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Operations Committee Activity Report for FY2023

The Operations Committee focuses on the trading and clearing operational aspects of exchange-traded listed derivatives and centrally-cleared derivatives. The Committee has 40+ participants from 21 firms representing a wide range of participants from sell-side FCMs, to buy-side asset managers and trust banks, technology service providers, law firms and accounting firms.

We focused on practical items to help the Japanese futures’ industry. In particular this past fiscal year, we focused on the following new products and new regulations implementation in the Japanese markets:

A) Introduction of the VaR margin calculation model for futures by JPX/JSCC; and

B) Implementation of the Invoice System for consumption tax.

The original focus items for 2023 were as follows: 

1) Continue to focus on Japan futures’ industry growth.

2) Grapple with Japanese legacy items, such as Open/Close flag and FIFO logic.

3) Introduce global best practices to the futures industry, leveraging the FIA expertise and insights.

4) Focus on standardization and electronification to ensure robust risk management in the clearing eco-system.   


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