.jpg)
Business Plan for Fiscal Year 2008
During the previous fiscal year, thanks to the understanding and cooperation of all members and other parties involved in our market, we were able to mostly implement our original business plan. We also were able to greatly move forward with our measures to enhance the competitiveness of the Exchange. Once again, we are deeply grateful for this support.
This fiscal year, we enter the phase in which we will carry out these measures more concretely.
It is my pleasure to report on the business plan for this fiscal year (fiscal year 2008), which has been
approved at the Extraordinary Meeting of Members held on 28 March, as follows:
For the fiscal year 2008, we will first implement two major projects as a base on which to build up our
competitiveness.
One of these projects is to change the structure of our Exchange within 2008 from a membership organization to a stock company, to further increase our operational efficiency and the speed of our decision-making process, as well as have the ability to flexibly raise funds.
The other project is to introduce the next generation system, scheduled to be operational by May 2009, which offers the world’s highest level of performance and fully meets international standards on trading functionality, along with the extension of our trading hours until 11:00 p.m. at the same time.
As we shift to the next generation system, we will eliminate the price limits and introduce circuit breakers, as well as revise our level of market disclosure. We will also undertake the following actions to provide greater convenience to market participants:
· Strive to expand our listing of mini contracts;
· Revise our market design (including position limits);
· Consider/prepare to list the TOCOM Index;
· Study the feasibility to list LPG and fuel oil; and
· Consider reopening the Gas Oil market.
We will work towards making our market even more reliable by strengthening the capability of our market surveillance system, improving our internal control system and developing a Business Continuity Plan (BCP).
For public relations and marketing, our activities will revolve around partnerships/cooperation with related institutions or exchanges, as well as with Japanese securities exchanges with which we have signed an MoU for joint product development and marketing.
We will further increase the global reach of our market by participating in various events overseas, promoting the TOCOM market to players including proprietary houses, foreign commercials, foreign funds, promptly updating our Rules & Regulations in English and investigating important matters to respond to the needs of foreign market participants, such as remote membership and direct market access.
We see this fiscal year as a major turning point in the history of the Exchange. As we make our market even more reliable and convenient by devoting our full attention to carrying out these measures, we will concert our efforts to firmly position ourselves as a primary commodity exchange in Asia. Thank you in advance for your continued support and collaboration.
Masaaki Nangaku
Chairman & Chief Executive Officer
The Tokyo Commodity Exchange
April 2008
