TGE to Start Using the TOCOM System from January 4 2011
Tokyo Commodity Exchange, Inc. (“TOCOM”) announced today that Tokyo Grain Exchange, Inc. (“TGE”) is to start using TOCOM’s system from January 4, 2011, the first trading day of the year. TOCOM’s system includes a trading and clearing platform using NASDAQ OMX software and a market surveillance system (SMARTS). TOCOM and TGE plan to finalize the specific terms and conditions of use toward the signing of a formal contract.
As the first Japanese exchange to do so, TOCOM launched its current system, with the world’s highest level of performance and functionalities in line with international standards (e.g: order transaction response time within 10 milliseconds, circuit breakers, etc.) in May 2009, based on technology provided by the NASDAQ OMX Group, Inc.
TGE’s use of the TOCOM system will enable TGE market participants to benefit from this trading environment, as well as enable cost reductions for Members holding membership at both exchanges thanks to the efficiencies achieved through unified trading rules and system specifications.
TOCOM is poised to cooperate with the necessary preparation work in order for TGE to be able to start using the TOCOM system on schedule.