Tadashi Ezaki TOCOM President New Year’s Message
The year 2011 was a year of unprecedented challenges at home and abroad, with the devastation caused by the Great East Japan Earthquake and the following tsunami, as well as the financial crisis triggered by sovereign debt problems that spread rapidly around the world. Despite the turmoil immediately after the disaster, TOCOM strove to keep the market functioning for its participants, while retaining price linkage to overseas markets. Amid the financial crisis, we have witnessed the massive inflows of money into the gold market in Japan and abroad and growing interest in commodities.
Within the commodity futures industry of Japan, over the last year a series of reforms were implemented to improve market reliability and globalize the marketplace, which TOCOM and the rest of the industry have worked on over a period of time, have started to bear some fruit. Last year, the trading volume of all commodity exchanges in Japan finally recovered after decline since 2003, and the annual volume at TOCOM saw a year-on-year increase. We will continue to dedicate all our strength to continue with this recovery through following measures over the next year.
Firstly, we continue our efforts to acquire new market participants. We will work to encourage major financial institutions to participate in the TOCOM market as Broker Members, as well as to reach out to commodities and FX brokers offering online transactions to retail investors. Secondly, we will collaborate with Broker Members with marketing activities such as seminars for retail investors and commercial players. We will also bolster communications with existing trading participants and listen to their opinions. Thirdly, we will work to develop new products to meet market needs. As we continue to monitor the opinions of market participants, we will continue our efforts to develop new products based on Gold, which is TOCOM’s most traded commodity.
In 2012, we are headed for some major maneuverings, such as the preparations for the next generation trading system and an IPO, from here on. I highly appreciate your continued support and collaboration.