Following discussions since August last year, the Board of Directors of the Tokyo Grain Exchange (TGE ) decided at the meeting today that is was possible to make an agreement on the conditions to implement the Tokyo Commodity Exchange's (Tocom) trading platform and to work towards its realization.
The main conditions are the following:
* TGE will implement TOCOM's trading platform which includes trading and clearing using NASDAQ OMX software and market surveillance (SMARTS);
* TGE will place Exchange terminals and operations staff and operate its markets within TOCOM's building with TOCOM's support;
* In principle, TOCOM's trading platform will not be customized, and
* The targeted implementation will be early in the second half of the fiscal year.
Should TOCOM's Board of Directors agree upon the conditions at their meeting to be held on the same day, we shall move forward in finalizing the details of the system, contract, scheduling etc. with TOCOM and NTT Data Corporation.