FIAジャパン オペレーション委員会 総合サマリー（第1回〜第10回・公開版）FIA Japan Operations Committee — Consolidated Summary, 1st–10th Meetings (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 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 (Type of this document): This document is not the minutes of a single meeting. It is a consolidated summary that brings together the state of play reached across Sessions 1 through 10. The source document was last updated on 25 May 2026 and therefore does not reflect Session 11 or later.

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

Sessions 1–10 ｜ Aligned with the White Paper (North Star)

📌 Purpose of this document

1. To let mid-course and new-fiscal-year participants understand quickly why this committee exists, what has been discussed so far, and where things stand today.
2. To serve founding members as a memory aid and a check on the committee's trajectory.
3. To provide a base document for communication with stakeholders, in a form that can be shared both internally and externally.

⭐ North Star: the goal set out by the White Paper

"Standardization, automation, and global alignment"

Making Japan's domestic futures market a market the world chooses

Every discussion in this committee aims at this North Star. Even when the committee goes deep on a specific issue, it is important to keep returning to this direction.

The three major issues identified by the White Paper

The three-phase roadmap set out by the White Paper

Phase 1 (through 2026)      Phase 2 (through 2027)      Phase 3 (2028 onward)
        ↓                            ↓                          ↓
[Building the foundation]   [Embedding and adoption]    [Structural reform]
Industry guidelines          New market practice         Electronic matching
  - Average unit price rule   - Industry body consensus   - Use of the FIX protocol
  - FIFO standardization      - Standard agreement forms  - Achieving STP (T+0)
  - Open/close classification - Ending duplicate recon.   - Petition to revise regulation

The gap against the global standard (DMIST 30-30-30 rule)

📅 The whole picture: the arc from Session 1 to Session 10

Overview by phase

📋 Session-by-session summary (Sessions 1–10)

🔵 Session 1 ｜ 26 June 2025 ｜ Citi Otemachi Park Building

The starting point: confirming why this committee is needed, and deciding which issues to take on and who owns them

🔵 Session 2 ｜ 17 July 2025 ｜ GT Tokyo office / online

Breaking the issues down into concrete themes and starting surveys and interviews

🔵 Session 3 ｜ 26 August 2025 ｜ Citi Japan office

Identified that the issue is not the average unit price itself but the difference in calculation method. The amount method vs. unit price method problem comes into focus

🔵 Session 4 ｜ 19 September 2025 ｜ Zoom

Comparison of vendor workflows. Work begins on legal interpretation (FIEA and OSE rules)

🔵 Session 5 ｜ 21 October 2025 ｜ GS Tokyo office

🚨 A major turning point: the FSA, JASDEC, JPX/JSCC, and JPX/OSE all joined. Guideline drafting begins in earnest

🔵 Session 6 ｜ November 2025

🚨 A major agreement: FIFO Pattern 3 adopted as the industry standard. Drafting of the White Paper formally begins

🔵 Session 7 ｜ 20 January 2026 ｜ Morgan Stanley MUFG Securities meeting room / Zoom

Discovery of a new cross-cutting issue: "trade date vs. execution date". Agreement to coordinate with FIA Global

🔵 Session 8 ｜ 17 February 2026 ｜ Zoom

Confirming, from the regulatory and system sides, the support for the White Paper's recommendation of a "trade date" basis

🔵 Session 9 ｜ 17 March 2026 ｜ Zoom (23 attendees)

🚨 The most important milestone: the White Paper was formally approved (19 February 2026). Moving to the execution phase

🔵 Session 10 ｜ 21 April 2026 ｜ In person + Zoom (28 attendees: the largest to date)

Full rollout of the industry survey. First feedback received from asset managers. The consensus-building phase begins in earnest

🗺️ Where we stand (as at the end of Session 10)

[North Star] Standardization, automation, global alignment
             Toward "a market the world chooses"
                          ▲
                          |
      ┌───────────────────┼───────────────────┐
      ▼                   ▼                   ▼
   FIFO             Average unit        Process reform
   standardization  price unification   (open/close, reconciliation)
   ✅ Agreed         🔄 In progress       🔄 In progress
      ↑                   ↑                   ↑
      |                   |                   |
   Pattern 3        Unrealized P&L:      Legal analysis:
   (agreed in S6)   unit price method    OSE rules Art. 9
                    Realized P&L:        (completed in S6)
                    under adjustment (S9)

✅ Completed items

🔄 Issues in progress

⚠️ Future issues (out of scope, long term)

🔑 Progress tracker for the key issues (all 10 sessions)

🔍 Issue discovery / under discussion ｜ 📝 Approach under consideration / being drafted ｜ ✅ Agreed / decided ｜ 🚀 Being executed ｜ 🔄 Under follow-up

👥 How participation and the set of organizations evolved

💡 For those joining mid-course: Participation grew session by session, reaching 28 attendees at Session 10 — twice the size at inception. The core members (participants from Session 1) built the foundation of the discussion, and the exchange, the regulator, and asset managers joined on top of that as the committee grew.

📣 Communication framework: who, what, and how

📁 Document structure

FIAJ_OpsCo/
├── 📄 00_Consolidated summary (this document).md   ← shared with all, updated as needed
├── 📄 01_White Paper (Japanese) v2.1.pdf           ← internal rollout, for industry bodies
├── 📄 01_White Paper (English).pdf                 ← for FIA Global and overseas participants
├── 📁 02_Minutes/
│   ├── Session 1 minutes.md (26 June 2025)
│   ├── Session 2 minutes.md (17 July 2025)
│   ├── ...
│   └── Session 10 minutes.md (21 April 2026)
├── 📁 03_Draft guidelines/
│   ├── FIFO standard logic - agreement template.md
│   ├── Average unit price calculation method - guideline.md
│   └── Settlement amount difference (one yen problem) - guideline.md
├── 📁 04_Survey/
│   ├── Asset manager interview sheet.xlsx
│   └── Survey results (deadline end of June 2026).xlsx
└── 📁 05_Reference materials/
    ├── OSE brokerage agreement rules Article 9.pdf
    └── Materials relating to Article 158 of the Cabinet Office Ordinance.pdf

📌 Looking ahead to Session 11 (26 May 2026)

Items to confirm from the main action items of the previous session (Session 10)

A welcome message for new-fiscal-year and mid-course participants

If this is your first time joining This committee began in June 2025 with the aim of bringing "standardization, automation, and global alignment" to post-trade operations for domestic futures trading. After roughly a year and ten sessions of discussion, a White Paper that sets the industry standard was formally approved in February 2026. We are now in the phase of spreading that White Paper across the industry and embedding it as concrete guidelines. The detailed past discussions can be found in the minutes of each session, but reading this consolidated summary first will give you an understanding of where we stand and where we are heading. If anything is unclear, please feel free to contact Tony at the FIAJ Secretariat, or a core member (Yanagisawa / Citi, a committee member, or a committee member).

Last updated: 25 May 2026

Next planned update: 26 May 2026 (after Session 11) Maintained by: the Secretariat of the FIA Japan Operations Committee

／ Chairman: Shun Yanagisawa (Citigroup)