The MOU between Asia’s two major Exchanges is expected to bring about fruitful results in various specific areas under the dynamically changing commodity futures environment towards globalization. The contemplated areas of cooperation include information sharing, exchange of staffs and training, but both exchanges have agreed to expand the areas of cooperation in accordance with the arising needs in the future.
Fumihiko Kimura, Chairman & CEO of C-COM said, "It is a great honor for C-COM to be the first Exchange to sign the MOU with KRX after its establishment. With the complete revision of the Commodity Exchange Law of Japan coupled with the introduction of a common clearing system, we are truly ready to move forward to promote our cross-border business, particularly toward the Asian markets. Additionally, we expect to learn from KRX’s trading system that is built with the cutting-edge technology. C-COM is determined to produce mutual benefits by having KRX as a great partner."
KRX Chairman and CEO Young-Tak Lee said, “We are very pleased that the KRX and C-COM have agreed to cooperate and communicate with each other in more formal way. We highly value our relationship with the C-COM, one of the leading futures and commodity exchanges in the world. This arrangement will benefit all market participants and financial services industry in Korea and Japan. We look forward to learning the C-COM’s experiences and knowledges in the development of new commodity futures products in Korea.”
About Central Japan Commodity Exchange
Central Japan Commodity Exchange is ranked second in Japan and eighth in the world in terms of trading volume for 2004. It is also ranked fourth in the energy sector worldwide. The Exchange offers gasoline, kerosene, and gas oil futures contracts on its petroleum market, and the world's only egg futures on the agriculture market.
About the Korea Exchange
The KRX, established in January 2005 through the merger of the Korea Stock Exchange(KSE), the Korea Futures Exchange(KOFEX), the KOSDAQ Market, and the KOSDAQ Committee, is the sole exchange in the Republic of Korea. The KRX provides its customers with the full access to both cash and derivatives markets, and clears and settles all transactions on its markets as one-stop services.
