第13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 — 13th 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 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.

Note (Reference translation): The English text below is a reference translation prepared for the website. The Secretariat's official record for this meeting exists in Japanese only.

1. Meeting Overview

Note on attendance figures (corrected): The source header stated "30 participants total (In-person: 12 / Zoom: 18)," but the attendee list in the same minutes (§15) contained one duplicated row in the online section. The Secretariat, which prepared the source minutes, confirmed on July 30, 2026 that this was a duplicate, so the figures have been corrected to 29 in total (12 in person + 17 online) and the duplicated row has been removed from §15. The source itself is preserved without alteration.

2. Executive Summary

At the 13th meeting, the following principal agenda items were discussed and agreed.

1. Preparation for publication of past minutes: Confirmed that the minutes and agendas of Sessions 1–12 will be revised and reconciled, and prepared for publication on the FIA Japan website under the Chatham House Rule.
2. Finalization and distribution of the questionnaire (v4): For the questionnaire on domestic futures post-trade standardization, the phrase "consolidate into Pattern 3" will be revised and reframed as "two to three standard patterns." The policy on anonymizing vendor names was confirmed, and the response deadline was set to end of September. Revisions to be completed this week, with distribution beginning early next week.
3. Preparation for FIA Forum Tokyo (September 10): Ahead of the first Tokyo event in two years, the committee confirmed the approach to inviting a guest of FSA Commissioner rank, the panel composition, and coordination with Japan Week. Yanagisawa is expected to serve as moderator.
4. Coordination with the Settlement Matching System Advisory Committee: The futures standardization activities will be introduced at the Advisory Committee meeting on July 15, and the Advisory Committee materials will be distributed and publicized to users of the settlement matching system (including 39 domestic and overseas asset management firms).
5. Continuation of the Chair: Confirmed that Yanagisawa will serve one additional term as Chair and hand over to a successor next year.

3. Review of the Previous Meeting (12th) and Carry-Over Items

3.1 Principal carry-over items from the 12th meeting (June 23, 2026)

• Accuracy improvements to the consolidated summary of Sessions 1–10 (revisions based on input from a committee member) have been completed.
• The opening section of Questionnaire v4 (background, purpose, and definition of standardization) was added, completing Rev3.
• Vendor hearings regarding standardization of average unit price calculation methods are ongoing.

4. Agenda Item 1: Preparation for Publication of Past Minutes and Agendas

4.1 Background and Purpose

To improve the transparency of committee activities and strengthen dissemination to the industry, the minutes and agendas of Sessions 1–12 will be published on the FIA Japan website.

4.2 Principal Points Confirmed

• Completion of revision work: Reconciliation of inconsistencies across the minutes and summaries for Sessions 1–12 has been completed.
• Application of the Chatham House Rule: Individual names will be withheld and wording revised to avoid identification.
• Publication approval: Formally approved by the FIA Japan Board of Directors.
• Operating arrangement: Tony (Secretariat) and David, the Webmaster, will work together to carry out the website update.
• Handover schedule: As the Chair will be unavailable for a period, the handover of materials is to be completed this week.

5. Agenda Item 2: Finalization and Distribution Plan for the Questionnaire (v4)

5.1 Overview of the Questionnaire

Final review and the distribution plan were discussed for the industry hearing questionnaire (v4 Rev3) on domestic futures post-trade standardization.

5.2 Principal Revisions

5.2.1 Revision of wording on position settlement logic

• Before: The phrase "consolidate into Pattern 3"
• After: "Organize into two to three standard patterns"; "recommend oldest trade date first, and within the same day, lowest price first"
• Rationale: In the discussions of November–December 2025, the shared direction was to develop two to three patterns as standard guidelines, premised on logic that could be commonly provided on the buy side (primarily FCMs). The specific phrase "Pattern 3" therefore risks being misunderstood.
• Locations revised: Page 2 heading, table wording, Appendix, and the standardization definition page

5.2.2 Policy on vendor names

• Background: Two vendors are not participating in the activity and have already been anonymized (referred to as Company A / Company B). Concerns were raised about the balance of naming Istar, FIS, and NRI explicitly.
• Policy: FIA will confirm with each vendor whether it may be named. Where confirmation is not obtained, the conservative approach is to withhold the company name and generalize it as "Company C," "Company D," and so on.
• NRI's response: NRI will respond after internal confirmation. A request was made to confirm whether it may be listed on page 7, "Current status of major vendors."

5.2.3 Adding a question on double matching

• Current state: The question on double matching is not included in item 3 on page 1.
• Hearing results: MTBJ does not require it; CBJ requires it in part. Whether matching is required, and which items are matched, varies with product classification (tokkin / investment trust / non-investment trust) and with the system used.
• Policy: Distribute the current version formally and early, then add the "double matching issue" and similar topics as follow-up questions.

5.2.4 Setting the response deadline

• Initial proposal: End of June
• Revised: End of September
• Rationale: To secure a sufficient response period following promotion.

5.3 Distribution Plan

5.3.1 Distribution channels

• FIA Japan website: Post the questionnaire and provide an online submission facility.
• Email distribution: Bulk distribution to approximately 200 FIA Japan members.
• On-site distribution and on-screen display: Share with participants by email attachment, on-site handout, and on-screen display.

5.3.2 Response methods

• Primary: Web form (prepared by the Secretariat)
• Alternative: Email responses (including Word/PDF) also accepted

5.3.3 Schedule

• This week: Complete revisions covering "patterns," "double matching," "deadline," and "anonymization policy"
• Early next week (after Marine Day): Begin distribution
• End of September: Response deadline
• Reminder plan: Three reminders — immediately after distribution, mid-period, and just before the deadline

5.4 Structure of the Questionnaire

• Opening section: The need for standardization, and a summary of the committee's history and agreed items (page 8 onward)
• Vendor status: T+1, I+1, FIS, and Vendors A/B organized through voluntary hearings
• Comparison of domestic and overseas practices: Proposals for alignment with global standards
• Overview of relevant regulations: Article 9 of the Osaka Exchange brokerage agreement standards, Article 158 of the Cabinet Office Ordinance under the FIEA, and JSDA guidelines
• JSDA follow-up: The "Guidance on the Use of Average Unit Price" is centered on cash products and insufficient for futures; a request to add futures annotations is planned for the next phase
• A-5: Notes on the questionnaire
• A-6: Listing of participant names and company names, the FIA Japan logo, and an FIA Japan overview with QR code

6. Agenda Item 3: Coordination with the Settlement Matching System Advisory Committee

6.1 Overview

• Date and format: July 15, in-person + online
• Reporting party: A committee member
• Content: Introduce the futures standardization activities and the questionnaire submission policy using prepared materials

6.2 Expected Participants

• 21 Advisory Committee member firms, including domestic asset management Advisory Committee firms (Nomura Asset Management, Amova)
• A total of 39 domestic and overseas asset management firms use the settlement matching system
• Another committee member is expected to attend

6. Advisory Committee — Distribution and Publicizing of Materials

• Recipients: A channel limited to users of the settlement matching system (669 domestic trading users)
• Timing: Mid to late August (after the Advisory Committee meeting)
• Materials: The minutes and the Settlement Matching Advisory Committee materials
• Publication of Q&A comments: Confirm with Yanagisawa whether the comments of another committee member may be included in the minutes

7. Agenda Item 4: Domestic Futures Post-Trade Standardization (Position Settlement / Questionnaire)

7.1 Target Area

Standardization of position settlement methods (FIFO, gross positions, average unit price). The concepts of trade date and execution date, and the interpretation of "same day" under the FIEA, are complicating factors.

7.2 Principal Points of Discussion

7.2.1 Interpretation of "same day"

• Issue: Whether "same day" means the trade date or the execution date, or whether it can be treated as the trade date.
• Action taken: Following input from another committee member, a request for interpretation has been submitted to the FIA legal community.
• Legal and Compliance Committee: The matter is to be deliberated at the Legal and Compliance Committee convened by Mr. Ohashi of GT immediately after this meeting (Tony to attend; Yanagisawa expected to be absent due to travel).

7.2.2 Provisional compliance view

• View: There is a view that "same day" equals the trade date, but rigorous legal consistency across the industry is required.
• Future work: Consistency must be secured across exchange-traded products generally, including futures and equities, taking into account 24-hour cash trading and extended night sessions.

8. Agenda Item 5: Preparation for FIA Forum Tokyo (September 10)

8.1 Overview

• Date: September 10, 2026
• Venue: Tokyo Stock Exchange Hall
• Frequency: First Tokyo event in two years
• Past results: More than 200 attendees, with a high proportion from overseas
• Registration: Free of charge; registration expected to open on or after July 17

8.2 Program

• Panels: Two
• Keynote: A guest of FSA Commissioner rank has been approached (inquiry pending with the FSA Commissioner)
• Alternate guest: Under adjustment, as the JPX candidate is unavailable

8.3 Roles of Those Involved

• Head of FIA APAC: Contact made
• Yanagisawa: Expected to serve as moderator
• Head of FIA Operations: Attendance not yet confirmed; availability for September being reconfirmed

8.4 Scale Comparison

• Singapore: Approximately 2,000 attendees
• Japan: Approximately 200 attendees

8.5 Coordination with Japan Week

• Publicity: The September 10 FIA Forum is expected to be announced on the FSA website
• Japan Week: More than 10 events anticipated
• Firm-hosted events: Private events may also be registered
• Registration contact: The FSA officer in charge (with a further FSA officer as backup)
• Past results: A Citi event was also registered last year
• FIAJ event registration: Possible

9. Agenda Item 6: White Paper and Feedback

9.1 Current Status

• Comments have been requested three or four times on the review date, but none have been received.
• The Head of FIA Operations' attendance at the September FIA Forum is being confirmed.
• Yanagisawa will also make contact.

10. Agenda Item 7: Continuation of the Chair

10.1 Decision

• Yanagisawa will serve one additional term and hand over to a successor next year.
• Approved with no objections.

11. Other Business

11.1 Zoom disruption

• A Zoom disruption occurred during the meeting; the meeting continued after service was restored.
• The impact was minor.

12. Key Decisions

13. Action Items

14. Plans for the Next Meeting

14.1 Next meeting

• Date: Around September 10, 2026
• Format: In-person format under consideration
• Venue: Being sought
• Notes: August will be skipped due to the summer holiday period. The schedule will be fixed subject to the Head of FIA Operations' availability to travel to Japan.

14.2 Principal expected agenda items

• Report on the status of questionnaire responses
• Report on FIA Forum Tokyo
• Progress on standardization of average unit price calculation methods
• Consideration of follow-up questions on the double matching issue

15. Reference: Attendee List

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

In person (12)

Online (17)

Note on the list (corrected): The online list in the source had 18 rows, one of which duplicated the same participant. The Secretariat, which prepared the source minutes, confirmed on July 30, 2026 that this was a duplicate, so the row has been removed, leaving 17, and the header at §1 has been corrected to 29 participants in total (12 in person + 17 online). The source itself is preserved without alteration.

16. Reference: Issues Progress Tracker (as of the end of the 13th meeting)

End of minutes

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