Futures and OptionsPosition Transfer System
Position Transfer System
- 1.What is a Position Transfer System?
- 2.Advantages of a Position Transfer System
- 3.Operational Flow for Position Transfer
1．What is a Position Transfer System?
A Position Transfer System allows a Transferring Clearing Participant*1 to transfer Futures/Options unsettled positions to a Transferee Clearing Participant*2, with prior JSCC approval.
*1 A Transaction Clearing Participant who transfers unsettled positions.
*2 A Transaction Clearing Participant who takes over unsettled positions from the Transferring Clearing Participant.
2．Advantages of a Position Transfer System
A customer can consolidate positions that the customer holds with Transaction Participant A, Transaction Clearing Participant B and Transaction Clearing Participant C, to Transaction Clearing Participant C, as under the Give-Up System. It enables not only a reduction in margin requirements but also in office expenses.
3．Operational Flow for Position Transfer
- （1）Application for Position Transfer by Customer (Flow in CHART 7)
A customer applies for Position Transfer with a Transferee Clearing Participant and a Transferring Clearing Participant.
- （2）Notification of Position Transfer by Transferring Participant to JSCC (Flow in CHART 7)
- （3）Acceptance of Position Transfer by Transferee Participant to JSCC (Flow in CHART 7)
- （4）Approval of Position Transfer (Flow and in CHART 7)
In case JSCC receives acceptance prescribed in (3) from the Transferee Clearing Participant and approves it,Position Transfer is executed.
- （5）Deposit of Margin, etc. (Flow in CHART 7)
Settlement-related operation is conducted between the customer and the Transferring Clearing Participant
after the Position Transfer.
- Deadline for Position Transfer
A customer applies for Position Transfer to a Transferring Clearing Participant by the time designated by the Transferring Clearing Participant and the Transferee Clearing Paticipant.