26 Feb 2024
Tokyo Foreign Exchange Market Committee
Tokyo Foreign Exchange Market Committee (TFEMC) T+1 Working Group was formed in 2023 to analyze the impact of shortening of securities settlements scheduled to be implemented in the United States and other countries in May 2024 (hereinafter referred to as US securities settlement T+1).
This report was created with the aim of promoting a thorough understanding of the impact on foreign exchange transactions and market functions among a wide range of market participants who trade in the Tokyo foreign exchange market, while summarizing the action plans of Japanese market participants regarding foreign exchange transactions.
In preparing the report, we conducted a survey targeting participants in the Tokyo foreign exchange market who are expected to be significantly affected by the shift to US securities settlement T+1, and analyzed results. Two types of questionnaires were prepared, one for the buy side (domestic asset managers, investment advisors, institutional investors, etc.) and one for the sell side (banks and security houses affiliated with the TFEMC).
TFEMC hopes that this report will promote understanding toward the trend US securities settlement T+1 and its impact on the Tokyo foreign exchange market, and aim for a smooth transition of foreign exchange trading practices.
Summary (PDF)
26 Apr 2023
Tokyo Foreign Exchange Market Committee
During the Golden Week holidays, the number of market participants in Japan decreases and the liquidity in the Tokyo foreign exchange market may decrease significantly.
Please pay close attention when trading.
* 29th April to 1st May and 3rd May to 5th May.
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