Background
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Japan Securities Depository Center, Inc. ("JASDEC") has commenced publication of average commercial paper (CP) issuance rates ("CP issuance rates"), replacing the monthly "Average Yields on Newly Issued Domestic Commercial Paper" published by the Bank of Japan ("the BOJ") since 1994. This change is part of measures aimed at improving the structure and transparency of the short-term CP market in Japan.
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The decision to implement this change was reached after consultation with the BOJ and a wide range of other stakeholders in the CP market. It was driven by the belief that, given JASDEC's position as a core part of the settlement infrastructure in the Japanese market, utilizing the information generated by the Short-Term Corporate Bonds Book-Entry Transfer System as a basis for the daily publication of the CP issuance rates and breakdowns of associated data would enhance the information available to issuers, investors and other stakeholders in the market.
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Disclaimer
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The compilation and publication of CP issuance rates is based on information provided to JASDEC by issuers or issuers' agents that use the Short-Term Corporate Bonds Book-Entry Transfer System, as well as rating information obtained from Rating and Investment Information, Inc. ("R&I") or Japan Credit Rating Agency, Ltd. ("JCR"). Accordingly, the accuracy of the CP issuance rates calculated and published by JASDEC depends on the accuracy of the information provided. Moreover, the CP issuance rates are compiled based on information received up to a certain point of time. As such, any information not made available to JASDEC or provided after that time by issuers, issuers' agents, R&I or JCR will not be reflected in the CP issuance rates published by JASDEC. This may lead to differences in the CP issuance rates published by JASDEC and the actual CP issuance rates.
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JASDEC undertakes no investigation or verification of the accuracy of any information provided in accordance with the above, and makes no warranty with regard to the accuracy of the CP issuance rates. There is no provision in the business regulations of JASDEC for penalties in cases where issuers or issuers' agents provide JASDEC with inaccurate information, and neither R&I nor JCR has a legal obligation to provide JASDEC with accurate information.
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All persons making use of or reference to the CP issuance rates published by JASDEC shall indemnify JASDEC, issuers, issuers' agents, R&I and JCR from any damages arising from such use or reference regardless of the accuracy or sufficiency of the information provided by issuers, issuers' agents, R&I or JCR and regardless of whether the CP issuance rates have been calculated correctly.
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The published CP issuance rates may be revised or deleted by JASDEC without prior notice. JASDEC may at any time suspend publication of the CP issuance rates due to systems failure or systems maintenance. JASDEC assumes no responsibility for the ongoing publication of CP issuance rates and undertakes no obligation to actively seek out or obtain information to ensure that the published CP issuance rates correctly reflects the actual CP issuance rates.
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Note:
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