第9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 — 9th 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

2. Executive Summary

• Formal Approval of the White Paper: The White Paper was approved unanimously at the FIA Japan Board of Representatives meeting on February 19 and is now a formal document. The committee now enters a phase of rolling it out to asset managers and others, and of collecting public comments toward industry standardization.

• Progress Toward Agreement on "Trade Date"-Based Processing: It was confirmed that T-STAR's FIFO processing, as well as the systems and rules of both the exchange (OSE) and JSCC, are all built on a "trade date" basis. This corroborates that the committee's direction (processing on a trade-date basis) presents no issues.

• Narrowing Down the Average Unit Price Calculation Logic: While it is difficult to find a single calculation formula common across firms and vendors for realized P&L, it emerged that unrealized P&L can likely be unified under the "unit price method." Responding to asset managers' request to "settle on one method rather than maintaining several," the committee will proceed toward a single recommended method based on the specifications of the major vendors.

3. Main Agenda Items and Discussion

3.1 Resolution on the White Paper, Subsequent Rollout, and Media Handling

• The White Paper was formally approved at the Board of Representatives meeting on February 19. It will now be rolled out broadly to asset managers, securities firms, and vendors that do not participate in this committee, in order to build consensus.

• Global Coordination: The Secretariat (Tony Crane) shared the White Paper with counterparts at FIA Global at the FIA BOCA conference. An in-person meeting is also being arranged to coincide with the FIA Tokyo Forum on September 10.

• Method for Collecting Public Comments: Comments will be collected through two channels in parallel — an open call for opinions via a form on the FIA Japan website, and individual email correspondence where anonymity and finer nuances matter. For email feedback, the committee will consider creating a dedicated address and aggregating responses automatically using AI or similar tools.

  • Form on the FIA Japan website: Public Comment | FIA JAPAN https://www.fiajapan.org/public-comment-01
  • Dedicated address for feedback: comment@fiajapan.org

• Media Handling: If media inquiries are received going forward, please comply with each firm's own policy and escalate any formal response to the FIA Secretariat.

3.2 Updates on Action Items

(1) Fact-checking of FIX definitions (JASDEC)

• No significant update this time; the approach will be considered and reported at a subsequent meeting.

(2) Survey of buy-side OMS specifications, including T-STAR (NRI)

• T-STAR's FIFO processing is designed to produce output on a "trade date" basis, which was confirmed to be consistent with the committee's intended direction of trade-date-based processing.

(3) Confirmation of processing at the exchange and JSCC (OSE, JSCC)

• It was reconfirmed that both OSE and JSCC are built and operated on a "trade date" basis, in terms of both rules and systems, and that the committee's standardization direction raises no particular issues (system impact, etc.).

(4) Comparison and consolidation of average unit price logic (Goldman Sachs, JP Morgan)

• A comparison of the standard specifications of the major vendors (FIS and NRI) produced the following findings:
  • Realized P&L: FIS employs a hybrid approach close to the amount method (including line-by-line truncation), making it difficult to find a calculation formula common with NRI's method.
  • Unrealized P&L: FIS's method and NRI's "unit price method" are likely to align.
• Direction: Because asset managers strongly prefer "settling on one method rather than maintaining several," a final confirmation will be carried out with NRI's cooperation using a common sample portfolio, and the "unit price method" for unrealized P&L will be prioritized as the recommended method in the guidelines. The guidelines are to be drafted on the basis of the specifications of the major vendors (I-STAR / T-STAR / FIS).

3.3 Preparation of the Hearing Sheet for Asset Managers (JP Morgan)

• A sheet will be prepared to survey asset managers, in a standardized format, on their current practices and the background thereto regarding position settlement (FIFO and others), including the treatment of overnight trades and of execution date versus trade date.

• The sheet will include questions designed to draw out underlying reasons such as "why are overnight trades separated?" and "why is it necessary to cut off at the execution date?" Proposed questions are invited from all members.

• A committee member proposed making use of the information-exchange forum among foreign asset managers (led by GSAM and others). The committee will also consider using this forum to conduct hearings with foreign asset managers collectively.

4. Note on Personnel Changes (withheld in this public version)

At this point the source record contains references to changes of personnel at participating firms. As these constitute internal circumstances from which individuals could be identified, they have been omitted from this public version. They have no bearing on the committee's agenda items, decisions, or action items.

5. Action Items Going Forward

6. Next Meeting

Reference: Attendee List

Individual names are withheld except for the Chair and Secretariat. Participating organizations 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).