TOKYO (HedgeWorld.com)--Fimat Group's Australian branch has become the first foreign firm to join the Tokyo Commodities Exchange.
Becoming a member of the exchange, known as TOCOM, will enable Fimat Group to clear commodity trades directly on the Tokyo exchange, said Laurent Cunin, managing director and head of the Fimat Division of Soci?t? G?n?rale Securities' Tokyo branch, in a statement. Membership will allow the firm greater trading and clearing capacity, he added.
It also helps clear the way for Fimat Group's planned May 17 launch of a gold option contract on TOCOM. In October, the Tokyo branch of Soci?t? G?n?rale Securities became the first foreign futures commission merchant to be granted a commodities license in Japan.
"We have registered a great deal of interest over the last couple of months in this [gold option] contract, particularly from Australia, where many market makers have established their Asian base," Wessel Van der Scheer, managing director of Fimat Asia, said in a statement. "This has enhanced our relationship with this innovative exchange, which is actively seeking an international role, in addition to its strong domestic position in metals and energy futures."