PAYMENT AND SETTLEMENT STATISTICS ( January 2015 )
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1 Not to be released until 11:00 am. on Friday, February 27, Bank of Japan Payment and Settlement Systems Department February 27, 2015 PAYMENT AND SETTLEMENT STATISTICS ( January 2015 ) A. BOJ-NET Page 1. Settlement via BOJ Current Accounts 1 2. Third-Party Transfers 2 3. Intraday Overdrafts 2 4. JGB Settlement 3 B. Private Clearing and Settlement Systems 1. Tokyo Clearing House's Bill and Check Clearing System 5 2. Zengin System 6 3. Foreign Exchange Yen Clearing System 9 4. Tokyo Financial Exchange Japan Securities Clearing Corporation JASDEC Clearing Corporation Japan Securities Depository Center 14 C. Others 1. SWIFT 18
2 A. BOJ-NET 1.Settlement via BOJ Current Accounts 1 (Number, JPY trillions) Funds Transfers 2 Bill & Check Clearing Systems System ,434 ( +7.7 ) ( +6.1 ) ,385 ( +2.9 ) ( +7.4 ) / Jan. 69,377 ( +2.1 ) ( +1.6 ) / Nov. 74,140 ( ) ( ) Dec. 73,926 ( +4.4 ) ( ) / Jan. 71,460 ( +3.0 ) ( ) Source: Bank of Japan. Call Market Transactions for JGB Transactions Large-value Transactions in the Zengin Foreign Exchange Yen Transactions Settlement for Private Clearing Systems 3 Others 4 Zengin System 1. Settlement via current accounts at the Bank of Japan (BOJ current accounts) arising from, among others, funds transfers between current account holders. Each instruction is counted once, i.e., the debit from the payer's account and the credit to the payee's account are not counted separately. 2. Funds transfers between current account holders related to call market transactions, delivery-versus-payment () for Japanese government bonds (JGBs) transactions, large-value transactions (transactions equal to or larger than 100 million yen) in the Zengin System, and foreign exchange yen transactions. Call market transactions include funds transfers related to other market transactions (e.g., for non-jgbs). 3. Settlement of net positions resulting from private clearing systems (the Bill and Check Clearing Systems and the Zengin System). The aggregate value of credits and debits posted to BOJ current accounts. 4. Includes funds transfers between a current account holder and the Bank of Japan related to the Bank s money market operations and the delivery and receipt of banknotes and coins. 1
3 2. Third-Party Transfers 1 (Number, JPY 100 millions) Value per Transfer ( ) 41,714 ( +2.0 ) ( ) 40,378 ( -3.2 ) / Jan. 507 ( ) 39,212 ( -8.6 ) / Nov. 461 ( -4.8 ) 39,170 ( +1.7 ) 85 Dec. 469 ( +0.0 ) 42,936 ( +7.4 ) / Jan. 423 ( ) 40,180 ( +2.5 ) 95 Source: Bank of Japan. 1. Transfer instructions sent with the receiving bank s customer information. Each instruction is counted once, i.e., the debit from the payer's account and the credit to the payee's account are not counted separately. 3. Intraday Overdrafts 1 (JPY trillions) ( +2.5 ) ( +1.3 ) 2014/ Jan ( -2.6 ) 2014/ Nov ( +3.5 ) Dec ( +1.3 ) 2015/ Jan ( ) Source: Bank of Japan. Outstanding Balance 1. Monthly average of the daily peak of outstanding balance of intraday overdrafts incurred in BOJ current accounts (measured every 10 minutes). Figures include intraday overdrafts incurred for settlement of for JGB transactions using simultaneous processing of and collateralization (SPDC). 2
4 4. JGB Settlement Volume and Value of JGB Settlement (Book-Entry Transfers and JGB Transfer Registrations) 2 (1) (Number) SPDC ,780 ( +4.7 ) 11,541 ( +4.5 ) 11,055 ( +3.6 ) ,076 ( +7.3 ) 13,313 ( ) 12,843 ( ) 2014/ Jan. 18,274 ( +5.0 ) 12,332 ( +8.7 ) 11,798 ( +8.2 ) 2014/ Nov. 20,298 ( ) 14,517 ( ) 13,930 ( ) Dec. 19,236 ( +4.5 ) 13,639 ( ) 13,117 ( ) 2015/ Jan. 18,977 ( +3.8 ) 13,916 ( ) 13,334 ( ) (2) (JPY 100 millions) SPDC ,100 ( +8.6 ) 441,276 ( +5.9 ) 422,843 ( +5.8 ) ,012,814 ( ) 542,284 ( ) 523,491 ( ) 2014/ Jan. 975,731 ( ) 503,397 ( ) 481,155 ( ) 2014/ Nov. 1,084,476 ( ) 589,686 ( ) 568,184 ( ) Dec. 965,339 ( -2.5 ) 543,609 ( ) 523,448 ( ) 2015/ Jan. 1,075,066 ( ) 575,383 ( ) 553,232 ( ) Source: Bank of Japan. 1. Each instruction is counted once, i.e., the debit from the sender's account and the credit to the receiver's account are not counted separately. 2. "Book-Entry Transfers" refers to transfers between securities accounts in the Transfer Account Books at the Bank of Japan under the JGB Book -entry System. "JGB Transfer Registrations" refers to changes in the names of JGB holders in the Registration Books under the JGB Registration System. Respective figures for Book-Entry Transfers and JGB Transfer Registrations are available at "BOJ Time-Series Data Search" ( 3. Transfers of JGB using simultaneous processing of and collateralization (SPDC). 3
5 4-2. for JGB Settlement (Cumulative Share of Transactions Settled) 1 (1) Volume of Settlement - 10:00-11:00-12:00-13:00-14:00-15:00-16:00 (%, number) - end of daily Total operations , , / Jan , / Nov ,517 Dec , / Jan ,916 (2) Value of Settlement - 10:00-11:00-12:00-13:00-14:00-15:00-16:00 (%, JPY 100 millions) - end of daily Total operations , , / Jan , / Nov ,686 Dec , / Jan ,383 Source: Bank of Japan. 1. Calculated based on settlement for Book-Entry Transfers and JGB Transfer Registrations. Each instruction is counted once, i.e., the debit from the sender s account and the credit to the receiver s account are not counted separately. Face value basis. 4
6 B. Private Clearing and Settlement Systems 1. Tokyo Clearing House's Bill and Check Clearing System 1 (Thousands, JPY 100 millions) Volume and Value of Bills/Checks Exchanged 2 Net Positions Settled via BOJ Current Accounts Value per Bill/Check Peak Volume Peak Value 3 Largest Net Credit/Debit Position 4 (JPY thousands) Net Credit Net Debit ( -4.8 ) 11,010 ( +0.2 ) 11, ,698 9,474 ( +3.8 ) 5,177 5, ( -5.8 ) 9,770 ( ) 10, ,714 7,734 ( ) 5,630 4, / Jan. 105 ( -7.2 ) 11,445 ( -6.9 ) 10, ,772 8,511 ( ) 4,014 3, / Nov. 78 ( -0.7 ) 8,220 ( ) 10, ,673 6,390 ( ) 3,429 2,667 Dec. 100 ( -7.5 ) 9,153 ( ) 9, ,690 6,894 ( ) 4,671 3, / Jan. 83 ( ) 8,948 ( ) 10, ,566 7,020 ( ) 4,465 2,394 Sources: Japanese Bankers Association ; Bank of Japan Each instruction is counted once, i.e., the delivery of bill/checks and the receipt of bill/checks are not counted separately. 3. The aggregate value of credits and debits posted to BOJ current accounts. 4. The maximum value of the individual bank s net credit or debit positions that are recorded during a month or year. 5
7 2. Zengin System 2-1 Transactions in the Zengin System 1 (Thousands, JPY 100 millions) Volume and Value of Transactions 2 2 Transaction 2 Peak Volume 3 Peak Value 3 Value per (JPY thousands) ,044 ( +2.6 ) 116,557 ( +9.0 ) 1,929 25, , ,208 ( +2.7 ) 118,815 ( +1.9 ) 1,914 26, , / Jan. 5,955 ( +0.8 ) 123,248 ( +5.0 ) 2,070 20, , / Nov. 6,252 ( ) 121,166 ( ) 1,938 21, ,758 Dec. 7,373 ( -1.4 ) 129,661 ( -0.5 ) 1,759 21, , / Jan. 5,950 ( -0.1 ) 123,748 ( +0.4 ) 2,080 19, ,556 Source: Japanese Banks' Payment Clearing Network. 1. Each instruction is counted once, i.e., the payment of money and the receipt of money are not counted separately. 2. Figures for instructions transmitted to the Zengin System during the month or year. 3. Figures for instructions settled in the Zengin System during the month or year. 6
8 2-2 Small-value Transactions in the Zengin System 1 (Thousands, JPY 100 millions) Volume and Value of Transactions Cleared 2 Net Positions Settled via BOJ Current Accounts Value per 3 3 Transaction 3 Peak Volume 4 Peak Value 4 5 Largest Net Credit/Debit Position 6 (JPY thousands) Net Credit Net Debit ,009 ( +2.6 ) 31,745 ( +5.6 ) , ,755 6,702 ( +4.0 ) 3,857 8, ,172 ( +2.7 ) 32,852 ( +3.5 ) , ,523 6,865 ( +2.4 ) 3,767 8, / Jan. 5,908 ( +0.8 ) 33,812 ( +4.1 ) , ,992 6,471 ( -2.9 ) 2,624 5, / Nov. 6,223 ( ) 33,782 ( ) , ,299 6,784 ( ) 2,820 5,530 Dec. 7,336 ( -1.4 ) 38,382 ( -0.4 ) ,553 84,751 9,119 ( -0.1 ) 2,830 7, / Jan. 5,913 ( +0.1 ) 33,058 ( -2.2 ) , ,041 6,437 ( -0.5 ) 2,724 5,259 Sources: Japanese Banks' Payment Clearing Network ; Bank of Japan Each instruction is counted once, i.e., the payment of money and the receipt of money are not counted separately. 3. Figures for instructions transmitted to the Zengin System during the month or year. 4. Figures for instructions settled in the Zengin System during the month or year. 5. The aggregate value of credits and debits posted to BOJ current accounts. 6. The maximum value of the individual bank s net credit or debit positions that are recorded during a month or year. 7
9 2-3 Large-value Transactions in the Zengin System 1 (Number, JPY 100 millions) Volume and Value of Settlement Value per Transaction Peak Volume Peak Value ,886 ( +6.5 ) 86,679 ( ) , , ,146 ( +2.6 ) 87,889 ( +1.4 ) , , / Jan. 10,682 ( +3.3 ) 91,360 ( +5.4 ) , , / Nov. 10,080 ( ) 89,096 ( ) , ,459 Dec. 11,048 ( +0.7 ) 93,669 ( -0.6 ) , , / Jan. 10,532 ( -1.4 ) 92,379 ( +1.1 ) , ,515 Source: Bank of Japan. 1. Each instruction is counted once, i.e., the debit from the payer's account and the credit to the payee's account are not counted separately. 8
10 3. Foreign Exchange Yen Clearing System 1 (Number, JPY 100 millions) Volume and Value of Settlement Value per Settlement Peak Value ,336 ( +7.8 ) 118,896 ( ) , ,595 ( -2.7 ) 125,206 ( +5.3 ) , / Jan. 28,282 ( -3.4 ) 131,115 ( +7.3 ) , / Nov. 30,249 ( ) 151,691 ( ) ,902 Dec. 29,979 ( +5.7 ) 157,159 ( ) , / Jan. 29,063 ( +2.8 ) 161,804 ( ) ,587 Source: Japanese Bankers Association. 1. Each payment instruction is counted once, i.e., the debit from the payer's account and the credit to the payee's account are not counted separately. 9
11 4. Tokyo Financial Exchange (TFX) 1 (Thousands, JPY millions) Volume and Value of Transactions Cleared 2 Net Positions Settled via BOJ Current Accounts 3 Number of Open Interest Peak Volume 4 Largest Net Credit/Debit Position 5 (End of Month) Net Credit Net Debit ( +7.8 ) 410 ( +4.2 ) ( +9.0 ) ( ) 243 ( ) ( ) / Jan. 16 ( ) 370 ( ) ( ) / Nov. 7 ( ) 314 ( ) ( -2.5 ) Dec. 5 ( ) 243 ( ) ( ) / Jan. 12 ( ) 287 ( ) ( -4.4 ) Source: Tokyo Financial Exchange Figures for 3-month Euro-Yen futures. Contract unit is JPY 100 million. 3. Refers to payments associated with 3-month Euro-Yen futures as well as those associated with other interest rate derivatives. 4. The aggregate value of credits and debits posted to BOJ current accounts. 5. The maximum value of the individual bank s net credit or debit positions that are recorded during the month or year. 10
12 5. Japan Securities Clearing Corporation (JSCC) 5-1 Clearing of JGB Over-The-Counter Transactions 1 (JPY 100 millions) Volume and Value Cleared 2 <Acceptance of Settlement Obligations> (Face Value) ,847 ( -6.4 ) 427,862 ( -6.4 ) 87,854 89, ,177 ( ) 499,675 ( ) 113, , / Jan. 404,294 ( -8.3 ) 413,760 ( -8.5 ) 90,504 92, / Nov. 555,402 ( ) 577,454 ( ) 135, ,808 Dec. 496,912 ( ) 518,129 ( ) 132, , / Jan. 567,626 ( ) 595,894 ( ) 144, , Settlement via BOJ Current Accounts (JGB Over-The-Counter Transactions) 4 (JPY 100 millions) ,124 ( -7.6 ) ,896 ( ) 2014/ Jan. 184,555 ( ) 2014/ Nov. 282,123 ( ) Dec. 274,699 ( ) 2015/ Jan. 302,250 ( ) Volume and Value Settled 3 <Securities Settlement and Payments> (Face Value) Source: Japan Securities Clearing Corporation. 1. Figures for instructions settled in JSCC during the month or year. 2. Excludes obligations to transfer coupon payments received by borrowers or buyers of securities on a coupon payment date that arrived during the term of cash-collateralised securities lending or repo transactions. 3. Each transaction is counted once, i.e., only deliveries and payments from JSCC are counted and those to JSCC are not counted. 4. Includes payments from and to JSCC associated with for JGBs as well as those associated with "funds only settlement." Some major components of "funds only settlement" are (i) transactions adjustment payments to cover the difference between the actual contract value of payment obligations and the market value of securities settlement obligations, (ii) transfer of coupon payments received by borrowers or buyers of securities on a coupon payment date that arrived during the term of cash-collateralised securities lending or repo transactions, (iii) variation margin payments to cover the difference between the actual contract value of forward payment obligations and the market value of forward securities settlement obligations. 11
13 5-3 for Exchange-Traded Securities 1 Stocks (Number of Shares) Volume and Value Cleared <Acceptance of Settlement Obligations> Bonds with Share Options (Face Value) Stocks Bonds with Share Options Stocks (Number of Shares) (Millions, JPY 100 millions) Volume and Value Settled 2 <Securities Settlement and Payments> Bonds with Share Options (Face Value) Total Value of Payments ,244 ( ) 7 ( ) 33,495 ( ) 7 ( ) , ,347 ( ) 2 ( ) 31,366 ( -6.4 ) 2 ( ) , / Jan. 4,115 ( ) 4 ( ) 37,024 ( ) 5 ( ) , / Nov. 4,154 ( +8.2 ) 2 ( ) 43,546 ( ) 2 ( -0.4 ) ,914 Dec. 3,649 ( -0.2 ) 2 ( ) 35,853 ( +1.4 ) 2 ( ) , / Jan. 3,256 ( ) 1 ( ) 31,240 ( ) 1 ( ) , Settlement via BOJ Current Accounts (Exchange-Traded Securities and Derivatives) 3 (JPY 100 millions) ( ) ( -4.6 ) 2014/ Jan. 1,177 ( ) 2014/ Nov. 1,365 ( ) Dec. 999 ( -5.9 ) 2015/ Jan. 905 ( ) Source: Japan Securities Clearing Corporation. 1. "Exchange-Traded Securities" refers to stocks and bonds with share options traded on stock exchanges and proprietary trading systems. Stocks include share options, investment unit, preferred equity investment, beneficial interest of exchange-traded funds (ETFs) and foreign stocks. Bonds with Share Options refer to convertible-type bonds. 2. Each transaction is counted once, i.e., only deliveries and payments to JSCC are counted and those from JSCC are not counted. 3. Refers to payments to JSCC associated with for exchange-traded securities as well as those associated with futures contracts and options (e.g., cash settlement for JGB futures). Excludes payments associated with deliveries of JGBs for JGB futures. 12
14 6. JASDEC Clearing Corporation (JDCC) for Non-Exchange-Traded Securities 2 (Millions, JPY 100 millions) Volume and Value Cleared <Acceptance of Settlement Obligations> Value Settled 3 Stocks Other Securities of Payments Stocks Other Securities (Number of Shares) (Face Value) ,383 ( ) 28 ( ) 14,002 ( ) 32 ( ) 1, ,419 ( +2.6 ) 23 ( ) 16,116 ( ) 25 ( ) 1, / Jan. 1,420 ( -3.1 ) 48 ( ) 16,156 ( ) 54 ( ) 1, / Nov. 1,760 ( ) 12 ( ) 22,610 ( ) 14 ( -8.9 ) 3,443 Dec. 1,374 ( ) 20 ( -0.8 ) 18,159 ( ) 21 ( -9.3 ) 2, / Jan. 1,206 ( ) 29 ( ) 15,983 ( -1.1 ) 32 ( ) 2, Settlement via BOJ Current Accounts 4 (JPY 100 millions) ,841 ( ) ,994 ( +5.4 ) 2014/ Jan. 2,781 ( ) 2014/ Nov. 4,651 ( ) Dec. 3,582 ( ) 2015/ Jan. 3,349 ( ) Source: JASDEC Clearing Corporation. 1. Figures for settlement for sales and purchases, stock lending and associated collateral deliveries (JDCC started settlement for stock lending transactions from January 2014). 2. Stocks includes share options, investment unit, preferred equity investment, beneficial interest of exchange-traded funds (ETFs), beneficial rights of trusts issuing certificates of beneficial rights and foreign stocks. Other Securities refers to bonds with share options and collateral JGBs associated with stock lending. 3. Excludes "settlement progress payments". "Settlement progress payments" refers to cash wired by a participant to JDCC in order to ensure the fulfillment of its payment obligations. Each transaction is counted once, i.e., only payments from the participants with net debit positions after netting by JDCC are counted and those to the participants with net credit positions are not counted. 4. Refers to payments to JDCC associated with for non-exchange traded securities including "settlement progress payments." 13
15 7. Japan Securities Depository Center 7-1 CP Settlement 1 (1) Underwriting Transfers Redemption Redemption by Purchase (Number) Settlement via BOJ Current Accounts ( +3.8 ) , ( ) 2014/ Jan ( -7.7 ) 2014/ Nov , ,074 ( ) Dec , ,160 ( ) 2015/ Jan , ,062 ( ) (2) Redemption by Purchase (JPY 100 millions) Settlement via BOJ Current Accounts Underwriting Transfers Redemption ,701 3,244 41,365 26,993 4,750 3, ,846 ( +5.8 ) ,858 3,552 51,847 38,228 4,800 3, ,488 ( ) 2014/ Jan. 5,243 3,862 42,445 27,708 4,721 3, ,121 ( -3.1 ) 2014/ Nov. 5,217 3,894 61,308 46,576 4,535 3, ,164 ( ) Dec. 5,879 4,324 62,011 48,947 5,848 4, ,694 ( ) 2015/ Jan. 5,666 4,232 60,426 45,673 5,101 4, ,025 ( ) Source: Japan Securities Depository Center. 1. Each instruction is counted once, i.e., the debit from the sender's account and the credit to the receiver's account are not counted separately. 14
16 7-2 Settlement of Corporate Bonds 1 (1) Underwriting Transfers Redemption 2 Redemption by Purchase (Number) Settlement via BOJ Current Accounts , ( -6.6 ) , ( -0.6 ) 2014/ Jan , ( ) 2014/ Nov , ( -1.7 ) Dec , ( ) 2015/ Jan , ( -4.7 ) (2) (JPY 100 millions) Underwriting Transfers Redemption ,395 1,101 5,437 2,335 1,307 1, ,523 ( -6.9 ) ,388 1,091 6,221 2,335 1,441 1, ,660 ( +3.0 ) 2014/ Jan. 1, ,841 2, ,636 ( ) 2014/ Nov. 1,291 1,020 6,403 2, ,905 ( -7.5 ) Dec. 1,562 1,244 7,147 2,453 1,619 1, ,115 ( -4.8 ) 2015/ Jan ,276 1, ,158 ( ) Source: Japan Securities Depository Center. Redemption by Purchase Settlement via BOJ Current Accounts 1. Each instruction is counted once, i.e., the debit from the sender's account and the credit to the receiver's account are not counted separately. Corporate Bonds include municipal bonds, government-guaranteed bonds, and samurai bonds. Figures are only for the securities denominated in Yen at the time of the issue. 2. The types of securities, which are partially redeemed by fixed date redemption and pre-maturity redemption due to the increase in the redemption ratio, are recorded on the "Redemption" field on their final maturity date. For those types of securities, the redemption value is recorded as the face value of redeemed securities, not as the actual value. 15
17 7-3 Settlement of Investment Trust 1 (1) Sale Repurchase Redemption (Number) Settlement via BOJ Current Accounts ,900 1,827 8,892 2, ,329 ( ) ,122 2,228 8,716 2, ,784 ( ) 2014/ Jan. 9,618 2,209 7,983 2, ,437 ( +3.0 ) 2014/ Nov. 9,860 2,610 11,342 3, ,036 ( ) Dec. 10,182 2,682 10,475 3, ,913 ( ) 2015/ Jan. 10,632 2,767 8,232 2, ,303 ( ) (2) 3 (JPY 100 millions) Sale Settlement via Repurchase Redemption BOJ Current Accounts ,096 3,172 4,558 2, ,052 ( ) ,534 2,759 4,081 2, ,368 ( ) 2014/ Jan. 4,854 2,887 4,615 3, ,006 ( -3.2 ) 2014/ Nov. 6,309 3,852 5,620 3, ,044 ( ) Dec. 5,877 3,566 5,332 3, ,011 ( -7.6 ) 2015/ Jan. 5,171 2,963 3,898 2, ,554 ( -7.5 ) Source: Japan Securities Depository Center. 1. Figures for settlements between seller companies and fund management companies of investment trust. 2. Each instruction is counted once, i.e., the debit from the payer's account and the credit to the payee's account are not counted separately. 3. Calculated by multiplying the principal amount of investment trust per unit and the number of units together. 16
18 7-4 Settlement of Stocks 1 (1) Stocks Issuance Redemption Bonds with Share Bonds with Share Options Options Settlement via BOJ Current Accounts 2 (Number) ( ) ( ) 2014/ Jan. 1, ( ) 2014/ Nov ( ) Dec ( ) 2015/ Jan ( ) (2) Stocks3 (Number of Shares) Issuance Redemption Bonds with Share Bonds with Share Options Options (Millions, JPY 100 millions) Settlement via BOJ Current Accounts ( ) ( +6.6 ) 2014/ Jan ( +14,385.8 ) 2014/ Nov ( ) Dec ( ) 2015/ Jan ( ) Sources: Japan Securities Depository Center ; Bank of Japan. 1. Stocks include share options, investment units, preferred equity investments, ETFs and beneficial rights of trust issuing certificates of beneficial rights. 2. Figures for (i) issuance of Stocks and Bonds with Share Options and (ii) principal and interest payments for Bonds with Share Options. Each instruction is counted once, i.e., the debit from the payer's account and the credit to the payee's account are not counted separately. 3. The number of shares decreased by consolidation of shares has been deducted from the total number of shares. 17
19 C. Others 1. SWIFT (Society for Worldwide Interbank Financial Telecommunication) Total Number of Messages Sent by Users in Japan 1 (Thousands) Customer Transfers and Checks Financial Institution Transfers Share of Japan in Global SWIFT Traffic <Reference> Number of Users in Japan (%) ,094 ( ) 10,971 6,786 54,778 32, ,150 ( +5.8 ) 10,288 6,545 59,855 34, / Jan. 8,383 ( +4.4 ) ,500 2, / Nov. 9,221 ( +5.0 ) ,828 3, Dec. 9,842 ( ) ,962 3, / Jan. ( ) Source: Japanese Bankers Association. 1. Number of messages sent by user banks in Japan including branches of foreign banks. Securities Others 18
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