The Nasdaq OMX Group (Nasdaq:NDAQ) and Tokyo Commodity Exchange (Tocom) reported today that Tocom has gone live with a new trading system from Nasdaq OMX.
TOCOM is NASDAQ OMX's first Japanese customer to operate a system based on its technology. The launch, which took place today, was successful and received positive acknowledgement from TOCOM trading participants and the investing public.
In April of 2008, NASDAQ OMX signed a contract with TOCOM as technology provider for their New Generation System, with NTT Data serving as prime contractor and system integrator for the implementation. TOCOM is Japan's largest commodity futures exchange with more than 80 percent market share. The market lists futures and options contracts for a wide range of commodities including metals, oil and rubber.
Masaaki Nangaku, President and CEO of TOCOM, celebrated the launch of the Exchange's new trading system and commented, "Today's launch signifies a new era for Japanese commodity trading and allows us to offer world-class trading functionality in line with international practices. With this new high-performance platform we are in a prime position to establish TOCOM as a leading derivatives exchange in Asia."
Lars Ottersgard, Head of NASDAQ OMX Market Technology said, "It is very satisfying to be a part of today's launch, which marks a milestone in Japanese exchange history. With its new high-end system, TOCOM can process millions of trades at millisecond speed, enabling them to reinforce their position as a world leader in the commodity exchange space. We look forward to continuing our partnership with TOCOM and NTT Data to support growth in the Japanese commodities markets."
Toru Yamashita, CEO of NTT Data, said, "We congratulate TOCOM on the successful launch of its New Generation System. NTT Data appreciates the cooperation with TOCOM and will continue to assist in the development of TOCOM and the Japanese exchange industry together with NASDAQ OMX."