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May 17, 2004 at 08:00 PM
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.
