Tokyo Commodity Exchange: Default Of Marumura Co., Ltd.

A notice was issued by Japan Commodity Clearing House Co., Ltd. (JCCH) on June 2, 2005 that JCCH would suspend clearing operation of Marumura Co., Ltd., a broker member of TOCOM, pursuant to Article 69 of Business Method Manual of JCCH.

Following the notice, TOCOM suspended new transactions of Marumura on TOCOM markets from the opening of the markets on June 3 in accordance with Item 1, Article 125, TOCOM’s Articles of Association.

Marumura failed to pay mark to market losses (19,520,760 yen) by the noon of June 3 to JCCH. JCCH gave a notice pursuant to Article 68 (Action against nonpayment) of its Business Method Manual, and then Marumura was adjudged as a defaulting person in accordance with item 2, Paragraph 2, Article 126 of TOCOM’s Articles of Association.