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Tokyo Commodity Exchange Inc. (TOCOM or “the Exchange”) announced today that TOCOM has gone live with a new trading system based on the suite of trading and clearing platforms provided by The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ). The new system started accepting orders at 8:30 am and the day session started at 9:00 am on schedule.
TOCOM is NASDAQ OMX’s first Japanese customer to operate one of its systems. NTT Data Corporation made a significant contribution to this project as a system integrator.
The introduction of the new trading system makes it possible for TOCOM to offer various services as an international marketplace:- Order Transaction Response Time: 10 milliseconds
- Capability of 24-hour trading (In the current phase, night session ends at 23:00. For rubber market, it closes at 19:00.)
- Internationally recognized order types
- Circuit Breaker System
- Market Maker Program (to be introduced in fall of 2009)
Masaaki Nangaku, President & CEO of TOCOM met the group of press with Lars Ottersgård, Head of NASDAQ OMX Market Technology, Toru Yamashita, President & CEO of NTT Data Corporation after the new trading system went live and commented: “In recent years the competition among exchanges around the world has been synonymous with technological competition of trading platforms. Today’s successful launch of our new trading system based on the globally advanced technology of NASDAQ OMX allows us to offer world-class trading functionality in line with international practices. We are committed to keep on pursuing reforms to establish TOCOM as a leading derivatives exchange in Asia.”
Mr. Ottersgård said: “It is very satisfying to be part of today’s launch, which truly marks milestone in Japanese exchange history. With its new high-end system TOCOM can process millions of trades at millisecond speed, enabling them to reinforce its position as a world leader in commodity exchange space. We look forward to continue our partnership with TOCOM and NTT Data to support continued growth in the Japanese commodities market.”
Toru Yamashita added: “We congratulate TOCOM on the successful launch of its New Generation System. NTT Data appreciates the cooperation with TOCOM, and will continue to assist in the development of TOCOM and the Japanese exchange industry together with NASDAQ OMX.”
