第2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 — 2nd 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 rendering of the Secretariat's internal version (the minutes of the 2nd session as set out in the body of the email of 25 July 2025). 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 (Scope of the English text): In the source record, the English text is not a translation of the Japanese minutes. It was written separately by the Secretariat as an "English High-Level Summary" of the same session. Differences in granularity between the Japanese and English sections originate in the source record and have not been filled in here.

English High-Level Summary of the 2nd FIAJ Ops Committee Session on Futures Clearing

1. Meeting Overview

2. Proceedings

2.1 Introductions

• Use Group address to reach out to the "Core group" (opecom@fiajapan.org)
• Contact FIAJ Office if you require any individual member E-mail address

2.2 Response to Public Comments on Currency Futures Listing

• See attached file (Japanese)

2.3 Item Progress Status

(1) Average Price — GS, MS

• Currently implementing a survey of brokers/trust banks on their own calculation logic/formula. Deadline for responses is end of month of July. As of today, 40% of responses are in.
• Issue: depending on the calculation method, some small (~JPY 1) discrepancies arise.
• Target: propose standardized guidelines on how to calculate (JSDA doesn't currently have such detailed guidelines)
• Trust Bank comment: the only amount that really matters is having a match on the settlement amount (this is the same for all other financial products)
• Other comment: the same "small" discrepancy issue is happening following the introduction of the Invoice System in Japan.
• Next steps: to complete survey by month end and share results/recommendations with the Group.

(2) Position Close FIFO — JPM, Citi

• Survey result: Most parties (80%) use FIFO logic already, from oldest to newest and with price priority. That said, 20% don't use FIFO and operate manually.
• Broker A Comment:
  • We wish for FIFO only to apply and have been advocating for this change for over 10 years. Though JPX/OSE has already amended its rules to make this possible, the FIEA would also need to be amended (Tony comment: same with CDA for some commodities?)
  • Asset Managers are opposed and want to keep the current status. This may be due to their "legacy systems" whereby any change would mean having to upgrade their entire system
• The Group agreed to include them in future discussions once a consensus is reached as to the best way to move forward with this issue.
• Next steps: All Ops members to research what issues/hurdles there are to make FIFO an industry standard (eg: legal such as FIEA?, Asset Manager systems?) and report at the next Ops meeting.

(3) Interpretation of law pertaining to margin reconciliation for domestic F&O accounts — Yanagisawa (Citi)

• Brokers need to pay margins by the set deadline or risk falling under "default" (except if system problem). So brokers need to do same with customers (as a "one-way" contract – ie: no choice offered to the customer).
• It was proposed to consider introducing a "tri-party rule/agreement" to simply disregard discrepancies in an amount less than 100 yen (most discrepancies are actually around 1 yen) and rely on the broker-issued amount. Overseas market have been operating that way, treating the discrepancy as miscellaneous Expense/Revenue.
• Ops Members were favorable to the idea. It was noted that non-residents trading in Japan already have access to such practice.
• Next steps: All members to research industry practices overseas and/or with other financial products (is there any rule in place?). To report at the next meeting.

(4) Rationalization of items included in trade report — MTBJ, CBJ

• The report only includes 10 items that are not particular to Japan: type of trade, fund ID, time stamp, broker ID, unit price, number of contracts, fee
• It was however noted that some other items are Japan-specific, such as the flag "new" vs "close" for positions

(5) Post-trade trade matching — electronification — Broadridge

• F&O only has manual processes. This is hindering the development of the derivatives industry in Japan.
• Next steps: to ask vendors to present actual solutions through case studies at the next Ops meeting (Broadridge, NRI, Osttra etc)

3. Next Meeting

• Next meeting: Target August

Supplementary note from the covering email: The Secretariat proposed the week of 25–29 August 2025, 17:00–18:00, at the Citigroup office (Zoom available), with an optional social gathering from 18:15. The scheduling poll URL and the Secretariat's personal contact details have been omitted from this public version.

Reference: Attendee List

Individual names are withheld except for the Chair, the Secretariat, and the chairs of other FIAJ committees. Participating organizations, attendance mode (in-person/online), and row count (= number of participants) are preserved as in the source. Where the source does not state an affiliation, this is shown as "(no affiliation stated)" — no affiliation has been inferred.

In-person Participants (12)

Online Participants (6)

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