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Operations Committee July 2023 Meeting Minutes

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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