JPX—one of the world’s largest financial marketplaces—was established in January 2013 via the merger of the Tokyo Stock Exchange Group and the Osaka Securities Exchange. It operates financial instruments exchange markets to provide reliable venues for trading listed securities and derivatives instruments. In addition to providing market infrastructure and market data, JPX also provides clearing and settlement services through a central counterparty, and it conducts trading oversight to maintain the integrity of the markets.
The group has selected Cinnober to deliver a real-time clearing solution for its listed derivatives market, operated by the Osaka Exchange (OSE) and cleared by the Japan Securities Clearing Corporation (JSCC). In its ambition to enhance its delivery capabilities as an internationally renowned clearinghouse, JPX seeks to create a preeminently modern clearing system and implement a new technical architecture for the Japanese market.
JPX has also chosen Cinnober to supply a risk monitoring solution to be used across the entire Japanese market of equities, bonds, futures, options, CDS, and IRS. The risk module will provide JPX with unique cross-asset risk monitoring and sophisticated stress testing, back testing and Value at Risk (VaR).