Release of the Report from the Study Group on Post-Trade Processing of OTC Derivatives Trades in Japan

March 27th, 2009

On September 9th, 2008, Japan Securities Depository Center, Inc., in cooperation with Tokyo Stock Exchange, Inc. and Japan Securities Clearing Corporation, established the "Study Group on Post-Trade Processing of OTC Derivatives Trades." The purpose of the group was to improve the security, transparency, and efficiency of OTC derivatives trading in the Japanese markets, particularly in regard to interest-rate swap trading and credit default swap trading, thereby contributing to the sound development of the OTC derivatives market. The study group held discussions seven times over the past six months. On March 27th, 2009, the study group formulated the report. The referential translation of the report is as attached below.