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  "domain": "derivatives",
  "title": "JGB Special Participants (Japan primary dealer system)",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "JGB Special Participants (Japan primary dealer system)",
    "aliases": [
      "jgb-special-participants-primary-dealer",
      "JGB Special Participants",
      "Japan primary dealer",
      "国債市場特別参加者",
      "国債特別参加者制度",
      "JGB SP system",
      "JGB market makers",
      "MoF auction primary dealer",
      "PD Japan JGB"
    ],
    "domain": "derivatives",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "derivatives",
      "primary-dealer",
      "JGB",
      "MoF",
      "BoJ",
      "JGB-auction",
      "JGB-Special-Participants",
      "market-maker",
      "sovereign-bond"
    ],
    "status": "active",
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    "related": [],
    "note": null,
    "sources": [
      "MOF Special Participants page — https://www.mof.go.jp/english/policy/jgbs/debt_management/pd/index.html",
      "MOF Special Participants list dated 27 December 2023 — https://www.mof.go.jp/english/policy/jgbs/debt_management/pd/231227.pdf",
      "MOF terms and conditions dated 25 April 2024 — https://www.mof.go.jp/english/policy/jgbs/debt_management/pd/20240425.pdf"
    ]
  },
  "summary": "The JGB Special Participants system (国債市場特別参加者制度) is a Ministry of Finance framework introduced in October 2004. Participants accept auction-bidding, purchase, secondary-market-liquidity, and information-provision responsibilities under MOF's published terms. The linked MOF list dated 27 December 20",
  "headings": [
    "JGB Special Participants (Japan primary dealer system)",
    "TL;DR",
    "Wiki route",
    "System Overview",
    "List Composition (Typical)",
    "Obligations of Special Participants",
    "Benefits of Special Participant Status",
    "Auction Mechanics in the JGB System",
    "Comparison with US Primary Dealer System",
    "Comparison with UK GEMM System"
  ],
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