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 (2006-2008)

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

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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)
• ISDA Staff Contact: Tomoko Morita (tmorita@isda.org)

• 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

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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