{
  "schema_version": "1.0",
  "slug": "derivatives/swap-execution-facility-japan",
  "source_path": "derivatives/swap-execution-facility-japan.md",
  "url": "https://finwiki.zksc.io/ja/derivatives/swap-execution-facility-japan/",
  "html_url": "https://finwiki.zksc.io/ja/derivatives/swap-execution-facility-japan/",
  "alternate_html_urls": {
    "ja": "https://finwiki.zksc.io/ja/derivatives/swap-execution-facility-japan/",
    "en": "https://finwiki.zksc.io/en/derivatives/swap-execution-facility-japan/"
  },
  "github_url": "https://github.com/jasonhnd/finwiki/blob/main/derivatives/swap-execution-facility-japan.md",
  "raw_markdown_url": "https://finwiki.zksc.io/derivatives/swap-execution-facility-japan.md",
  "domain": "derivatives",
  "title": "Swap execution facility — Japan equivalent (ETP regime)",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Swap execution facility — Japan equivalent (ETP regime)",
    "aliases": [
      "swap-execution-facility-japan",
      "Japan SEF equivalent",
      "Japan ETP regime",
      "Japan electronic trading platform OTC derivatives",
      "Tradeweb Japan",
      "Bloomberg SEF Japan",
      "ICAP Japan",
      "BGC Brokers Japan",
      "Tullett Prebon Japan",
      "Japan voice broker market OTC"
    ],
    "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",
      "otc-infra",
      "execution-venue",
      "ETP",
      "SEF",
      "voice-broker",
      "electronic-execution",
      "FSA",
      "MiFID-II",
      "dealer-franchise"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "FSA 2012 OTC-derivative reform framework — https://www.fsa.go.jp/en/refer/legislation/20121012/02.pdf",
      "FSA 2015 electronic-platform implementation summary — https://www.fsa.go.jp/common/conference/danwa/20150923/01.pdf",
      "FSA current licensed-entity index — https://www.fsa.go.jp/en/regulated/licensed/index.html"
    ]
  },
  "summary": "Japan regulates Electronic Trading Platforms (ETPs) for OTC derivatives under FIEA. This is a Japan-specific framework, not a US SEF licence. FSA's September 2015 implementation material described mandatory ETP execution for in-scope yen-LIBOR IRS, an order-book or RFQ-to-at-least-three execution me",
  "headings": [
    "Swap execution facility — Japan equivalent (ETP regime)",
    "TL;DR",
    "Wiki route",
    "Why the ETP regime matters",
    "Registration and supervision",
    "Mandatory electronic execution scope",
    "Pre-trade and post-trade transparency",
    "Electronic platforms",
    "Interdealer voice brokers",
    "Single-dealer platforms"
  ],
  "body_links": {
    "wikilinks_count": 30,
    "wikilinks": [
      "INDEX",
      "banking/japan-banking-license-tier-comparison-matrix",
      "derivatives/INDEX",
      "derivatives/dealer-bank-derivatives-revenue-mix",
      "derivatives/equity-volatility-hedging-corporates-japan",
      "derivatives/japan-interest-rate-derivatives-overview",
      "derivatives/jgb-futures-curve",
      "derivatives/nikkei-vix-jpx-vi-equivalent",
      "derivatives/otc-clearing-jp-trade-repository",
      "finance/japan-corporate-fx-and-rate-hedge-policy",
      "finance/japan-listed-financial-groups-investable-universe",
      "financial-regulators/japan-exchange-group",
      "foreign-financial-institutions/citigroup-japan",
      "foreign-financial-institutions/jpmorgan-japan",
      "megabanks/mizuho-bank",
      "megabanks/mufg-bank",
      "megabanks/sumitomo-mitsui-banking-corp",
      "money-market/tanshi-company-business-model",
      "securities-firms/daiwa-sg",
      "securities-firms/goldman-sachs-japan",
      "securities-firms/mizuho-securities",
      "securities-firms/morgan-stanley-japan",
      "securities-firms/nomura-hd",
      "securities-firms/smbc-nikko",
      "securities/japan-best-execution-sor-pts",
      "securities/japan-market-infrastructure-map",
      "securities/japan-prime-brokerage-and-institutional-financing-matrix",
      "securities/japan-securities-clearing-corp",
      "securities/osaka-exchange",
      "securities/tokyo-stock-exchange"
    ],
    "resolved_wikilinks": [
      "https://finwiki.zksc.io/INDEX.md",
      "https://finwiki.zksc.io/ja/banking/japan-banking-license-tier-comparison-matrix/",
      "https://finwiki.zksc.io/ja/domains/derivatives/",
      "https://finwiki.zksc.io/ja/derivatives/dealer-bank-derivatives-revenue-mix/",
      "https://finwiki.zksc.io/ja/derivatives/equity-volatility-hedging-corporates-japan/",
      "https://finwiki.zksc.io/ja/derivatives/japan-interest-rate-derivatives-overview/",
      "https://finwiki.zksc.io/ja/derivatives/jgb-futures-curve/",
      "https://finwiki.zksc.io/ja/derivatives/nikkei-vix-jpx-vi-equivalent/",
      "https://finwiki.zksc.io/ja/derivatives/otc-clearing-jp-trade-repository/",
      "https://finwiki.zksc.io/ja/finance/japan-corporate-fx-and-rate-hedge-policy/",
      "https://finwiki.zksc.io/ja/finance/japan-listed-financial-groups-investable-universe/",
      "https://finwiki.zksc.io/ja/financial-regulators/japan-exchange-group/",
      "https://finwiki.zksc.io/ja/foreign-financial-institutions/citigroup-japan/",
      "https://finwiki.zksc.io/ja/foreign-financial-institutions/jpmorgan-japan/",
      "https://finwiki.zksc.io/ja/megabanks/mizuho-bank/",
      "https://finwiki.zksc.io/ja/megabanks/mufg-bank/",
      "https://finwiki.zksc.io/ja/megabanks/sumitomo-mitsui-banking-corp/",
      "https://finwiki.zksc.io/ja/money-market/tanshi-company-business-model/",
      "https://finwiki.zksc.io/ja/securities-firms/daiwa-sg/",
      "https://finwiki.zksc.io/ja/securities-firms/goldman-sachs-japan/",
      "https://finwiki.zksc.io/ja/securities-firms/mizuho-securities/",
      "https://finwiki.zksc.io/ja/securities-firms/morgan-stanley-japan/",
      "https://finwiki.zksc.io/ja/securities-firms/nomura-hd/",
      "https://finwiki.zksc.io/ja/securities-firms/smbc-nikko/",
      "https://finwiki.zksc.io/ja/securities/japan-best-execution-sor-pts/",
      "https://finwiki.zksc.io/ja/securities/japan-market-infrastructure-map/",
      "https://finwiki.zksc.io/ja/securities/japan-prime-brokerage-and-institutional-financing-matrix/",
      "https://finwiki.zksc.io/ja/securities/japan-securities-clearing-corp/",
      "https://finwiki.zksc.io/ja/securities/osaka-exchange/",
      "https://finwiki.zksc.io/ja/securities/tokyo-stock-exchange/"
    ],
    "external_links_count": 0,
    "external_links": []
  },
  "metrics": {
    "nonspace_chars": 9890,
    "word_like_tokens": 1506,
    "inbound_wikilinks_count": 5,
    "last_modified": "2026-07-29"
  }
}