Global competitiveness of Tokyo in regard to the operational platform

Even if some progress can be noted, trust banks still remain behind the curve in operational efficiency, as illustrated by lack of CSA (Credit Support Annex attached to ISDA (International Swaps and Derivative Association) contracts), only partial adoption of SWIFT and of CLS (Continuous Linked Settlement) ,especially for pension mandates. In September 2019, Japan Investment Trusts Association (JITA) released its report on single NAV (Net Asset Value) which is a very important first step towards the modernisation of the industry. It opens the door to further discussions about the establishment of fund administrators and transfer agents in Japan, similar to the European business model. EBC Asset Management Committee had participated to the public comments organised by JITA on single NAV in May 2018.