TOCOM to Consider C-COM Oil Market Take Over
Tokyo Commodity Exchange, Inc. (“TOCOM”) announced June 15 that the Exchange will consider establishing new markets on October 12, 2010, where the gasoline and kerosene contracts currently listed on Central Japan Commodity Exchange (“C-COM”) will be traded. TOCOM was approached by C-COM on May 27, 2010 regarding the possible transfer of its oil market.
TOCOM’s Board of Directors reached the above conclusion following discussions at its meeting held today, after having considered the important role that C-COM’s oil market plays as a public utility, notably through its physical delivery process.
The contract specifications for the new gasoline and kerosene markets are expected to be identical to the current C-COM products, except for the trading method and trading hours. We anticipate that C-COM trading participants will understand TOCOM’s intention to preserve their current trading environment to the extent possible and will continue to trade in our new oil markets.