JAPAN - Capital Market Infrastructure Summary

Central Securities Depositories
Japan Securities Depository Centre (JASDEC);Bank of Japan (BOJ)

Central Counterparties
Japan Securities Clearing Corporation
Japan Commodity Clearing House Co.
Tokyo Financial Exchange, Inc.

Settlement Cycle

Japan Securities Depository Center, Inc. (JASDEC) is the book-entry central registration and transfer institution for equities and corporate bonds. Bank of Japan acts as central depository for Japanese Government Bonds. Japan Securities Clearing Corporation (JSCC) acts as clearing house and central counterparty for exchange-traded securities. Tokyo Stock Exchange (TSE) is the principal securities exchange in Japan. Osaka Securities Exchange (OSE) is the second largest, with strength in derivative products, and Nagoya Stock Exchange the third largest. The Bank of Japan's BOJ-NET Funds Transfer System provides a real-time gross settlement system.

Key terms defined in our glossary:

Central Securities Depository
Central Counterparty
Settlement Cycle

The above information is written as a general guide only and is subject to change. Please refer to our 'Terms' page for more details.