Clearing System Overview

Clearing System Overview (Interest Rate Futures Contracts)

At TFX, trading (order execution etc) and clearing (Trade splitting, Give-up ⁄ Take-up, Offsetting etc) transactions are processed by the two separate systems.

Post-trade operations for Interest Rate Futures contracts will be done by accessing the TFX Clearing System through either :

  1. Seisan Web, a web based clearing ⁄ settlement application developed by TFX ("seisan" means "clearing" in Japanese), or
  2. a back-office application developed either by the Trading Member or ISV ⁄ third party vendors.

1.Seisan Web (for Trading Members only)

Seisan Web is a web based clearing ⁄ settlement application available to all Trading Members.
If a Trading Member wishes to use Seisan Web, the Trading Member must provision the necessary hardware, such as PC, which meets specifications designated by TFX.

2. Accessing CLIP

CLIP (CLEARING INTERFACE PROTCOL) acts as an interface between the TFX Clearing System and the back-office systems of trading members and facilitates their interaction. With CLIP, a Trading Member is able to develop a proprietary back office system for its post trade execution management.

Information for Ddevelopers (FOR BACK OFFICE SYSTEM)

1. For members' in-house developers/subcontractors

A Trading Member is able to develop its own proprietary back-office system(Back Office System) that accesses the TFX Clearing System either (1) developing in-house or (2) by subcontracting (with a subcontractor).
In both cases, a Trading Member will be the main party to contracts, applications, and communications relating to systems development with TFX.
Prior to starting operations with the developed system, a Trading member must take and pass conformance tests as well as a market entry test in the Test environment.

A Trading Member who subcontracts the system development to a third party must complete the document, "Application on Authorization for Disclosure of Confidential Information" and send to TFX before disclosing confidential information with the subcontractor.

2. For ISVs

To become a registered ISV of TFX, an applicant must enter into contractual agreements relating to systems development with TFX.
After completing all the necessary processes, TFX will list name and contact information of an applicant on TFX's website, if requested.