The MOU between the exchanges is expected to bring about fruitful results in various specific areas under the dynamically changing commodity futures environment towards globalization.
The areas of cooperation include:
- Cooperation in opening electronic trading of each exchange to the other
- Cooperation in communicating and sharing information with regard to market management to reinforcing the ability of each exchange to operate in a fair and orderly manner
- Cooperation in securing the appropriate regulatory approval in the United States and Japan
New York Mercantile Exchange Chairman Mitchell Steinhause said, "We are pleased to work with C–COM towards our common goals, providing more risk management opportunities to our members and customers alike. The Exchange is committed to serving its customers in Asia as is evidenced by the recent opening of our Tokyo office."
Central Japan Commodity Exchange Chairman Fumihiko Kimura said, "We are delighted that the two exchanges have signed the memorandum of understanding. As there will be more and more interactions across borders in commodity futures markets, we believe the key to growth is to promote our cross-border business. The MOU is a great step forward to C–COM's strategic activities, and we are determined to produce fruitful results for the mutual benefit of our two exchanges."
About the New York Mercantile Exchange
The New York Mercantile Exchange is the largest physical commodity exchange in the world, offering futures and options trading in energy and metals contracts and clearing services for off–exchange energy transactions. Through a combination of open outcry floor trading and NYMEX ACCESS® and NYMEX ClearPortsm electronic trading platforms, a wide range of crude oil, petroleum products, natural gas, coal, electricity, gold, silver, copper, aluminum, and platinum group metals markets are available virtually 24 hours each day.
About the Central Japan Commodity Exchange
The Central Japan Commodity Exchange, ranked second and seventh largest exchange in the Japanese and global marketplaces respectively, provides gasoline, kerosene, and gasoil contracts on its oil market and the world's only shell egg futures contract on the livestock market. C–COM is currently working to list up a number of new commodity contracts such as U.S.–dollar denominated gold and ferrous scrap metals to meet the needs of the market.
