www.jpx.co.jp/jscc/risk/default/segregation.html

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分別管理・勘定移管 | 株式会社日本証券クリアリング機構

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https://www.jpx.co.jp/jscc/risk/default/segregation.html

About this page

This page outlines JSCC's segregated account management and position transfer systems designed to protect customer assets in case of clearing participant default. For OTC derivative and CDS clearing, customer positions and margins are segregated at the CCP level on a gross basis. Listed derivative trades are managed through either omnibus or individual customer accounts. Government bond OTC trades maintain gross-based segregation with individual customer account separation. For physical settlement trades, alternative protection schemes including investor protection funds and DVP settlement are provided. When participants default, customers can transfer their positions and margins to another clearing participant without consent, ensuring asset protection and continuity of trading operations.