For over a decade now, there has been talk of consolidating Japan's securities exchanges to create an all-in-one bourse. A recent agreement to integrate the trading of securities and commodity derivatives by folding the Tokyo Commodity Exchange (Tocom) into Japan Exchange Group (JPX) brings that dream one step closer to reality.
However, the government authorities that oversee the exchanges still do not see eye to eye over the planned consolidation, slated for October. That means the financial instruments now listed on Tocom will be offered separately by two different marketplaces: Commodity futures trading for metals and agricultural products will be transferred from Tocom to the Osaka Exchange, a JPX unit, while futures contracts for crude oil and petroleum products will stay with Tocom.
