TOCOM Agrees with TGE' s Possible Use of the TOCOM System
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Following discussions since August last year, the Board of Directors of the Tokyo Commodity Exchange, Inc. (“TOCOM” or the “Exchange”) decided at the meeting today that is was possible to agree on conditions to allow Tokyo Grain Exchange, Inc. (“TGE”) to use TOCOM’s system and to work towards its realization.
The main conditions are the following:
- TGE will use TOCOM’s system which includes a trading and clearing platform using NASDAQ OMX software and market a surveillance system (SMARTS);
- TGE will place Exchange terminals and operations staff and operate its markets within the TOCOM building with TOCOM’s support;
- In principle, TOCOM’s trading platform will not be customized, and
- The targeted start of use is early in the second half of the fiscal year 2010 .
Should TGE’s Board of Directors agree upon the conditions at their meeting to be held on the same day, we shall move forward in finalizing the details of the system set-up, contract, scheduling etc. with TOCOM, NTT Data Corporation and other relevant parties.