LCH-JSCC basis rockets for cleared yen swaps

Cost of receive-fixed swaps at JSCC jumps fivefold in a week

yen currency
Twenty-year yen swaps gapped to 6.375bp at one stage

The relative cost of clearing yen interest rate swaps at the Japan Securities Clearing Corporation (JSCC) compared with LCH blew out significantly this week, with the price of a 10-year receive-