/ Payments and Settlements
Data for which no sources are mentioned are compiled by the Bank of Japan.
All times are Japan Standard Time unless noted otherwise.
Other Payment and Settlement Systems
- (a) Calculated by counting each payment instruction once. As from January 1994, figures are discontinuous with the prior figures due to a change in the settlement method using BOJ Current Accounts for the Zengin System. Settlement method shifted from gross basis to net basis on January 17, 1994. Figures for January 2001 to March 2003 do not include funds transfers related to the Bank's purchases of JGBs from financial institutions that conduct transactions with the Bank of Japan using Simultaneous Processing of DVP and Collateralization (SPDC).
- (b) Calculated by counting each payment instruction once. Excludes substitute certificate from January 2001.
- (c) Transfers between securities accounts in the Transfer Account Books at the Bank of Japan under the JGB Book-entry System.
- (d) Changes in the names of JGB holders in the Registration Books under the JGB Registration System. Stopped updating (through October 2015).
Basic Figures on Fails
- (a) Figures are based on monthly survey results reported by recipients of JGBs in failed transactions. The survey covers financial institutions and some other types of institutions that are direct participants in the JGB book-entry system and also users of the BOJ-NET JGS DVP services.
- (b) For JGB book-entry transfers, data include those settled via system participants' own accounts, customers' accounts, and trust accounts.
- (c) Terms used in the table are defined as follows.
A fail is a situation where a recipient of JGBs in a transaction does not receive the JGBs from the delivering party on the scheduled settlement date.
A buy-in is a procedure for settling a failed transaction. It includes (i) a purchase of either the same or equivalent securities at the market price in accordance with "Regulations Concerning Resolution of Fails in Bonds, etc. Settlements" laid down by the JSDA, and (ii) a purchase of JGBs by the JSCC or its participants in accordance with the rules laid down by the JSCC.
- (d) Due to the revision of the scope of the DVP settlements concerning the Fails in "Basic Figures on Fails," there is a statistical discontinuity between the data after November 2010 and the previous data. (Please click "Revision of 'Basic Figures on Fails'" to see the details of the revision.)