Jul. 31, 2017

Japanese Bankers Association

Disclosure of Information on the Foreign Exchange Yen Clearing System under the FMI Principles

 We are pleased to announce that the Japanese Bankers Association (Chairman: Nobuyuki Hirano) has issued second disclosure of information on the Foreign Exchange Yen Clearing System ("FXYCS") under the "Principles for financial market infrastructures" ("FMI Principles") published by the CPMI-IOSCO*.

 Below is a summary of the disclosure and major changes from the first disclosure published in July 2015.


  1. General Explanation
    General information, participants, legal and regulatory framework, main risks and risk management of the FXYCS

  2. Summary on the Current Status for Each Applied Principle
    Detailed explanation on the FXYCS observance or broad observance of each applied principle (Major changes are below (1), (2))

    (1) Stipulated procedures of FXYCS based on the New BOJ-NET fully launched in October 2015.
    (2) In “IV. Principle-By-Principle Summary Narrative Disclosure,” stipulated more details mainly in “Principle 2: Governance,” “Principle 15: Business Risk,” “Principle 17: Operational Risk” and “Principle 19: Tiered Participation Arrangements.”


In April 2012, CPSS and IOSCO published "Principles for financial market infrastructures" ("FMI Principles") which consists of 24 principles. The FMI Principles harmonize global standards for systemically important payment systems, etc. and reinforce global standards for governance and risk management.

At the time of the publication of the FMI Principles, the name of CPMI was CPSS.

Suwa (Ms.), Hasegawa(Mr.) (Tel.03-6262-6674)