The Tokyo International Financial Futures Exchange (Tiffe) is to upgrade its trading and clearing systems to the Liffe Connect electronic platform developed by the London International Financial Futures and Options Exchange (Liffe).
Fujitsu Limited will develop, maintain and support the clearing and settlements system, which is targeted for launch at the end of 2002.
Tiffe says the upgrade is in response to investors' demand for efficient exchange systems and to meet the challenges of the recent evolution in IT.
Tiffe and Liffe have also announced that they will work in partnership to further develop their flagship Euroyen and Euribor short-term interest rate products.
They will also create new markets in response to customer demand, including developing products such as yen-denominated swap futures and weather derivatives. Both exchanges are working towards providing mutual access as well as margin off-set facilities to customers regarding Tiffe's Euroyen and Liffe's Euribor products.
Jiro Saito, chairman and chief executive, Tiffe, says: "Tiffe selected Liffe Connect on the grounds of the openness and flexibility of the system to attract more participants to its Euroyen market. We believe that the leading-edge functionality of Liffe Connect for short-term interest rate products and its extensive global network will offer better service and efficiencies for our members and investors worldwide."
Brian Williamson, chairman, Liffe, says: "The strengthening of our partnership with Tiffe opens up new opportunities for both exchanges, bringing more products and choices to investors in Asia and elsewhere."