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Tocom joins Comex in concealing identities of market riggers

Section: Daily Dispatches

Tokyo Commodity Exchange to offer investors greater anonymity

From Reuters
via Business Times, Kuala Lumpur, Malaysia
Saturday, March 4, 2006

a href=http://www.btimes.com.my/Current_News/BT/Saturday/Corporate/BT554630.htt...
txt/Article/

TOKYO, March 3 -- The Tokyo Commodity Exchange (Tocom) hopes to
attract more foreigners and a wider range of investors, including
institutions, with plans to bolster players' anonymity and list new
products, a senior exchange official said today.

Tocom, Japan's top commodity exchange, aims to discontinue its
practice of disclosing daily outstanding positions for each member
starting early in the next business year, which begins in April.

quot;More overseas investors, funds and hedgers will be comfortable
about taking positions, as their positions won't be fully exposed,quot;
Tocom president Michimasa Hamada said in an interview.

Rather than disclose the information daily for each member, whose
ranks include US investment banks, Japanese commodity brokerages and
trading houses, Tocom plans to provide outstanding positions broken
down by category of investor.

Hamada said the exchange has not decided what the categories will be
or how often it will release the information.

In the US, the Commodity Futures Trading Commission, which regulates
futures and options trade, discloses open interest data by various
types of investors on a weekly basis but does not name the
institutions that hold positions.

Tocom's overall turnover fell by 19 per cent to 61.8 million
contracts in 2005 from the previous year.

In terms of trading volume, Tocom dropped to fifth place among
specialised commodity exchanges around the world last year from
third place in 2004.

New Japanese commodity laws implemented last May, which included
restrictions on what were seen as high-pressure sales techniques,
appear to have restrained trading on domestic exchanges.

But foreigners have increased their presence on the exchange in
recent years, Hamada said.

Of trading volume done for customers' accounts, which represents
about 40 per cent of the exchange total, foreigners accounted for 15
per cent last year, up from just 5 per cent five years ago.

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