| JAPAN
MEMBERS' COMMITTEE
ISDA Japanese Members continue to develop and expand their activities
through the locally based ISDA committees:
How
to Join
Committee
Structure

Monthly
Update of Activities
Monthly Update of Activities
(2009)
Available
Document
SUBJECT |
STATUS |
AVAILABLE
DOCUMENT |
| GENERAL |
| Summary of Japan Committee structure and activities in Japanese language |
Posted on ISDA website
– November 2008 |
Japan
Committee structure and activities in Japanese language |
| FAQ on Copyright |
Posted on ISDA website
– July 2007 |
Japanese translation of ‘Memorandum of Frequently asked Questions on Copyright’ |
| ACCOUNTING |
| Comment letter to Accounting Standard Board of Japan (ASBJ) and Japanese Institute of Certified Public Accountants (JICPA) on the rules and guidelines relating to the hedge accounting applicable to derivatives transactions |
Submitted – May 7, 2009 |
Comment Letter to ASBJ (in Japanese Language) and;
Comment Letter to JICPA (in Japanese Language) |
| Comment Letter to Accounting Standard
Board of Japan (ASBJ) on the ED for accounting hybrid financial product
(inflation-linked bond and credit-linked products) – published
on January 27, 2006 |
Submitted – February 27, 2006 |
Comment
Letter to ASBJ, February 27, 2006 (in
Japanese Language) |
| COLLATERAL |
| Amendment to the English Law (Transfer)
CSA and New York Law CSA regarding withholding tax on JPY held as
collateral |
Published - August
9, 2004 |
Form
of Amendment to 1995 ISDA Credit Support Annex (Transfer - English
Law) and; Form
of Amendment to 1994 ISDA Credit Support Annex (Security Interest
- New York Law) |
| CREDIT
DERIVATIVES |
| Standards and practices for handling
material non-public information in credit-portfolio management |
Posted on ISDA website
– July 2006 |
Japanese
translation of ‘Joint Market Practice Forum’ document |
| EQUITY
DERIVATIVES |
| Japanese Master Variance Swap Confirmation
Agreement - Index and Share variance swap |
Annex IVS Published – June 30,
2006
Annex SVS published – December 21, 2006 |
Japanese
Variance Master Confirmation |
| Japanese Master Equity Derivatives Confirmation
Agreement |
Published – February 18, 2005 |
Japanese
Equity Master Confirmation |
| Confirmations for use with the 2002
ISDA Equity Derivatives Definitions - Japanese Inter-Dealer Market
Templates for Cash-settled Index Options and the Physically-settled
Share Options |
Published - June 21, 2004 |
Japanese
Inter-Dealer Market Templates |
| REGULATORY |
Memorandum on the treatment of an electronic confirmation under the Financial Instruments and Exchange Act (FIEA) in Japan |
Published – October 31, 2008 |
Memorandum on the treatment of an electronic confirmation under the FIEA, October 31, 2008 |
Structured Products: Principles for Managing the Distributor-Individual Investor Relationship |
Published – July 7, 2008 |
Principles for Managing the Distributor-Individual Investor Relationship
Japanese Translation - Principles for Managing the Distributor-Individual Investor Relationship (in
Japanese Language) |
| Comment Letter and annexes to Japanese
Financial Services Agency on the exposure draft of cabinet ordinances
for Financial Instruments and Exchange Law and the cabinet ordinances
– published on April 14, 2007 |
Submitted – May 21, 2007 |
Comment
Letter to Japanese FSA, May 21, 2007
Annex
1
Annex
2
(all materials
in Japanese Language) |
| Presentation materials on “Recent
Developments in Credit Derivatives market and the Challenges for Japan”
– the 10th meeting of the Study Group for Internationalization
of Capital and Financial Markets in Japan |
Presentation on May 10, 2007 |
Recent
Developments in Credit Derivatives market and the Challenges for
Japan (English language version)
Recent
Developments in Credit Derivatives market and the Challenges for
Japan (Japanese language version)
|
| Comment Letter to Japanese Financial
Services Agency on the Financial Instruments and Exchange Law and
the cabinet ordinances – the Law was promulgated on June 14,
following the approval and passage of the bills at the Diet on June
7, 2006 |
Submitted – August 29, 2006 |
Comment
Letter to Japanese FSA, August 29, 2006
(in Japanese Language) |
| RISK
MANAGEMENT |
| Comment Letter to Japanese Financial
Services Agency on the Final Draft of New Capital Accord Implementation
– published on December 28, 2005 |
Submitted-January 26, 2006 |
Comment
Letter to Japanese FSA, January 26, 2006 (in
Japanese Language) |
| Presentation materials on ISDA Credit
Derivatives / Risk Management Seminar on July 21, 2005 |
Posted on the web - July 21, 2005 |
Credit
Derivatives – Documentation, Operations, and Industry Solutions
Treatment
of Credit Derivatives – Basel I to Basel II (slides in Japanese
language)
|
| Comment Letter to Japanese Financial
Services Agency on the Second Draft of New Capital Accord Implementation
– published on March 31, 2005 |
Submitted – April 20, 2005 |
Comment
Letter to Japanese FSA, April 20, 2005 (in
Japanese Language) |
| Comment Letter to Japanese Financial
Services Agency on the Exposure Draft of New Capital Accord Implementation
– published on October 28, 2004 |
Submitted – November 30, 2004 |
Comment
Letter to Japanese FSA, November 30, 2004 (in
Japanese Language) |
| WEATHER,
COMMODITIES AND DEVELOPING PRODUCTS |
Comment letter to Ministry of Economy, Trade and Industry (METI) on the final report of the issues to facilitate an accessibility of emission credits under Kyoto Protocol (Kyoto credits) |
Submitted – August 19, 2008 |
Comment letter to Ministry of Economy, Trade and Industry (METI), August 19, 2008 (in
Japanese Language) |
| Emission Trading Working Group - ISDA
Japan Proposal for Establishment of OTC Market for Emissions Trading
(Full Japanese Language Report) |
Posted on ISDA website – June
9, 2004 |
English
Summary Translation and; Full
Japanese Language Report |
Top of Page
Steering
Committee
- Co-Chair: Atsushi Takahashi (Mizuho Corporate
Bank)
- Co-Chair: Sotaro Kato (Nomura Securities)
- ISDA Staff Contact: Tomoko Morita (tmorita@isda.org)
- ISDA Staff Contact: Kumi Namba (knamba@isda.org)
Steering Committee's mission
is to determine, develop, and enhance locally based committees, task forces,
working groups, and educational programs that focus on international and
domestic industry issues.
Documentation
Committee
- Chair: Teruo Tanaka (Royal Bank of Scotland,
plc.)
- Board Contact: Sotaro Kato (Nomura Securities
Co., Ltd.)
- ISDA Staff Contact: Kumi Namba (knamba@isda.org)
Documentation Committee
is responsible for the development and updating of ISDA Master Agreement
and its supporting documents, and works to ensure the enforceability of
the netting provisions of the Agreement.
Collateral
Committee
- Chair: Yoshihiro Ueshima (Bank of Tokyo-Mitsubishi
UFJ, Ltd.)
- Board Contact: Atsushi Takahashi (Mizuho
Corporate Bank)
-
The goals of Collateral Committee are to
enhance the use of collateralization as a credit risk protection tool,
to resolve unique problems in collateral management that may occur only
in Japanese derivatives business, and to establish guidelines for collateral
management in Japan.
Regulatory
Committee
- Chair: Atsushi Takahashi (Mizuho Corporate
Bank)
- ISDA Staff Contact: Tomoko Morita (tmorita@isda.org)
The Regulatory Committee
discusses the proposed or necessary changes to the laws and regulations
affecting the Japanese members and/or the local derivatives market.
The Committee also covers the international and local issues as to tax
& accounting.
Financial
Instruments and Exchange Law (FIEL) Legislative Working Group
- Chair: Teruo Tanaka (Royal Bank of
Scotland, plc.)
- ISDA Staff Contact: Tomoko Morita
(tmorita@isda.org)
FIEL Legislative
Working Group was set up in June 2007 after the bill of the new law was
approved in the Diet, and working group discusses the varieties of implementation
issues focusing on OTC derivatives transactions. The group also acts as
the representative of derivatives industry in Japan and had proactive
discussions with the regulators.
Risk Management
Committee
- Chair: Hideyuki Sagou (Mitsubishi UFJ
Securities)
- Board Contact: Atsushi Takahashi (Mizuho
Corporate Bank)
- ISDA Staff Contact: Tomoko Morita (tmorita@isda.org)
The Risk Management Committee
serves as a forum for Japan based risk management practitioners to discuss
issues mainly related to the new capital adequacy framework of Basel
Committee, i.e. the capital treatment of counterparty risk, credit risk
mitigations, the treatment of operational risk and so on.
Accounting Committee
- Chair: Akira Takatsuka (Mizuho Corporate Bank)
- Board Contact: Atsushi Takahashi (Mizuho Corporate Bank)
- ISDA Staff Contact: Tomoko Morita (tmorita@isda.org)
The Accounting Committee serves as a forum to discuss and examine current market practices in Japan which relate to the accounting treatment of OTC derivatives instruments, and also works with Accounting Standard Board of Japan (ASBJ) when necessary. The Committee is to consider a wide range of issues including hedge accounting, fair value measurement, and international harmonization.
Operations
Committee
- Co-Chair: Maki Kuramochi (Goldman Sachs)
- Co-Chair: Hiroaki Usui (Nomura Securities
Co., Ltd.)
- Board Contact: Sotaro Kato (Nomura Securities
Co., Ltd.)
- ISDA Staff Contact: Kumi
Namba (knamba@isda.org)
Operations Committee deals with a wide range of middle and back-office related issues and initiatives including implementation of FpML (Financial products Markup Language), promotion of STP (straight through processing) and automation of various trade processes such as generation and matching of trade confirmations, pre-settlement matching of cash flows and portfolio reconciliation.
Credit
Derivatives Working Group Credit
Derivatives Working Group is a forum for local Operations professionals
who specialize in credit derivatives. The group is launched in July 2004
to discuss issues and initiatives such as resolution of outstanding confirmations
and automation of confirmation processes.
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Credit
Derivatives Committee
- Co-Chair: Kouichi Iwai (Mitsubishi UFJ Securities, Co., Ltd.)
- Co-Chair: tbc
- Co-Chair: Tatsuya Nakatsuka (Sompo Japan Insurance Inc.)
- Board Contact: Atsushi Takahashi (Mizuho)
- ISDA Staff Contact: Kumi Namba (knamba@isda.org)
Credit Derivatives Committee
focuses on the market practices of the region as well as legal due diligence.
The committee also deals with locally unique problems that would prevent
the development of the market, as well as keeping the members updated
with the discussions in Credit Derivatives Committee in New York and London.
MNPI/JMPF
Working Group
- Chair: Kouichi Iwai
(Mitsubishi UFJ Securities, Co., Ltd.)
- ISDA Staff Contact:
Kumi Namba (knamba@isda.org)
MNPI/JMPF Working Group
works on promoting fair and competitive markets, in which the misuse of
material non-public information is not tolerated, and look for the way
to deal with such information that are compliant with the related regulations
i.e. FIEL.
CDS
Auction Working Group
- Chair: Kouichi Iwai (Mitsubishi UFJ Securities, Co., Ltd.)
- ISDA Staff Contact: Kumi
Namba (knamba@isda.org)
CDS Auction Working Group was formed in June 2008 to identify and resolve issues associated with adoption of credit event auction mechanism in Japan market and to promote better understanding of the mechanism among market participants.
Equity Derivatives
Committee
- Co-Chair: Kieko Sato (Mizuho Securities
Co., Ltd.)
- Co-Chair: Toshihiko Matsuura (Nomura Securities
Co., Ltd.)
- Board Contact: Sotaro Kato (Nomura Securities
Co., Ltd.)
- ISDA Staff Contact: Kumi Namba (knamba@isda.org)
Equity Derivatives Committee
discusses legal, documentation and market practice issues and initiatives
in the Japanese equity derivatives market.
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Weather,
Commodities & Developing Products Committee
- Co-Chair: Masahiro Ono (Mitsui Sumitomo
Insurance Co.)
- Co-Chair: Masaki Katsuyama (Swiss Re
Capital Markets (Japan) Ltd.)
- Co-Chair: Shuichi Okuda (Mitsubishi UFJ
Securities Co., Ltd.)
- Co-Chair: tbc (Sumitomo Corporation)
- Board Contact: Sotaro Kato (Nomura Securities
Co., Ltd.)
- ISDA Staff Contact: Tomoko Morita (tmorita@isda.org)
Weather, Commodities &
Developing Products Committee focuses on weather data related subject,
standardization of documentation, Japanese documentation to end-user and
regulatory issues as to newly developed products. The Committee worked
to prepare standard Weather Derivatives Confirmations in the area of HDD
and Precipitation. In connection of these works, the Committee considered
several existing local provisions of Fallback Methodology and Data Corrections
that are used in the Japanese market. In 2002, Global Working Group for
Weather Derivatives has been kicked-off and decided to start to work on
global template of Confirmations using WRMA HDD Swaps and Caps Confirmations
that were published in 2003.
Emission
Trading Working Group
- Co-Chair: Yusaku Manabe (Mitsubishi UFJ
Securities, Co., Ltd.)
- Board Contact: Sotaro Kato (Nomura Securities
Co., Ltd.)
- ISDA Staff Contact: Tomoko Morita (tmorita@isda.org)
Emission Trading Working
Group discusses legal, accounting and regulatory issues with regard to
emission trading in Japan. The Working Group’s aim is to promote
the development of OTC emission trading market in Japan.
Property Derivatives
Working Group
- Chair: Hidetaka Hara (Nomura Securities)
- Board Contact: Sotaro Kato (Nomura Securities
Co., Ltd.)
- ISDA Staff Contact: Tomoko Morita (tmorita@isda.org)
Property Derivatives Working
Group was set up to discuss market, legal, accounting and regulatory issues
respecting the property derivatives transactions, aiming to the further
development of OTC property derivatives market in Japan.
English
Speaking Committee
- Chair: Teruo Tanaka (Royal Bank of Scotland,
plc.)
- Board Contact: Sotaro Kato (Nomura Securities
Co., Ltd.)
- ISDA Staff Contact: Tomoko Morita (tmorita@isda.org)
- ISDA Staff Contact: Kumi Namba (knamba@isda.org)
The English Speaking Committee
provides a forum for discussion of key areas in the Japanese derivatives
market, i.e. Master Agreements and Collateral, for non-Japanese speaking
professionals. (All other committees, except for Credit Derivatives Market
Practice Subcommittee, are conducted in Japanese.)
If you would like to receive
information or to join any of the committees, please contact ISDA Tokyo
office by phone at 81-35733-5500, fax at 81-35733-5501, or email:isdajp@isda.org.
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