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Takamichi Hamada, President & CEO
As the new President and CEO of TOCOM, I am pleased to share a first message with our market participants and related parties.
Tadashi Ezaki, my predecessor, led the Tokyo Commodity Exchange for the past six years and implemented a wide range of structural reforms. These included the standardization of trading platforms and market rules, the development of new products, improvements in market usability and the diversification of market participants. These efforts to reinvigorate the market are starting to deliver results. For example, we are gaining new General Clearing Participants and Remote Members. Also, our Crude Oil market got a boost from the success of financial products (ETF and ETN) that track TOCOM Crude Oil prices.
I will continue with the management principles of the Exchange and press forward with the initiatives articulated in the business plan. I am fully committed to growing TOCOM’s markets.
Our immediate priorities include the following three initiatives: 1. Establish a base of operations that stabilizes revenue growth; 2. Create a comprehensive energy market that includes electricity futures and LNG as core products and; 3. Increase collaboration with other exchanges, including JPX and exchanges in mainland China. We are poised to achieve these objectives, which aim to raise market liquidity and revenues.
As part of our efforts to increase revenues, we will look to create a physical gold market, which has been frequently requested. Ultimately, we aim to become a comprehensive commodity market that extends beyond commodity futures to include OTC and physical products. We believe that this will better position TOCOM to meet the needs of the global trading community.
Plans for the comprehensive energy market include new electricity futures contracts. The market would be based on METI Council on Electricity Futures Market policy. The Council is scheduled to release a report in the near future.
Finally, our focus will shift from bolstering cooperation with other exchanges in Europe and the U.S. to Asia. This is in recognition of the importance and growth potential of the commodity business in the region. Particular attention will be paid to mainland China.
TOCOM is a privately-held company that has a highly important public mission. We will continue to do our best to provide an indispensable component of Japan’s economic infrastructure, while strengthening the commodity market through the steady implementation of the aforementioned initiatives and related action plans.
I am looking forward to your continued support and cooperation.
Sincerely yours
Takamichi Hamada
President & CEO
Tokyo Commodity Exchange, Inc.
