Yokohama Commodity Exchange

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Yokohama Commodity Exchange (Y-COM) was a futures exchange based in Yokohama, Japan which operated from 1998 to 2006.

Contents

[edit] History

The exchange was formed in 1998 from the merger of the Yokohama Raw Silk Exchange and the Maebashi Dried Cocoon Exchange.[1]

As of 1 April 2006 the exchange merged into the Tokyo Grain Exchange,[2] with silk and vegetables contracts moved there. The exchange's closure was due to declining trading volumes.[3] Although 2005 and 2006 were boom times in commodity speculation in other areas like oil and metals, that action didn't extend to Yokohama.

Y-COM's end as a separate organisation was another in an ongoing consolidation of exchanges in Japan. In 1983 for instance there were 19 regional exchanges, with the closure of Y-COM there remained only 6.

[edit] Operations

Trading was conducted in an "Itayose" auction-like system.[1] There were four sessions each day, in which a single price was established for each contract month for each commodity.

Commodities traded were

  • Potatoes — Japanese produced Dansyaku size "L"
  • Japanese raw silk — 27 denier 3A produced in Japan
  • Vegetables — cash settled average of several vegetable prices

In the past dried cocoons were traded.

[edit] References

  1. ^ a b Yokohama Commodity Exchange web site, as at 2005 (site now gone)
  2. ^ Exchange History page at the Tokyo Grain Exchange (as at May 2006)
  3. ^ Japan's Commodities Exchanges Falter as Internet Trades Surge by Hector Forster and Fumishige Asanogold, Bloomberg news, 27 April 2006

[edit] See also

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