The FSA published the English version of "FSA Analytical Notes (2026.3)". 
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As financial institutions’ business environments and profit structures change, it is important to understand economic and market trends based on data, and to accurately grasp the business conditions of individual financial institutions and also the resilience and vulnerabilities of the financial system as a whole. From this perspective, the FSA has been focusing on the utilization of granular data, such as transaction-level bank loan data and financial data on individual corporations. Some case examples of data analyses using such granular data are published as a series of reports titled “FSA Analytical Notes.”
This issue contains "An Empirical Examination toward a Multi-faceted Understanding of the OTC Derivatives Market".
This paper uses data on over-the-counter (OTC) derivatives transactions to advance the methodology for understanding the actual status of the OTC derivatives market by conducting analyses focusing on derivative product types and attributes of trading counterparties. The analysis confirms that, during episodes of sharp movements in foreign exchange rates within the observation period, the number of currency option transactions with non-financial corporate participants surged. In addition, a multi-layer network analysis suggests that financial institutions participating in the OTC derivatives market may be playing different roles by institution type. Going forward, the FSA will continue to deepen its understanding of the OTC derivatives market by further refining analytical methods and related approaches.
Enhancing the use of data in financial supervision and policy-making is a medium- to long-term agenda. The FSA will continue to build its data analysis capabilities and data infrastructure.
* Unless otherwise noted, the figures and tables in this report were prepared by the FSA.
