ISDA Japan Monthly Update - October 2015 - Committee Activities - Regulatory, Collateral, Credit Derivatives

Sep 16, 2026

ISDA Japan Monthly Update for October 2015 summarizes key committee activities across regulatory, collateral, and credit derivatives topics. Meetings with Japan FSA officials address OTC derivatives regulation developments including margin rules, trading requirements, data and reporting, and rule harmonization, alongside risk and capital issues such as leverage ratio and FRTB. Collateral work covers new VM/IM CSA and related templates, IM segregation operational impacts, and trust agreement review. Credit sections report progress on Single-Name CDS roll changes and updates to ISDAFIX TR page discontinuation timelines.

LanguageEnglish

CategoryGeneral

FormatPDF

Pages2

Reading Time1 min

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COMMITTEE ACTIVITIES

REGULATORY

COLLATERAL

IM Segregation Working Group

CREDIT DERIVATIVES

Single-Name CDS Roll

ISDAFIX TR Page Discontinuation Update

UPCOMING COMMITTEE AND WORKING GROUP MEETINGS / CONFERENCES

ISDA JAPAN MONTHLY UPDATE ® October 2015 COMMITTEE ACTIVITIES REGULATORY: Contact: Tomoko Morita ([tmorita@isda.org](tmorita@isda.org)) / Kaori Horaguchi ([khoraguchi@isda.org](khoraguchi@isda.org)) On October 30 , ISDA’s CEO, Scott O’Malia and Global Head of Public Policy, Steven Kennedy met with Mr. Masamichi Kono, Vice Minister for International Affairs , and Mr. Shunsuke Shirakawa, Deputy Commissioner for International Affairs at Japan FSA , to exchange views on recent developments on OTC derivatives regulations, such as margin rules, trading requirements, data & reporting, and harmonization of national rules. Risk and capital issues, such as leverage ratio and FRTB were also discussed. COLLATERAL: Contact: Tomoko Morita ([tmorita@isda.org](tmorita@isda.org)) / Kaori Horaguchi ([khoraguchi@isda.org](khoraguchi@isda.org)) On October 9, Japan Collateral Committee was held and members were provided with the various developments and outcomes in working groups. The agenda included the following topics: 1) Current status on collateral documentations , i.e. new VM and IM CSA, Self Disclosure Letter template, and two versions of trust agreement templates, which are being prepared by the Trust Companies Association of Japan. 2) Regulatory impact on collateral operations – challenges and possible solutions for new operational flows for IM segregation using trust scheme as well as global custodians IM Segregation Working Group On October 1 , the IM Segregation Working Group meeting was held to discuss the following topics: 1) Operations sub-group shared the progress summary of simulation analysis on a staff workload and resource impact vs standard timetable by business use case for collateral management, focusing on a BAU process this time. The same analysis under the non-BAU process or other case scenario will be arranged for future discussions. 2) Members also discussed the trust agreement template (2nd phase draft), highlighting the continuous review process against the expected operational workflows being done so far. It was confirmed that several changes in the process of workflows under Emergent Conditions were being reflected, based on the input from user members. CREDIT DERIVATIVES: Contact: Tomoko Morita ([tmorita@isda.org](tmorita@isda.org)) / Kaori Horaguchi ([khoraguchi@isda.org](khoraguchi@isda.org)） Single-Name CDS Roll Following a number of committee discussions taken place globally, a new proposal to change the Single Name CDS on-the-run contract frequency from rolling quarterly to semi-annually had been put forward, the industry will now be going live with the initiative to amend when Single-Name CDS roll to new 'on-the-run'contracts on December 20, 2015. On October 20, ISDA circulated the email proposal as such, together with the link to the updated "Frequently asked Questions" on the ISDA website. ISDAFIX TR Page Discontinuation Update: Contact: Tomoko Morita ([tmorita@isda.org](tmorita@isda.org)) / Kaori Horaguchi ([khoraguchi@isda.org](khoraguchi@isda.org)） ISDA happen to notice that Thomson Reuters had notified their member users in July that as of November 2, 2015, Thomson Reuters pages , , and will be discontinued. From this date, ICE Swap Rates will only be sourced via Thomson Reuters from pages , , and . After the ISDA’s discussion with Thomson Reuters, Thomson Reuters have confirmed that the discontinuation of the pages will be delayed until 1st February 2016 , and Thomson Reuters will be amending their original client notification to reflect this. On October 9,20,23,&30, ISDA disseminated the email information relating to the subject matter to members with a sense of insecurity that might affect them to some extent. Also, ISDA requested members to provide feedback on whether the discontinuation of the relevant Thomson Reuters’ ISDAFIX pages will cause significant disruption and wh

FAQs

What regulatory topics were discussed during the October 30 meeting with Japan FSA officials?

The meeting exchanged views on recent OTC derivatives regulation developments, including margin rules, trading requirements, data and reporting, and harmonization of national rules. Risk and capital issues such as leverage ratio and FRTB were also discussed.

What collateral deliverables and templates were covered under the Japan Collateral Committee agenda?

The agenda included the current status of collateral documentation, covering new VM and IM CSA, a Self Disclosure Letter template, and two versions of trust agreement templates prepared by the Trust Companies Association of Japan.

How did ISDAFIX TR page discontinuation change and what date was affected?

Thomson Reuters delayed discontinuation of the relevant ISDAFIX pages until February 1, 2016, and planned to amend the original client notification accordingly.

Sep 16, 2026

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