TOCOM Signs LBMA Good Delivery List License Agreement
Thursday, June 25, 2015
The LBMA is delighted to announce that it has granted the Tokyo Commodity Exchange (TOCOM) a license to use the LBMA’s Good Delivery List as part of its own accreditation procedures with effect from today, 26 June, 2015.
NYSE Liffe US was the first exchange to be granted a licence in September 2011, followed by NYMEX/CME in February 2013.
TOCOM is Asia’s leading commodity derivatives exchange listing industrial and agricultural products. Takamichi Hamada, President and CEO of TOCOM said, “I am delighted to sign this licensing agreement, which shall promote enhanced cooperation between our two organizations. We intend to use this opportunity to more actively develop relationships with the members of the global bullion industry to expand our gold and silver markets.”
Ruth Crowell, Chief Executive of the LBMA commented “I am delighted that TOCOM have taken out a licence, which underlines the LBMA’s closer working relationships with Japan and indeed the wider Asian bullion community”
The London Good Delivery List of Acceptable Refiners of gold and silver is maintained by the LBMA, by whom it is copyrighted. It lists those refineries whose gold and silver bars have been found, when originally tested, to meet the required standard for acceptability in the London bullion market. The List now includes 83 gold and 73 silver refiners.
About the London Bullion Market Association
The LBMA is the international trade association that represents the wholesale over-the-counter market for gold and silver bullion. The LBMA undertakes many activities on behalf of its members and the wider market, including the setting of good delivery and refining standards, the organisation of conferences and other events, and serving as a point of contact for the regulatory authorities.
About Tokyo Commodity Exchange (TOCOM)
TOCOM is Japan’s largest commodity futures exchange with trading volume of 27.2 million contracts. In 2014 this represented a 98.6% market share in 2014 and makes TOCOM one of the most prominent exchanges in Asia. Futures and Options contracts are offered for a variety of industrial products (gold, silver, platinum and palladium in the precious metals market; crude oil, gasoline, kerosene and gas oil in the oil market; gasoline and kerosene in the Chukyo-oil market, RSS3 in the rubber market) and agricultural products (soybeans, corn and azuki) are traded electronically. Its Gold market is the most liquid in East Asia and the Platinum market is most liquid in the world. TOCOM Rubber is the established benchmark and utilized globally.
TOCOM was established in 1984 with the merger of the Tokyo Textile Exchange (founded in 1951), the Tokyo Rubber Exchange and the Tokyo Gold Exchange. TOCOM became a for-profit shareholder-owned company in 2008. TOCOM's installed a state-of-the-art trading platform based on Nasdaq OMX technology in 2009 and the extended night trading session in September 2010. The Exchange has continuously implemented upgrades and new trading rules to meet the needs of the global trading community. www.tocom.or.jp.
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