At its July 5, 2023, meeting, which was attended by 28 participants, the Operations Committee discussed the following points:
1/ Invoice System
Prepared notice drafts (one for PSMS and one for Non-PSMS, like trust banks) as proposed templates
Needed to separate between cash equities and derivatives in case an adjustment is required
Notice delivery method: some consider doing it by E-mail (to keep a track record) others by post.
Timing: to send out notifications by early August
2/ Trading Hours Extension TSE/OSE (from 3:15 to 3:45pm for market close and 4 to 4:30pm for off-floor transactions)
Post-trade operations will become tighter if we keep the same schedule
Consider moving as many processes as possible to STP
FIA/DMIST proposed a “30-30-30” rule for the Client, Executing Broker and Clearing Broker to manage post-trade operations
Next proposed step:
Consider to ask OSE to move back (30 minutes?) reporting cut-off times as a request from FIAJ
To ask members to vote on the idea by E-mail
IBA JFMC is making a similar request to FSA on cash equities
VaR implementation may also trigger delays in reporting to end-users and is scheduled in November (“Early” file will no longer be available. Only the “Final” file will be issued)
Consider asking OSE to change reporting times due to VaR?
3/ Chair Election: Citi Yaganisawa as Chair; JP Kishida as Co-Chair – Members agreed
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