By the signing of the MOU, TIFFE and CBOT will exchange information such as listing of new products, changes in contract specifications and trading methods. Both exchanges will initiate discussions as a basis for mutual cooperation on new product research.
Mr. Jiro Saito, the Chairman and Chief Executive of TIFFE, stated, "Signing an MOU with CBOT, who has a 156-year history of leading the world in futures and options trading, has a very significant meaning for TIFFE, which plans to demutualize in April 2004, and we believe it will support the growth of productive business in the future. We expect to further strengthen the cooperation between TIFFE and CBOT, and to make efforts to enhance market development of both exchanges."
Mr. Bernard W. Dan, President and CEO of CBOT stated that, "The TIFFE exchange has been characterized as the youngest and more innovative exchange in Japan, and we welcome the opportunity to share intellectual resources with leaders of this institution. We look forward to the possibility of working together on product and market development projects that will add value to our current product mix."
