Update

Notes for year-end and new year of Japan

Notice on publication of a case study for adherence process of the FX Global Code in Japan

Notes on Golden Week

Notes on Work From Home

GFXC Issues Statement on FX Market Conditionss

Notes on countermeasures for Novel Coronavirus

Notes for year-end and new year of Japan

Notes for Golden Week of Japan

Regarding the settlement dates of existing trades falling between 30 April 2019 to 2 May 2019

Results of the Actual Conditions Survey of Over-The-Counter Retail Foreign Exchange Margin Trading

2015

2010

  • Annual Report - Year 20094-Aug-2010PDF
  • Annual Report - Year 200830-Jun-2010PDF

2009

  • Results of Turnover Survey of Tokyo FX Market27-Jul-2009PDF

2008

  • Results of Turnover Survey of Tokyo FX Market22-Jul-2008PDF
  • Annual Report - Year 20071-Jul-2008PDF

2007

  • Results of Turnover Survey of Tokyo FX Market26-Jul-2007PDF
  • Annual Report - Year 20062-May-2007PDF

2006

  • Results of Turnover Survey of Tokyo FX Market18-Jul-2006PDF

2005

  • Introduction of Turnover Survey of Tokyo FX Market16-Nov-2005PDF
  • New MYR Template25-Jul-2005PDF
  • Recommendation on NDF Documentation15-Feb-2005PDF

2004

2003

2002

  • Report on CLS Issue16-Oct-2002PDF
  • T+1 Settlement Issue25-Sep-2002PDF

2001

  • Press Release22-Feb-2001PDF

Notes for year-end and new year of Japan

24 Dec 2020
Tokyo Foreign Exchange Market Committee

The European and U.S. market will be closed during Christmas holidays and the Tokyo market will be closed consecutively during the New Year holidays. Please be aware that liquidity in the foreign exchange market may greatly decrease due to the limited number of market participants and the continuing WFH environment from the outbreak of COVID-19. Please be cautious when trading.

Notice on publication of a case study for adherence process of the FX Global Code in Japan

15 Dec 2020
Tokyo Foreign Exchange Market Committee

The Global Foreign Exchange Committee (‘GFXC’) publishes case studies that illustrate companies' various considerations and steps to adhere to the FX Global Code (‘Code’), provided voluntarily by market participant from various jurisdictions and segments. A case study was provided from a buy-side member of the Tokyo Foreign Exchange Market Committee (‘TFXC’) to the GFXC, which has been made available at its website. Please see the following link for details.

https://www.globalfxc.org/case_studies.htm

The case studies are intended to help market participants in their journey to endorse the Code and sign the Statement of Commitment. The case studies are a set of examples which illustrate companies' considerations in their internal assessment and steps to adhere to the Code, particularly taking account of the Code's proportionality concept.

Notes on Golden Week

Tokyo market will be closed during Japan's Golden week (*). Due to the State of Emergency, there may be limited number of market participants compared to the average year. FX market participants may face more operational constraints reflecting the State of Emergency and lockdown in some financial centres. As it is anticipated that there will be significant decrease in liquidity in FX markets before and after Golden week, please take extra caution when trading.

(*) 2nd May to 6th May.

Notes on Work From Home

Please take extra caution on the below principles or any other principles, considering the size and complexity of the FX Market activities you are engaged with when trading.
Especially for market participants who will be trading from home or any other environment from your usual trading location, please take in to account the related operational risks, and be well prepared for trading by carefully having necessary communications with your customers or interbank counterparties.

If any uncertainties, please contact the members of the Tokyo Foreign Exchange Market Committee.

GFXC Issues Statement on FX Market Conditions

The following Statement was issued by the Global Foreign Exchange Committee (GFXC) on 26th March.
Considering the recent market conditions in the financial markets including the foreign exchange market, please take extra caution when trading.

https://www.globalfxc.org/press/p200326.htm

Given the intense volatility seen in global financial markets this month, it is possible that FX market participants may execute larger than usual FX volumes during end-of-month benchmark fixings. In addition, FX market participants may face more operational constraints reflecting lockdown in some financial centres. In light of these possible developments, significant volatility and price movements may be observed during FX fixings in the coming days.
To reduce the potential impact of this volatility on market functioning, and market participants’ execution outcomes, the Global Foreign Exchange Committee (GFXC) encourages market participants to:

  • Give appropriate consideration to market conditions and the potential impact of their transactions and orders [see Principle 12, FX Global Code];
  • Be aware of the risks associated with the transactions they request and undertake [see Principle 9, FX Global Code];
  • Clearly understand how orders will be handled and transacted [see Principle 9, FX Global Code];
  • Price transactions in a manner that is transparent and consistent with the risk borne in accepting such transactions [see Principle 10, FX Global Code];
  • Exercise particular care and attention when handling orders that have the potential to have sizable market impact [see Principle 10, FX Global Code];
  • Ensure adherence to internal guidelines and procedures for collecting and handling executing orders [see Principle 10, FX FX Global Code] and;
  • Handle orders with fairness and transparency [see Principle 9, FX Global Code].

In these unprecedented times, we encourage market participants to be aware of how their actions can ensure the FX market remains robust, open, fair and appropriately transparent such that market participants are able to confidently and effectively transact at prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour.

Notes on countermeasures for Novel Coronavirus

Due to the coronavirus outbreak, sudden rise in volatility and decline in liquidity is being noticed in the financial markets including the foreign exchange market.
Please take extra caution when trading.

Notes for year-end and new year of Japan

This year the Tokyo market will be closed from December 31st to January 3rd . Frist trading day for Japan in the year 2020 will be on Monday , Jan 6th. Please use extra caution when trading in Asia time as we can expect sudden volatility due to lack of liquidity during these Tokyo holidays.

Notes for Golden Week of Japan

As Tokyo market is on a holiday due to Japanese national holiday (Golden week* ), there will be limited number of market participants, and it is anticipated that there will be significant decrease in liquidity in FX markets during Asian trading hours.
Please give close attention when trading.

* Golden week is a weekend starting from 29th April to 6th May.

Regarding the settlement dates of existing trades falling between 30 April 2019 to 2 May 2019

The bill has been passed to assign 1 May 2019 as a National Holiday as it is the ascension date of the Crown Prince. It has been confirmed that 30 April 2019 to 2 May 2019 will be assigned as new Bank Holidays.

For existing trades executed in the Inter-Bank Market, it is recommended that in the absence of existing bilateral agreements*, settlement date should be adjusted to the first following business day unless the day falls the next calendar month, in which case that date should be adjusted to the first preceding business day. In addition, the settlement date change should have no impact on settlement amount and cost adjustments should not be performed.

* Where parties have existing agreements which are used to govern FX and currency transactions (or equivalent documents) in place, if the settlement date falls on the last business day of the month, in principal the settlement date will be adjusted to the first following business day. However, if the settlement date is required to be adjusted to the first preceding business day, a bilateral agreement with the counterparty is required.

Tokyo Foreign Exchange Market Committee
Chairperson
Akira Hoshino

Results of the Actual Conditions Survey of Over-The-Counter Retail Foreign Exchange Margin Trading

April 2020 (PDF) April 2019 (PDF) April 2018 (PDF) April 2017 (PDF) April 2016 (PDF)