Press & Interviews報道・取材

Media Coverageメディア掲載

Coverage in Risk.net, Futures & Options World, and industry publications on JSCC, CFTC regulation, and Japan rates markets.Risk.net、Futures & Options World、業界紙における JSCC・CFTC規制・円金利市場をめぐる報道。

"Liquidity is everything in this environment. JSCC is not only broker-dealer but also the Japanese buy side — the life insurers and regional banks — and diverse client segments. It's going to be a great thing for US clients to have that liquidity, especially in the 20-to-30-year range."
「この市場において、流動性がすべてです。JSCCはブローカー・ディーラーだけでなく、生命保険会社や地方銀行といった日本のバイサイドも含む多様なクライアントセグメントを持っています。特に20〜30年ゾーンの流動性は、米国顧客にとって大きな恩恵となるでしょう。」
Risk.net, October 2025
Risk.net、2025年10月
"The no-action relief finally levels the playing field. Providing seamless access to Japan's markets is a key global priority for Citi — our mission is to provide a holistic and agnostic market access platform for global investors."
「ノーアクションレターはようやく競争条件を平等にしました。日本市場へのシームレスなアクセス提供はCitiのグローバル重要課題であり、我々の使命は全資産クラスにわたる市場アクセス・プラットフォームの提供です。」
Risk.net, December 2025
Risk.net、2025年12月
"After raising the policy rate to 0.5% and further to 0.75%, market volatility and trading activity have surged across both OTC swaps and listed derivatives. We are at a genuine liquidity inflection point for the yen rates market."
「政策金利が0.5%、さらに0.75%へと引き上げられた後、OTCスワップと上場デリバティブ双方で市場の変動性と取引活動が急増しました。円金利市場は真の流動性変曲点にあります。」
FOW (Futures & Options World), April 2026
FOW（Futures & Options World）、2026年4月
"From January, we saw a meaningful move in the long end of the JGB curve, particularly in 20-year and 30-year tenors. That market backdrop created more opportunities for hedge fund clients to engage in longer-dated yen rates trading."
「1月以降、JGBカーブの長期ゾーン、とりわけ20年・30年で意味のある動きが見られました。この市場環境が、ヘッジファンド顧客にとって長期の円金利取引の機会を広げました。」
Risk.net, August 2026
Risk.net、2026年8月
Risk
.net

Citadel, Millenium Lead US Funds to JSCC as JGB Yields Soar

Risk.net · 10 August 2026 · Chris Davis · Quoted in

Ten US investment firms now clear yen interest rate swaps in Tokyo, representing a quarter of the CCP's client-cleared market by DV01. Shun Yanagisawa is quoted on the market structure behind the shift:

  • The move in the long end of the JGB curve — 20- and 30-year tenors — as the backdrop for longer-dated yen rates trading
  • Liquidity segmenting by tenor rather than consolidating: shorter tenors remain efficient where margin offsets and existing collateral arrangements already apply
  • Strong local liquidity in longer tenors at JSCC, supported by domestic insurers and regional banks hedging their loan books
  • The remaining barrier as operational rather than economic — time-zone coverage and counterparty readiness for funds without a presence in Asia

米国の投資会社10社が東京で円金利スワップを清算する体制を整え、顧客清算の約4分の1（DV01ベース）を占めるに至った。柳沢俊が、20年・30年ゾーンの動きを背景とした長期ゾーンの取引拡大、年限によって流動性が分かれる構造、そしてアジアに拠点を持たない先に残る課題が経済性ではなく時差と運用体制であることについてコメント。

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Risk
.net

Japan's Yen Swaps Go Global

Risk.net · 16 December 2025 · Sponsored by JPX/JSCC · Quoted in

Analysis of the landmark opening of JSCC to US investors following the CFTC No-Action Letter (September 12, 2025). Shun Yanagisawa is quoted on the strategic significance:

  • Citi's long-standing advocacy for open and accessible markets, and support for the expansion of client choice in clearing for US investors
  • Citi's role in clearing the first US client trade on JSCC — the result of years of preparation and close coordination with global clients
  • Strategic priority of a holistic and agnostic market access platform spanning futures, swaps, cash and repo across the entire yen rates ecosystem
  • Context: JSCC's structural dominance — DV01 of USD 1,481 million monthly (2025), 86% market share in tenors beyond 10 years

CFTCノーアクションレター（2025年9月12日）によるJSCC開放を受けた市場の歴史的転換を分析。柳沢俊がCitiの立場から、米国顧客向け初取引清算の実現と、円金利エコシステム全体にわたるグローバル市場アクセス戦略について語った。

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FOW

Japan's Rates Market Sees Liquidity Boost on Policy Shift

Futures & Options World · 9 April 2026 · Karry Lai · Interview

In-depth analysis on the structural transformation of Japan's yen rates market, including:

  • BOJ policy normalisation driving yen swap clearing volumes up 8× since 2021 — JPY 229 trillion daily average in 2025, with a record single-day volume of JPY 146 trillion (Dec 4, 2025)
  • CFTC No-Action Letter (September 2025) enabling US hedge funds — Citadel, Millennium, ExodusPoint et al. — to clear JPY IRS via JSCC; non-Japanese client base expanded to 65 firms
  • Non-resident participants growing from 44% to 65% of cleared notional (Q4 2025)
  • US SEC mandatory Treasury Repo clearing rules and the structural challenge for Japanese megabanks with US branches
  • JGB 10-year futures open interest exceeding JPY 170 trillion by end-2025; 20-year JGB futures open interest surpassing 40,000 lots (Jan 2026)

BOJ政策正常化を受けた円金利市場の構造転換、CFTCノーアクションレター（2025年9月）による米系ヘッジファンドのJSCC参入（Citadel・Millennium・ExodusPoint等65社）、米国SEC Treasuryレポマンデートが日系銀行に与える影響について詳述。円スワップ日次清算量8倍超（229兆円、2025年）、非居住者シェア65%（2025年Q4）などの具体的データを提供。

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Additional Risk.net Coverage

Risk.net

US Hedge Funds Eyeing JSCC After Regulations Eased

23 October 2025 · Chris Davis · Quoted in

Quoted on liquidity dynamics at JSCC vs. LCH, US client onboarding timeline, and the competitive advantage of JSCC's diverse buy-side ecosystem — particularly in the 20–30 year tenor range.

JSCCとLCHの流動性比較、米国顧客オンボーディングの時系列、20〜30年ゾーンにおけるJSCCの競争優位について直接コメント。

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Risk.net Sponsored · JPX/JSCC

JSCC and the Future of Clearing and Settling Yen-Denominated Trades

28 March 2023 · Sponsored Content · Quoted in

Quoted on the introduction of VAR-based initial margin for exchange-traded derivatives — its role in mitigating margin fluctuation, providing efficiencies for correlated products, and ensuring stability in low-volatility environments.

上場デリバティブへのVAR方式初期証拠金導入について、相関商品の効率性、低ボラ環境での安定性の観点から直接コメント。

Risk.net

LCH Japan Plan Signals New Fight for Global Clearing Model

04 January 2023 · Luke Clancy & Chris Davis · Referenced

Referenced as a senior US bank voice in the analysis of LCH's renewed bid for a JFSA licence, global CCP competition, and the CFTC regulatory reform debate around US client access to JSCC.

LCHのJFSAライセンス再申請、グローバルCCP競争、JSCCへの米国顧客アクセスをめぐるCFTC規制改革論議において、米系銀行の代表的見解として参照された。

Risk.net Sponsored · JPX/JSCC

Japan's Yen Swaps Go Global

16 December 2025 · Quoted in · See above

Quoted on Citi's first US client trade cleared on JSCC and the strategic importance of a holistic, agnostic market access platform across the full yen rates ecosystem.

JSCCでの米国顧客向け初取引清算と、円金利エコシステム全体にわたるアクセスプラットフォームの戦略的意義について直接コメント。

FIA Japan

Annual Review: Japan Listed Derivatives Markets

2024 · Contribution

Contribution to FIA Japan's annual review of listed derivatives market developments, regulatory trends, and infrastructure evolution in Japan.

ISDA Japan

OTC Derivatives Regulations Working Group

Ongoing · Working group

Active member of ISDA Japan's OTC Derivatives Regulations Working Group, contributing to regulatory policy development and market practice standards.

Key topics commented on: JSCC access for US hedge funds · CFTC No-Action Letter · Yen swap liquidity dynamics · VAR-based initial margin · CCP competition (JSCC vs. LCH) · Tenor segmentation between CCPs · CFTC regulatory reform

All Risk.net articles available at risk.net · FOW articles at fow.com (subscriptions required)

The views expressed are the author's own and do not represent those of any organization he belongs to.掲載する内容は筆者個人の見解であり、筆者が所属する組織・団体の見解を示すものではありません。