OTC Japanese Government BondsClearing Fee

Fee schedule of JSCC

The fees JSCC will charge clearing participants based on “Rules on Fees for JGB OTC Transaction Clearing Business” are as follows:

Japanese Government Bonds

1. Account management fee

Account management fee per month: JPY 500,000 (*1)

(*1) If a clearing participant holds more than one netting accounts, the applicable amount shall be the said amount plus an amount calculated by deducting one from the number of netting accounts that the clearing participant opens multiplied by JPY 200,000.

2. Clearing fee

  • (1) Buying and selling of JGBs

The amount of money to be paid/received by JSCC on the transaction settlement day with respect to a transaction of which JSCC has received an application for clearing, multiplied by the rate specified in either A) or B) below according to the type of JGB:

A) Treasury discount bills: 0.00000005
B) JGBs other than A): 0.0000002
  • (2) Cash-secured bond lending transaction

The amount of money to be paid/received by JSCC on the transaction settlement day with respect to a transaction of which JSCC has received an application for clearing, multiplied by the rate specified in either A) or B) below according to the type of transaction:

A) Overnight transaction: 0.00000001 multiplied by the number of days in the lending period
B) Transactions other than A): 0.0000001
  • (3) Repo transaction

The amount of money to be paid/received by JSCC on the ending transaction delivery day with respect to a transaction of which JSCC has received an application for clearing, multiplied by the rate specified in either A) or B) below according to the type of transaction:

A) Overnight transaction: 0.00000001 multiplied by the number of days in the transaction period
B) Transactions other than A): 0.0000001

3. Balance management fee

The total amount of the balance management fees calculated on the respective settlement days using the following calculation formula:

The balance management fee on a settlement day

= The total amount of money settlement obligations(*2) to be settled between each clearing participant and JSCC on the same settlement day × the number of days to the day immediately preceding the next business day / 365× 0.000009

(*2) The money settlement obligations shall be limited to those relating to transactions eligible for clearing with a settlement day that arrives more then one day after the calculation day(excluding holidays).

4. Settlement day management fee

The total amount of the settlement day management fees calculated on the respective settlement days using the following calculation formula:

The settlement day management fee on a settlement day

= The total amount of transactions eligible for clearing (*3) relating to obligations to be settled on the same settlement day that JSCC assumes on a certain day from various clearing participants × the number of extra days to the settlement day (*4) / 365× 0.0000015

(*3) The transactions eligible for clearing relating to obligations that JSCC assumes on a certain day from various clearing participants shall be limited to those with a settlement day (the transaction settlement day for  cash-secured bond lending transactions ;or the ending transaction delivery day for repo transactions) that arrives more than three days after the obligation assumption day(excluding holidays).

(*4) The number of extra days to the settlement day refers to the number of days (including holidays) from the day that comes four days after the calculation day (excluding holidays) to the settlement day (the transaction settlement day for cash-secured bond lending transactions or, the ending transaction delivery day for repo transactions). 

5. DVP settlement fee

Per transfer of JGBs for DVP settlement: JPY 200

6. Collateral management fee

Per transfer for refund of initial margin: JPY 200

7. Web terminal usage fee

Monthly charge per user ID: JPY 10,000

8. Certificate issuance fee

The total amount of the fees prescribed for the following items:

  • (1) Initial margin balance certificate

Per certificate: JPY 3,000

  • (2) Other certificates

The amount separately prescribed by JSCC for each certificate type.

9. Maximum amount of fees

(1) Principal clearing participant: JPY 5,000,000 per month
(2) Agency clearing participant: JPY 5,000,000 per month plus the clearing fee relating to brokerage for clearing of securities