Benefiting from the lessons during the financial crisis, JSCC is reviewing and strengthening its risk management including loss-sharing arrangements, contingent liquidity lines and participant default procedures so that its risk management remains robust enough in light of the growing clearing volume with new users.
I am sure those measures will greatly enhance the JGB settlement infrastructure and the Bank will continue encouraging JSCC’s efforts through daily activities of the central bank oversight. III. Initiatives to increase the efficiency of JGB settlement  For payment and settlement systems, striking a balance between safety on one hand and efficiency and convenience on the other hand is the key.