The Working Group concerning Review of Fails Practices for Bond Trading, which was established by the JSDA in May 2009, discussed and reviewed the current market practice of bond settlement fails including fails charges. The working group summarized the discussion and issued the final report.
Following the recommendations of the final report, the JSDA revised "Japanese Government Securities Guidelines for Real Time Gross Settlement", which has been functioning as a market practice regarding the settlement of Japanese Government Securities, to introduce the fails charges and other recommended measures. The revised guidelines will go into effect on November 1st.

• The Final Report (Framework) of the Working Group concerning Review of Fails Practice for Bond Trading
• The Interim Report of the Working Group concerning Review of Fails Practices for Bond Trading
• The Japanese Government Securities Guidelines for Real Time Gross Settlement(March 2016 Version)
• Practical Guidelines for Handling of Fails Charges（May 2013 Version）
  • ○ Annex1
    Model form for prior notice of introduction of Fails Charges Trading Practice Organization
  • ○ Annex2
    Sample wording to be described in an trade confirmation, etc. when introducing Fails Charges
• Questions & Answers about Settlements under "Japanese Government Securities Guidelines for Real Time Gross Settlement" and "Guidelines for Practical Handling of Fails Charges"(November, 2010 Version)

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