Revision of "Basic Figures on Fails"
October 12, 2010
Financial Markets Department
Bank of Japan
In response to the review of the Fails Practice by the Japan Securities Dealers Association, such as the amendment to the "The Japanese Government Securities Guidelines for Real Time Gross Settlement" which will take effect on November 1, 2010, the scope of the DVP settlements concerning the Fails in "Basic Figures on Fails" will be revised, beginning with the data for November 2010 to be released on December 10, 2010. The details are as follows.
- DVP settlements concerning the Fails include not only the conventional DVP settlements through the delivery of government securities against and concurrently with the payment of funds, but also settlements through the delivery of government securities against the payment of funds on the same date under an agreement between the parties in which their mutual claims and debts are explicitly preserved.
- These DVP settlements include, in addition to the settlements by the BOJ-NET JGB Services, overseas settlements such as those settled in Euroclear or Clearstream.
Due to the revision stated above, there will be a statistical discontinuity between the data for November 2010 and the previous data. The number and total face value of the Fails compiled on the old basis for November 2010 will also be released as reference data.
Market Infrastructure Group, Market Infrastructure Division, Financial Markets Department
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