Data and Information

Clearing Fees

Fee schedule of JSCC
　The fees JSCC will charge clearing participants based on “Rules on Fees” , “Rules on Fees for CDS Clearing Business” and “Rules on Fees for IRS Clearing Business” are as follows:
1. Cash products
  • Monthly fee(*1): ¥130,000

    (*1) For the time being, this monthly fee is not applied to clearing participants incurring clearing fee of ¥260,000 or less a month concerning cash transactions.
  • Clearing fee
    (1) Securities other than bonds (bonds exclude CBs and exchangeable corporate bonds)
    　(a)Clearing value base: ¥0.000004 per clearing value of ¥1
    　(b)Contract number base:¥2.95 per contract cleared

    　　　If a monthly aggregate of clearing values regarding all clearing participants exceeds ¥40 trillion, the following discount rate will be applied to each participant.

    Clearing (trading) value
    Rate
    From 1 yen to 1 trillion yen ¥0.0000040 per 1 yen
    From 1 trillion yen to 3 trillion yen ¥0.0000040×0.97 per 1 yen
    More than 3 trillion yen ¥0.0000040×0.95 per 1 yen
    Number of contract
    Rate
    From 1 to 500,000 contract ¥2.95 per 1 contract
    From 500,000 to 1,500,000 contract ¥2.95 per ×0.97 per 1 contract
    More than 1,500,000 contract ¥2.95 per ×0.95 per 1 contract

    (2)Bonds (bonds exclude CBs and exchangeable corporate bonds)
    　(a)Clearing value base:¥0.000004 per face value of ¥1
    　(b)Contract number base: ¥2.95 per contract cleared　
  • Fees for Settlement
    JSCC will charge clearing participants the settlement fee for DVP eligible securities, which in turn will be paid to JASDEC as a book entry transfer fee.
2. Derivatives
  • Monthly fee(*2)(*3): ¥100,000(*4)
    (*2)This monthly fee is applied to clearing participants who have at least one qualification out of Individual Option Clearing Qualification, JGB Futures Clearing Qualification and Index Futures Clearing Qualification.
    (*3) For the time being, this monthly fee is not applied to clearing participants incurring clearing fee of ¥200,000 or less a month concerning derivatives transactions.
    (*4) Currently, in the process of shifting; the amount is ¥30,000 in the period from November 2009 to September 2010, and will be increased to ¥60,000 in the period from October 2010 to September 2011.
  • Clearing fee
    (1)JGB Futures
    　(a)Trading (*5): ¥49 per trading unit
    　(b)Physical Delivery: ¥132 per trading unit
    　　　(*5)including trading regarding the exercises of Options on JGB futures and the assignment of the options.

    (2)Mini-JGB Futures
    　(a)Trading: ¥5 per trading unit
    　(b)Final settlement: ¥15 per trading unit

    (3)Index Futures (exc. Dividend Index Futures)
    　(a)Trading: ¥20 per trading unit
    　(b)Final settlement: ¥57 per trading unit

    (4)Dividend Index Futures
    　(a)Trading: ¥10 per trading unit
    　(b)Final settlement: ¥30 per trading unit

    (5)Mini-index Futures
    　(a)Trading: ¥2 per trading unit
    　(b)Final settlement: ¥6 per trading unit

    (6)Options on JGB Futures
    　(a)Trading: ¥10 per trading unit
    　(b)Exercise of options and the assignment of the options: ¥10 per trading unit

    (7)Stock Index Options
    　(a)Trading: ¥10 per trading unit
    　(b)Exercise of options and the assignment of the options: ¥10 per trading unit

    (8) Individual Options
    　(a)Trading: ¥10 per trading unit
    　(b)Exercise of options and the assignment of the options: ¥10 per trading unit
  • Fee for Position Transfers (*6): ¥5 per contract

    (*6)This fee is applied to the clearing participant who accepts the transferred position. (In the case of non-clearing participant, this fee is applied to the designated clearing participant of such non-clearing participant).

3. CDS
  • Clearing Fees (*1): With respect to one contract for which JSCC assumed obligations, JPY800 per JPY100million of the Notional Amount.(*2)(*3)
    (*1)Clearing Fees are subject to monthly cap of JPY40million and monthly floor of JPY100,000 per Clearing Participant. The monthly cap applicable to a Clearing Participant, which has become subject to addition of fees due to such events as a quote reported by such Clearing Participant satisfies the conditions of combination with quotes reported by other Clearing Participants as prescribed by JSCC, the difference between such quote and the reference value exceeds the predetermined level or such Clearing Participant fails to report a quote, shall be the sum of the monthly cap described in the immediately preceding sentence and the amount of such addition.
    (*2) If the Underlying Transaction was executed before JSCC’s CDS Clearing Business launch (July 19, 2011), the Clearing Fee shall be JPY400 per JPY100million of the Notional Amount.
    (*3) Clearing Fee applicable to the Clearing Participant designated with respect to reporting of quotes shall be JPY700 per JPY100million of the Notional Amount.
  • Clearing Fee for Voluntary Termination (Early Termination Fee): JPY500 per trade.
  • Settlement Fee：JPY500 per trade.
4. Interest Rate Swap Transactions
  • Basic Fee(*1): JPY5million per month
    (*1)Basic Fee for a Clearing Participant designated with respect to quotes submission will be given a discount of 200,000 every month.
  • Clearing fee
    (1)Clearing for New Trades
    　(a)Clearing Participant other than Class C Shareholder :JPY8,000 per contract
    　(b)Class C Shareholder(*2): JPY5,000 per contract

    　　　However,

    　　　For 2001st contract to 10,000th contract in a business year: JPY1,000 per contract

    　　　For 10,001st and subsequent contracts in a business year: JPY400 per contract


    　　　
    (*2) The Class C Shareholder (Class Shareholder related to IRS Clearing Business) fee structure will be applied to a Clearing Participant who belongs to the same corporate group as a Class C Shareholder (the same principle shall apply to the case where there are several Clearing Participants in the same corporate group as a Class C Shareholder).


    (2) Clearing for Outstanding Trades
    　(a)Clearing Participant other than Class C Shareholder: JPY700 per contract per month
    　(b)Class C Shareholder: JPY450 per contract per month

    　　　However,

    　　　For 8,001st contract to 40,000th contract:　JPY100 per contract per month

    　　　For 40,001st contract and subsequent contracts: JPY35 per contract per month

  • Declearing Fee : JPY1,000 per declearing of a Clearing Contract
  • Cap
    　(a)Clearing Participant other than Class C Shareholders: None
    　(b)Class C Shareholder: JPY100million(*3)

    　　　
    (*3) Cap related to Proprietary accounts will be applied to the total of Basic Fee, Clearing Fee, and Declearing Fee, with a business year (April through next March) as a benchmark period. The cap that will be applied to the Designated Clearing Participant shall be the amount obtained by subtracting the discount on Basic Fee from the cap. If a Clearing Participant obtains the Clearing Qualification in the latter half of a business year, then the cap with respect to the first year shall be JPY50 million. Annual cap that will be applied to a Clearing Participant, which has become subject to addition of fees due to such events as the quote submitted by such Clearing Participant deviates significantly from the average and such Clearing Participant fails to submit a quote, shall be the sum of the relevant addition and the annual cap. The cap on Clearing Fee and Declearing Fee related to customer accounts shall be JPY40million per Clearing Customer (if such Clearing Customer becomes a Clearing Customer during the latter half of a business year, then the cap applicable to the first year shall be JPY20million).


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