TOCOM to Acquire TGE Shares of JCCH Stock
Tokyo Commodity Exchange, Inc. (“TOCOM”) announced September 9 that the Exchange will acquire the shares of the Japan Commodity Clearing House (“JCCH”) held by Tokyo Grain Exchange Inc. (“TGE”) after October 1, 2010.
JCCH has restrictions on the transfer of its shares, but at the September 3 meeting, its board of directors approved the divestment of TGE’s holdings to TOCOM. TOCOM will apply to the clearing house for a transfer of ownership on or after October 1, 2010.
As a result of this transfer, TOCOM will own 63.3 percent of JCCH stock, making the clearing house a subsidiary of TOCOM. The Exchange intends to develop closer cooperation with JCCH, which is responsible for clearing all commodity futures trades in Japan, in order to further enhance its function and credibility.