Other issues, such as the creation of market-wide infrastructure for collateral management, as well as unifying the form of repo trades to the globally used repurchase agreement, are also discussed in the Grand Design, indicating that we can expect a strengthening of the global competitiveness of the JGB market and the expansion of related services.
Furthermore, when JGB outright transactions move to T+1 settlement, it is envisaged that most repo transactions will move to T+0 settlement. This warrants attention, as it also means the development of a new large money market for same day funds transactions. While I am very grateful for the stakeholders’ unremitting efforts, we will continue to provide support toward achieving T+1 settlement.