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Happy New Year. I hope that 2010 will make all your wishes come true and you will have good health throughout the year.
Last November, we had advanced into a new era by evolving from a non-profit membership organization to a for-profit incorporated entity to become the Tokyo Grain Exchange Inc. As the commodity futures industry has been facing very trying circumstances in recent years, in 2010 we will further strive to meet market demands for the agricultural futures that we have inherited from our ancestors from the Meiji era. We shall accelerate in realizing the terms placed in the Mid-term Plan issued last April therefore this year will be a year of advancement. As we have mentioned in our Plan, we are moving rapidly forward with discussions between the Tokyo Commodity Exchange to provide our market participants with easier market accessibility and lower trading costs by using the same electronic trading platform. Another issue which we will addressing will be for cooperation between exchanges which will facilitate in bringing extensive business strategies and perfunctory management decisions that would match the market environment giving arise to greater opportunities. The amendments of the Commodity Exchange Law last year opened doors to this possibility. |
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| Additionally, in order to respond the rules prohibiting solicitation that is scheduled to come into effect next January, it is necessary for the exchange to develop a marketplace that retail investors can participate in with confidence. The exchange must design new appealing products and further enhance co-marketing activities with our broker members. And at the same time, demonstrate it is crucial for the economy infrastructure that the futures industry exists. We also aim to improve the conditions of the business environment to promote the development and expansion of our industry. | |
| Following the general elections in August last year a new ruling party has emerged and we recognize that there will be a major shift in the agricultural policies. A sound and transparent price benchmark facility to hedge price risks, inventory risks, weather risks and so forth will become more imperative for Japan's agricultural markets and we feel that these risk hedge needs are imminent this year. | |
| We are strengthening our infrastructure so to not overlook an opportunity like this and our aim is to become a “G'Local” exchange. This means to take a global perspective for mid to long term strategies and at the same time ejecting liquidity into the markets by being community based and activating the local region, Asia. This year we will "Think GLOBAL and act LOCAL”. Tokyo Grain Exchange Inc. would like to show our gratitude for your continuous cooperation and support. Thank you very much. | |
| January 1, 2010 Yoshiaki Watanabe President & CEO Tokyo Grain Exchange Inc. |
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