Approval of Opening of the Chukyo Oil Market by Tokyo Commodity Exchange
The Ministry of Economy, Trade and Industry (METI) approved October 4 the opening of the Chukyo Oil Market (gasoline and kerosene) by Tokyo Commodity Exchange, Inc. (TOCOM) pursuant to the Commodity Exchange Act.
1. METI approved the opening of the “Chukyo Oil Market (gasoline and kerosene)” applied by TOCOM on October 4th in accordance with the Commodity Exchange Act (trading is planned to commence on October 12th).
2. The trading results show that the current oil market by the Central Japan Commodity Exchange (C-COM) plays a significant role as industrial infrastructure. However, the market is planned to be halted in January next year, and the “Chukyo Oil Market (gasoline and kerosene)”, that is designed to be similar to C-COM with delivery locations in the Chukyo area (in the City of Nagoya etc.), will be opened by TOCOM.
3. It is expected that TOCOM will enhance its role as industrial infrastructure and the commodity market will be invigorated.