Principles for Financial Market Infrastructure:
Information Disclosure

Financial Market Infrastructure: Qualitative Disclosure

TFX has released the qualitative information and the quantitative information concerning its compliance with "Principles for Financial Market Infrastructures ("PFMIs" April 2012)" in accordance with "Principles for Financial Market Infrastructure: Disclosure Framework and Assessment Methodology (December 2012)" and "Public quantitative disclosure standards for central counterparties (February 2015)", which are issued by CPSS-IOSCO (∗) respectively.

PFMIs are new international standards that require Financial Market Infrastructure to adhere to its twenty-four (24) principles, such as "General organization", "Credit and liquidity risk management", "Default management", "General business and operational risk management", "Access", "Efficiency", and "Transparency".

Following the publication of PFMIs, the Financial Service Agency of Japan released "Comprehensive Guidelines for Supervision of Financial Market Infrastructures - Clearing Organizations, Fund Clearing Organizations, Book-entry Transfer Institutions, and Trade Repositories ("JFSA's Guidelines")" in December 2013.

Given the development in these new international regulations, TFX recognizes the importance of maintaining credibility as a Clearing organization by accomplishing properly its Clearing Business under an appropriate risk management framework and establishes a robust governance structure and comprehensive risk management framework conforming to the PFMIs and JFSA's Guidelines.

TFX submitted European Securities and Markets Authority ("ESMA") an application pursuant to Article 25-1 of the European Market Infrastructure Regulation ("EMIR") and has received the Third-Country CCP ("TCCCP") recognition from ESMA on April 27, 2015.

∗ CPSS (Committee on Payment and Settlement Systems) and IOSCO (International Organization of Securities Commissions) are international organization composed of central banks and securities market regulators respectively. CPSS changed its name to CPMI (Committee on Payment and market Infrastructures) in September 2014.

  • Principles for Financial Market Infrastructures
  • Principles for Financial Market Infrastructures: Disclosure Framework and Assessment Methodology
  • Public quantitative disclosure standards for central counterparties

Financial Market Infrastructure: Quantitative Disclosure

1. Brief overview

The Committee on Payment and Settlement Systems-Board of the International Organization of Securities Commissions ("CPSS-IOSCO"*) published "the Principles for Financial Market Infrastructures ("PFMI")" and "Disclosure framework and Assessment Methodology" in 2012.
And on July 2015, TFX released its qualitative information concerning its compliance with the PFMI in accordance with the disclosure framework.

On February 2015, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published "Public quantitative disclosure standards for central counterparties".
To complement that disclosure framework, the document being published sets out the quantitative data that a CCP should disclose.

TFX has started its quantitative data disclosure to demonstrate TFX's compliance with the PFMI in accordance with the Public quantitative disclosure standards for central counterparties, from 3rd quarter 2015. And quarterly updates are scheduled from that time forward.

∗ On September 1, 2014, the Committee on Payment and Settlement Systems ("CPSS") changed its name to the Committee on Payments and Market Infrastructures ("CPMI")

2. Disclosure system

  1. Subjects to disclosure (Disclosure subjects)
    TFX provides its quantitative information disclosure regarding PFMI Principle 4-7, 13-19 and 23 principle by principle.
    • There are no quantitative disclosure requirements relating to PFMI Principles 1-3, 8-11, 21,22 and 24 in accordance with the Public quantitative disclosure standards for central counterparties.
    • As Principle 12 ( Exchange-of- value Settlement systems), and Principle 20 (FMI Link) do not apply to TFX's business, these principles are not covered in this disclosure.
  2. Disclosure formats
    TFX prepares two types of disclosure formats (PDF formats, CSV formats) in accordance with CCP12 template.

    The contents of two disclosure formats are same, however, "PDF formats" are designed with easy-to-understand screen configuration, and the disclosure descriptions are modified more suitable expression, reflecting the characteristics of our business and business framework, compared to "CSV formats".
    Regarding the amended disclosure descriptions, TFX provides detailed explanations of its amendments on "note" of both disclosure formats.

3. Disclosure Documents

  PDF formats CSV formats
4th quarter 2016 ( PDF : 660KB) ( ZIP : 18KB)
3rd quarter 2016 ( PDF : 661KB) ( ZIP : 18KB)
2nd qeuartr 2016 ( PDF : 661KB) ( ZIP : 19KB)
1st quarter 2016 ( PDF : 660KB) ( ZIP : 18KB)
4th quarter 2015 ( PDF : 660KB) ( ZIP : 19KB)

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