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JSCC (Japan Securities Clearing Corporation)

Institution · Market infrastructure

The Japan Securities Clearing Corporation is Japan's central counterparty for securities, derivatives and JGB transactions, a CCP-grade clearinghouse operating under the FIEA and supervised by the FSA Japan. JSCC's involvement in the April 2026 Nomura-Mizuho-JSCC tokenised JGB collateral trial on the Canton Network (announced jointly with Digital Asset) is the part of the announcement that operators should pay closest attention to. A tokenised collateral pilot involving the CCP rather than only bilateral counterparties is structurally a different exercise from a tokenised repo pilot among megabanks, because it implies the CCP is at minimum thinking through how a tokenised JGB sits in its margin and default-management framework.

Role in tokenisation

CCP for the tokenised JGB collateral trial on Canton Network. Specific structure of JSCC's involvement (cleared trade leg, collateral acceptance only, observer participation, etc.) is not specified in the announcement.
Owner of the JGB clearing and CCP infrastructure that any production tokenised-collateral programme in Japan would have to integrate with.

Recent activity

20 Apr 2026Nomura, Mizuho, JSCC and Digital Asset announce tokenised JGB collateral trial on Canton Network. Two of the participants (Nomura, Mizuho) are previously announced FSA Japan Payment Innovation Project (PIP) sandbox participants; JSCC's PIP status is not stated in the announcement.

Open questions

Whether JSCC's role in the trial is acceptance of tokenised JGBs as cleared-trade collateral, only as bilateral collateral, or as observer.
Whether the trial uses Progmat trust-issued stablecoins or a different settlement asset for the cash leg.
Whether the trial is bilateral repo first or directly CCP-cleared.