Letter to IOSCO and BCBS setting out how current margin settlement requirements will negatively disadvantage Japan and Asian markets because of time zone differences

The Japan Financial Markets Council (JFMC) and the International Swaps and Derivatives Association (ISDA) sent a letter to IOSCO and BCBS pointing out how the current margin settlement requirements for uncleared swaps will disadvantage Japan and Asian markets because they are in a different time zone. The T+1 requirement will place an additional burden on market participants in the Asia-Pacific region including their access to types of collateral which may result in higher overall funding costs.

KPMG 2015 Global Tax Rate Survey 

KPMG released its International’s 2015 Global Tax Rate Survey. The survey has been run for many years in cooperation with KPMG global network member firms. Although the previous surveys covered corporate tax rates and indirect tax rates only, this year’s includes information on individual income tax rates (basically, the top marginal tax rates) and social security rates (both rates for employers and employees) as well.

KPMG Publishes its 2015 Foreign Banks in Japan Survey

KPMG released its annual survey of published financial statements of foreign banks operating in Japan.

The financial information included in this survey represent the English translation of the condensed balance sheets for the fifty-six foreign banks registered in Japan and their related condensed statements of income as of and for the year ended March 31, 2015.

To see the survey follow this link: - Foreign Banks in Japan Survey 2015.

A government appointed panel sets out Japan’s progress in developing its financial and capital markets

The goal of the Panel is to vitalise the Japanese economy, promote business and develop the Tokyo market into a leading international financial centre by 2020.  A wide range of measures have been made including regulatory and structural changes to help support this aim and the report also highlights some further issues which need to be tackled.

http://www.fsa.go.jp/en/refer/councils/vitalizing/20150721/01.pdf