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Update :
- The Yokohama Commodity Exchange (Y-COM)
has merged with the Tokyo Grain Exchange (TGE) under the name of the
Tokyo Grain Exchange, effective 1 April 2006 and Y-COM has been
dispersed. Raw silk futures and Vegetable futures was transferred to TGE,
Potato futures was terminated.
- The Fukuoka Futures Exchange (FFE) was affiliated to the Kansai Commodities Exchange (KCE) on December 1st 2006, and it's been dispersed. Corn futures, Soybean meal futures and broiler futures are now traded in KCE while Imported Soybean futures, Red bean futures and Refined sugar futures have been terminated after the affiliation.
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The Central Japan Commodity Exchange (C-Com) and the Osaka Mercantile Exchange (OME) announced that the agreement on the affiliation between the two exchanges, effective on January 1st 2007. The main office of the new Exchange, named C-Com, will be located in Nagoya. All the commodities that are traded in OME now, Aluminum, Nickel, Rubber (RSS3, TSR20) and NR Index will be traded in C-Com.
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There are two methods of trading
in the Japanese commodity futures markets.
One is continuous computerized trading (running market), which
is used to trade Precious metals, Aluminum, Oil, and Rubber markets in
TOCOM.
One more is sessional trading, fixing a single contract price
for each contract month in each session, in another exchanges (TGE,
C-COM, OME and so on).
All trading is carried out at a single price when the total volume of
selling orders and buying orders become equal.
The price is settled for each delivery month. The trading is initiated
by the exchange indicating the provisional price of the contract to the
members. The members are bidding and offering in response to its
provisional price. The price of the contract is raised or lowered if
the volume of selling and buying differs until both volume of the
orders become equal.
If the orders do not match the provisional price, the orders can be
cancelled by placing counter orders of the same volume during the
auction. |
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