Osaka Dojima Exchange to Become Stock Company in April 2021
Osaka, Dec. 29 (Jiji Press)--The Osaka Dojima Commodity Exchange at an extraordinary meeting of its members on Tuesday decided to transform itself into a stock company on April 1 next year.
At a press conference held on the day in the western Japan city of Osaka, where the exchange is located, Kazuhiro Nakatsuka, who is set to become its first president upon the conversion, said that he will now focus on realizing the full-fledged listing of rice futures, a major challenge for the exchange.
The predecessor of the Osaka Dojima exchange revived rice futures trading in 2011, albeit temporarily and on a trial basis, after a hiatus of over 70 years. Trading has been sluggish, however, mainly because the Japan Agricultural Cooperatives, or JA, group is reluctant to participate. The trial listing is set to end in August 2021.
"We'll make efforts to switch over to full-fledged rice futures trading," Nakatsuka said, adding that he hopes to move the exchange into the black as early as possible.
The Osaka Dojima exchange "must be a futures market for agricultural producers," Nakatsuka also said, showing his plans to review its listed futures products by incorporating the opinions of producers, including the JA group, and request the JA group to invest in and dispatch executives to the exchange. Nakatsuka was former financial services minister and now serves as adviser to major online financial service firm SBI Holdings Inc. <8473>.
[Copyright The Jiji Press, Ltd.]