Response to the Disclosure Framework for Securities Settlement Systems:The JGB Book-entry System and the BOJ-NET JGB Services

September 30, 2003
Bank of Japan

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This document provides answers to the Disclosure Framework for Securities Settlement Systems, a survey questionnaire drawn up by a joint working group of the Committee on Payment and Settlement Systems (CPSS) of the central banks of the Group of 10 countries, and the International Organization of Securities Commissions (IOSCO).

The answers provide basic information about the Japanese Government Bond Book-entry System (hereafter the JGB Book-entry System) as of September 2003.The Japanese Government Bond Services System of the Bank of Japan Financial Network System (hereafter the BOJ-NET JGB Services), a computer network system that conducts online processing of transfers of Japanese government bonds and bills (JGBs, unless otherwise specified) on the books of the Bank of Japan (hereafter the Bank) under the JGB Book-entry System, is also referred to where necessary.

The answers are prepared by the Bank as the operator of these systems to help current and future participants/users in these systems to understand and assess appropriately the risks associated with participation in and/or access to these systems.

Please note, however, that the answers are given with a view to providing a general explanation of these systems, and thus may not apply to every individual case.

For inquiries regarding the survey, please contact:Bank of Japan

2-1-1, Nihonbashi-Hongokucho, Chuo-ku, Tokyo 103-8660, Japan

Payment System DivisionFinancial and Payment System Office
Tel:+81-3-3279-1111 (ext. 2954)
Fax:+81-3-5255-6752

Planning and Coordination DivisionOperations Department
Tel:+81-3-3279-1111 (ext. 6046)
Fax:+81-3-5255-8478