TOCOM to Launch Agricultural Market in February 2013
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The Tokyo Commodity Exchange, Inc. (TOCOM), Japan's largest commodity futures exchange, announced today that it will accept the transfer of soybeans, azuki, corn and raw sugar contracts from the Tokyo Grain Exchange Inc.(TGE). The decision was made at the board of directors meeting on May 30. TOCOM plans to launch an agricultural market in February 2013 and will manage the processing of open positions and orders remaining on the TGE market.
Regarding the transfer of positions and orders, at the time of termination of trading, open positions on the TGE market will be treated as the open positions on TOCOM’s new market. TOCOM will also treat valid orders accepted by TGE before the termination of trading as the orders submitted to the new market. Therefore, those trading on TGE through the last trading session can seamlessly continue on TOCOM’s new agricultural market. (Current TGE members will require TOCOM membership to participate in this process).
Tadashi Ezaki, President and CEO of TOCOM said, “We have decided to open the agricultural commodity market in careful consideration of the profitability and the importance of having an agricultural market in Japan. We will extend our on-going efforts to attract a more diverse set of trading participants and improve the usability and reliability of the TOCOM market to agricultural contracts.”