and related materials would be added to the website, and a design update would proceed subject to approval from FIA and FIA Japan.

3. Review of Previous Minutes (11th Meeting)

3.1 Accuracy Improvement of the Consolidated Summary (Sessions 1–10)

A committee member raised the need to review and improve the accuracy of the consolidated summary covering Sessions 1 through 10. Emphasis was placed on the importance of accurately documenting past discussions and plans, particularly details related to Phase 3 (including items marked "TBD").

Action: Shun Yanagisawa (Citigroup / Chair) will take ownership of revising the consolidated summary. The Secretariat will provide support.

3.2 Approval of the 11th Meeting Minutes

The 11th meeting minutes were reviewed by all participants and approved with no amendments required.

4. Report on Participation in the Foreign Asset Management Forum (FAMF)

A committee member attended the FAMF (held on June 10) as a representative of the Operations Committee and presented the committee's White Paper and the consolidated summary of Sessions 1–10 to 21 global foreign asset management firms. As a next step, it was decided that FIA Japan would collect feedback on the White Paper and conduct a survey.

• Another committee member: Discussed the importance of standardization efforts at the foreign firm forum and the need to conduct hearings with domestic industry associations. Noted that foreign firms, being well-versed in global standards, should take the lead.

• Discussion on the Post-Trade Standardization Questionnaire: The questionnaire on position settlement methods and average unit price calculation methods was also discussed, and participants confirmed the importance of collecting feedback on current processing practices.

5. Industry Questionnaire (v4) — Review, Update, and Distribution

5.1 Overview of Questionnaire v4

The Questionnaire v4 shared at this meeting covers the following questions:

Note on Overnight Trading (from Q④ diagram): Based on OSE trading session structure (night session: 17:00–06:00 the following day; daytime morning session: 08:45–15:45, etc.), two patterns illustrating which trades are considered "same-day trades" are provided. Respondents should select the pattern closest to their current practice and describe any transition plans accordingly.

5.2 Questionnaire Update Items

JPM, JASDEC, and the Secretariat will collaborate on the following updates to Questionnaire v4:

5.3 BoD Approval and Distribution Plan

Chair's Note (Yanagisawa): All parties to continue deliberating on the approach for outreach to domestic asset management companies and other relevant stakeholders.

6. Standardization of Average Unit Price Calculation Methods (Ongoing from Previous Meeting)

6.1 Current Vendor Status

Vendor-by-vendor status on calculation methods confirmed through the 11th meeting (for continued reference):

Committee Position: Broad agreement that the unit price method should be designated as the recommended industry standard for both unrealized and realized P&L calculations. Preparation for rollout to JSDA and relevant regulators to proceed.

6.2 Next Steps (Goldman Sachs)

• Develop explanatory materials promoting the unit price method as the recommended standard, and advance preparations for rollout to JSDA and other stakeholders.
• Continue finalizing the realized P&L calculation logic in parallel with questionnaire update work.

7. FIA Japan Website Update (Yanagisawa / Secretariat)

• Meeting minutes and other materials related to committee activities will be added to the FIA Japan website.
• Website design updates will proceed upon obtaining approval from FIA and FIA Japan.

8. Other Business

8.1 Future Outreach to Domestic Asset Managers and Stakeholders

All participants agreed to continue deliberating on the approach for future outreach to domestic asset management companies and other relevant stakeholders. A concrete plan will be discussed at subsequent meetings.

9. Key Decisions

10. Action Items

11. Agenda Outlook for Next Meeting

Next Meeting: Tuesday, July 14, 2026 — 13:00 JST (In-person + Zoom)

12. Issues Progress Tracker

Reference: Attendee List

Individual names are withheld except for the Chair and Secretariat. Participating organizations, attendance mode (in-person/Zoom), and row count (= number of participants) are preserved as in the source.

These minutes are a record of the discussions held during the meeting. Please direct any corrections or amendments to the Secretariat (Tony Crane).