第8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 — 8th 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.

Note (Attendance discrepancy): The source text states "31 online participants" in the key-participants field, while the attendee list in the same minutes contains 25 rows as measured (5 in-person / 20 Zoom). Neither figure has been chosen over the other; both are preserved as they appear in the source.

Executive Summary

• White Paper Approval and Rollout: The White Paper consolidating the discussions to date on FIFO standardization, the new settlement classification, and average unit price processing is to be formally approved at the Board of Representatives meeting on February 19. Following approval, it will be disseminated to industry stakeholders to establish it as a shared industry position.
• Standardization of Average Unit Price Specifications: Work will continue on identifying the calculation logic in existing systems — NRI (I-STAR/T-STAR), FIS, Nomura Securities and others — with the aim of formulating a common specification that can serve as an industry standard.
• Divergence between the Definitions of "Execution Date" and "Trade Date": The committee confirmed the structural issue of the mismatch between "trade date" as used in the Japanese domestic futures market and "Trade Date" (execution date) as used in international standards such as ISO 20022.
• Direction Going Forward (Chair's Summary): By connecting the "three pieces" — verifying the facts of the FIX definitions, confirming the processing specifications of buy-side systems (T-STAR, etc.), and confirming the tolerance for date handling at the exchange and JSCC — the committee aims to produce a guideline centered on "trade-date-based processing," to reinforce the White Paper accordingly, and to communicate this to the industry.

1. Meeting Overview

Note: "31 online participants" is reproduced as written in the source. The attendee list at the end contains 25 rows as measured (5 in-person / 20 Zoom); the two figures conflict within the source. Both are preserved as they appear.

2. Recap of Background and Positioning of This Meeting (for Participants Joining Mid-Course)

From the 1st through the 3rd meeting, this committee identified issues such as the one-yen discrepancy problem and operational practices that have become idiosyncratic to Japan ("Galapagos" practices); from the 4th through the 6th meeting, it explored solutions.

This meeting serves as a milestone in the "structural reform (root cause analysis and gap identification)" phase, aimed at giving concrete form to recommendations for the industry as a whole.

3. Principal Agenda Items and Details of Discussion

3.1 Industry Rollout of and Advocacy for the White Paper

The White Paper, which incorporates the deliverables to date (standardization of FIFO into three patterns, migration of the new settlement classification to a post-determination method, etc.), will be put to a formal resolution at the Board of Representatives meeting on February 19.

Following the resolution, it will also be communicated to asset managers and securities firms that have not participated in the meetings, in order to establish it as a shared industry-wide position. Because the English version is primarily intended to address issues specific to the domestic market, it will be positioned as an internal explanatory document so as to avoid undue confusion at overseas offices.

Regarding the agreement to standardize FIFO into three patterns: is the understanding correct that we are narrowing the options in this table down to three patterns (2 + 3 + one other)?

3.2 Standardization Process for Average Unit Price Specifications

With unification around the "unit price method" also in view, existing specifications are being reconciled in order to formulate standard logic for average unit price and profit-and-loss calculations.

It was confirmed that information can be shared on the basis of the existing NRI (I-STAR/T-STAR) logic. Going forward, led principally by a committee member, the logic used by NRI, FIS, and securities firms that have already implemented these systems will be cross-checked in order to extract a common specification representing the greatest common denominator.

3.3 Mismatch between the Definitions of "Execution Date" and "Trade Date," and Global Standardization

The idiosyncratic ("Galapagos") nature of date definitions in the Japanese futures market was a principal point of discussion.

• Divergence from international standards: Under global standards, "Trade Date" refers to the execution date and "Processing Date" refers to the trade date; this conflicts with futures market practice in Japan (execution date = Execution Date, trade date = Trade Date).
• Historical background and current state: The Osaka Exchange explained the background to the concept, introduced into operational processing when the evening session was launched 26 years ago, of treating "the night session through the following day's daytime session as a single trade date." While statutory books and records require the "execution date," which is an actual calendar date, clearing and margin calculations at JSCC and elsewhere are performed on a "trade date" basis.
• Impact on the buy side: Some asset managers have built their FIFO logic, average unit price processing, and so on around the "execution date," which is the statutory requirement; migrating all of this uniformly to a "trade date" basis presents system-modification hurdles.

4. Chair's Summary and Direction to Be Pursued

Chair Yanagisawa presented a roadmap going forward based on the day's discussion. Participants will clarify the following "three pieces" and, by linking them together, aim for a fundamental resolution.

1. Verification of the facts regarding date definitions under international standards (FIX, etc.)
2. Understanding of how dates are actually handled in buy-side and vendor systems (T-STAR, etc.)
3. Final confirmation of whether any operational or regulatory issues exist on the exchange and JSCC side with respect to "trade date" and "execution date"

Once these are clear, the committee will consider whether it is feasible to produce an industry guideline stipulating "processing centered on the trade date" for average unit price calculations and FIFO logic.

Ultimately, participants set as a shared goal that the newly surfaced "date definition problem" also be incorporated into the White Paper as reinforcement, and that the issues and the path to their resolution be communicated forcefully to the industry as a whole.

5. Action Items

6. Next Meeting

• Date and Time: March 17, 2026, 11:30–12:30
• Format: Online (Zoom)

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.

(Measured row count: 5 in-person / 20 Zoom / 25 total. The discrepancy with "31 online participants" in the body text is preserved as it appears 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).