On TOCOM Trading System

2008.1.17

1. Comments on Matching Procedure for TOCOM's Trading Platform

There are some reports in the media that one of the commodity exchanges in Japan is receiving complaints from market participants regarding its newly-introduced trading system. It is said that there are some confusing factors in the order matching procedure.

TOCOM would like to emphasize that this is not the case with our trading system, which has no relationship whatsoever with the above-mentioned system. The matching engine used in our current system has been around and tested for more than 5 years since we introduced it in January 2003.  It is widely accepted by our market participants as a reliable trading platform, contributing to the fair and transparent price formation in our market.

2. Update on New Trading System

Our plan to introduce the new trading system is proceeding according to schedule, with the launch date set at the end of March 2009. We are working together with our partners on this project, OMX and NTT Data (see the press release dated December 19, 2007), to ensure the smooth implementation of the new system. Our highest priority is to provide a reliable trading environment from day one, acknowledging that not doing so would undermine the integrity of the market.

If you have any questions or comments regarding these matters, please contact us via our website at www.tocom.or.jp/contact.html or via fax at +813-3664-0089.

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