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New Trading System Starts on September 3, 2007
C-Com is to launch a new computer trading system on September 3, 2007. The new system, “Advanced Itayose System” is a thorough and complete upgrade and replacement of the current system being used at C-Com Head Office in Nagoya.
The former OME products (RSS 3, TSR 20, Natural Rubber Index, Aluminum, and Nickel) that are currently traded by open outcry at C-Com’s Osaka Trading Center will be shifted to the new system together with the products currently traded on the existing system in Nagoya, namely Gasoline, Kerosene, Gas Oil, Ferrous Scrap and Eggs. As a result, trading of all 10 C-Com products will be fully computerized from September 3 this year.
The Advanced Itayose System is an open system with add-on flexibilities, which offers the users various benefits. You could directly route orders from your own terminal with ISV software. You also can route orders to C-Com via internet under more efficient environments as brokers can enjoy fully automated connectivity with no manual work required. If you are interested in using Internet, please consult with your broker for details. For former OME Products, too, live market price information will be available from quote venders on a real time basis. (Subscription may be required.)
Open Outcry Trading Disappears from Japan at the End of August
For almost three centuries, open outcry trading has been employed for commodities futures markets in Japan since the inception of the rice futures at Dojima, Osaka around 1730, which was the oldest futures trading recorded in the world history. This traditional trading method has been handed down for generations by the people engaged in commodities futures trading in Japan up until today.
With the recent development of the information technology combined with the business efforts to reduce personnel (labor) costs, however, this traditional method has been replaced over time with the electronic trading system one by one.
In April 2006, when Yokohama Commodity Exchange that used open outcry trading method was merged into Tokyo Grain Exchange, Osaka Mercantile Exchange became the last and only Exchange in Japan that utilized such a traditional trading method on its trading floor in Osaka.
President of one of the major FCMs emotionally stated, “Trading by open outcry is a part of Japanese culture, something like Kabuki. I am very sad to see it disappear. But at the same time, I expect the new system to bring us lots of benefits and conveniences.”
On August 31, 2007, C-Com’s Osaka Trading Center will trade the last transactions via open outcry in Japan, closing a page in the history.
FIMAT Joins C-Com as a Broker Member
Fimat Japan, a subsidiary of one of the leading global investment banking groups, Societe Generale (SG) Group, became a broker member of the Central Japan Commodity Exchange on July 14, 2007 as a result of the transfer of the wholesale commodity business from Himawari CX to Fimat Japan. Himawari CX was one of the most active Japanese FCMs in the areas of wholesale and international commodity business. Its staff who are experts in commodity futures business were also transferred to FIMAT Japan.
FIMAT Japan was established in April this year in an attempt to expand its commodity business in Japan as a wholly owned Japanese subsidiary of FIMAT Group that is a brokerage arm of SG Group. Now, FIMAT is a member in Oil, Ferrous Scrap, Rubber, Rubber Index, and Aluminum markets at C-Com.
C-Com welcomes FIMAT Japan as our member and believes that the participation of such a global institution as the SG Group’s Japanese commodities arm as our member will enhance cross-border business for our markets.
