清算基金 | 株式会社日本証券クリアリング機構

This page explains the CDS clearing fund managed by the Japan Securities Clearing Corporation. Daily, stress-scenario losses for each CDS clearing participant are calculated to prepare for simultaneous defaults of the top two participants. The required clearing fund amount is allocated proportionally to initial margin requirements, with a minimum of 100 million yen per participant. As of December 30, 2025, the total required clearing fund amount across all participants is 24.3 billion yen. Stress scenarios are determined based on historical maximum price fluctuations with a holding period of 10 days and reference organization defaults.