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📊 | Is the fall in timber prices a symbol of the end of excess liquidity?


Is the fall in timber prices a symbol of the end of excess liquidity?

If you write the contents roughly
Not only traditional commodity futures and stocks, but also virtual currencies and new forces called Robin Hooder were born.

● Timber prices plummeted The surge continued due to the effects of the housing boom in the United States and other countries, such as the highest price in May. → Continue reading

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Commodity futures trading

Commodity futures trading(Shohinsakimonotorihiki)Agricultural products,Mining and industrial materialsEtc.ProductsIs a transaction that promises to buy or sell at a certain price at a certain date and time in the future.Futures trading It is a kind of (Futures).


As an insurance link, there was a "refill" as a short sale of rice stamps similar to the short sale of margin trading of stocks.US tradingDeveloped into (= de facto futures trading), on the wayShogunateOvercoming various hardships such as regulations by1730ToEdo ShogunateBut,OsakaDojima Rice ChamberAgainstRice futures tradingIt was the beginning of modern, officially recognized commodity futures trading that allowed (booked rice trading).At that time, instead of the actual rice, a note stating the number of sales contracts was taken to the meeting place of the book-based rice trading and exchanged, and the settlement was made according to the due date.Even now, the contract unit for futures trading is called "sheets", and its remnants remain.Even before this1568Was opened inUK(The United Kingdom) Exchanges1531Was opened inAntwerp(ベルギー), But what was done on these exchanges wasCash transactions OfForward transaction.

However, as the prices of various commodities were officially announced and the distribution process was controlled along with the strengthening of the controlled economy, the significance of the existence of commodity exchanges was lost, and the 19 rice exchanges nationwide (rice futures trading) IsSecond World WarWith the control of rice distribution)1939It was abolished, 21 regular rice markets were closed, and it was integrated into the national policy company, Japan Rice Co., Ltd.Other commodity exchanges gradually disappeared,1943The abolition of the Yokohama Exchange (raw silk market) put an end to the history of the prewar commodity exchange.

(Promulgation of Law No. 26 on March 3, 4) regulated securities trading and commodity trading, but since commodity trading was closed due to wartime control and only securities trading was carried out, the law was issued at the end of 5. JurisdictionMinistry of CommerceからMinistry of FinanceWas transferred to.As a result, the legislation for reopening the commodity exchangeMinistry of FinanceIn January 25, the Commodity Derivatives Research Office was temporarily set up in the Finance Bureau of the Ministry of Finance and began drafting an amendment bill. IsMinistry of AgricultureとMinistry of International Trade and IndustryBecause it was moved toMinistry of International Trade and IndustryThe newly established Commerce Division of the Commerce and Enterprise Bureau will be in charge, and the new Commodity Exchange Law enactment system has been established, and the reopening of the Commodity Exchange is on track.

The Exchange Law was promulgated in 26 and became the norm for securities and commodities, and it remained formally until the promulgation of the Securities Exchange Law in March 22 after the end of the war.Then, the Securities and Exchange Law was enacted and partially promulgated in March 3, and completely revised and promulgated in April 22.According to Article 3 of the Supplementary Provisions of this amendment, the old Trading Law was renamed to the "Commodity Exchange Law" with "Commodity" on it.However, the Commodity Exchange Law was not completely different from the old Exchange Law, and at that time all commodities were under control, making it famous and innocent.In addition, since there are many points that do not match the actual situation under this Commodity Exchange Law, preparations for a new bill began in the Ministry of Agriculture, Forestry and Fisheries and the Ministry of International Trade and Industry from the beginning of 23.

After the end of the war, in the case of stocks, when opening a stock exchange based on the Securities and Exchange Law, the securities industry requested that clearing transactions be resumed.The Hague Land War TreatyConsistency with Article 43 of the Convention Annex "Land Warfare Regulations and Customs"ObscureIn the United States, which is the side that issued the conditions for opening a stock exchange, futures trading of individual stocks started in later years, which is inconsistent.GHQBecause the ban on clearing transactions was requested by (), in 1987 (62)Osaka Stock ExchangeIt took many years to resume stock-related futures trading, although there are differences between individual stocks and stock indexes before being listed on the stock exchange.However, regarding the Commodity Exchange Law,GHQClearing transactions (futures transactions under the current law) were not prohibited.Therefore, prewar settlement transactions were not permitted on the stock exchange, but they were permitted under the Commodity Exchange Law.Therefore, the post-war commodity exchanges adopted the same trading method as the pre-war long-term rating settlement transaction.After the end of the warCommodity Exchange LawFollowing the promulgation of (Act No. XNUMX of August XNUMX, XNUMX)1950Osaka Chemical Fiber Exchange (currentlyChubu Osaka Commodity Exchange), Commodity futures trading has resumed.The new Commodity Exchange Law promulgated in 25 has given great impetus to the movement to establish commodity exchanges by various industries throughout the country.At that time, the movement to establish commodity exchanges became active, but in recent years, with the concentration of transactions in Tokyo progressing, exchanges located in rural areas have finished their economic role and have been eliminated one after another, and as of 2011, Tokyo 2 There are 1 exchanges in total, 3 in Osaka and XNUMX in Osaka.

Commodity trader

When participating in commodity futures trading in Japan, become a member of the commodity exchange (in the case of a joint-stock exchange, a trading participant) or mediate the transaction.Commodity traderNeed to be entrusted with.Although it is a commodity trader that can be said to be a system unique to Japan, many troubles related to solicitation due to its business form have been reported before.Currently, it has been considerably improved by the revision of the law (described later), but it is said that this has contributed to the general public's perception that "commodity futures trading is dangerous".

Commodity traders who are entrusted with commodity futures tradingCommercial lawupperWholesaler(Article 551 of the Commercial Code)DelegationSince the provisions regarding the above apply mutatis mutandis (Article 552, Paragraph 2 of the same law), the Commodity FCM will carry out its business honestly and fairly with the care of a good manager in accordance with the purpose of the consignment. Obliged (Article 644 of the Civil Code)[1].

Since the commodity trader who conducts the entrusted business is a wholesaler under the Commercial Code, and the provisions regarding delegation are applied mutatis mutandis with the consignor (Article 552, Paragraph 2 of the Commercial Code), the commodity trader handles the entrusted business. In doing so, the money and other things received must be handed over to the consignor, and the rights acquired in his own name for the consignor must be transferred to the consignor (Civil Code Article 646).Therefore, a commodity trader shall have money, securities and other items deposited by the consignor and money, securities and other items that belong to the consignor's calculation (hereinafter referred to as "consignor assets") for transactions in the commodity market. Is obliged to be delivered to the consignor, and the consignor requests the commodity trader to deliver what is recognized as the consignor's assets under the provisions of the Commercial Code, etc. (interest and late damage claims related to this) ) Corresponds to "claims arising from consignment"[2].

20111 month 1 dayCommodity Futures Trading LawSince the enforcement, legallyCommodity trader TheCommodity futures traderIs read as. In 2012, unsolicited solicitation will be prohibited

Current status


The Japanese commodity futures market became after the warMinistry of Agricultureas well as the Ministry of Economy, Trade and Industry(OldMinistry of International Trade and Industry) Is under the jurisdiction.This is a method of jurisdiction that focuses on the delivery of commodities in futures trading.CFTCThere is a specialized organization called (Commodity Futures Trading Committee)The United States of AmericaIt is different from other countries such as, and there are also various operational problems due to the fact that there are two competent ministries and agencies.

In the past, the Hakodate Seafood Exchange, the Osaka Sanshin Exchange, etc. were operated mainly by those skilled in the art and those skilled in the art, but the current Japanese commodity futures market is different from other markets such as the United States.trading companyBy individual investors rather than participation for hedging purposes by those skilled in the artSpeculationIt is pointed out that the majority of transactions are not adopted as "dollar denominated", which is in high demand for actual consumers, and it is difficult to use as a market.But by individual investorsSpeculationGives liquidity to the market[3], For hedging purposes (a company that specializes in self-dealing),fundThere is an aspect that facilitates the participation of institutional investors in the market, and the participation of these individual investors is important for market revitalization.

The Ministry of Economy, Trade and Industry said that the Japanese commodity futures trading market is in a transitional period, and submitted a new amendment bill to the Diet with the aim of further sound development (Commodity Exchange Law and business regulations related to commodity investment). A bill to partially revise the law concerningThe idea is2009May 7Aiming for enforcement within one year after passing both houses of the Diet[4].2011May 1More enforcedCommodity Futures Trading LawIt is,Commodity Exchange LawAnd are unified. (Overseas commodity futures trading regulated by the Act on Contracting of Futures Trading in the Overseas Commodity Market and futures trading regulated by the Commodity Exchange Law, but overseas commodity option trading and ordinary loco・ Based on the fact that gold misrepresentation trading, which is different from London trading and is a malicious “loco-London trading”, which is a cash deferral trading (a rollover-based difference settlement method that also includes swaps), has become a social problem. The scope has been expanded to overseas commodity option trading and over-the-counter commodity trading, which were not subject to regulation).Also, in February 2010Tokyo Industrial Exchange"2010 actions to realize the global industrial futures market in 10" with the main purpose of revitalizing (TOCOM)[5]”, Clarifying the stance of focusing on the development of the commodity futures market.

TOCOM is1999Togasoline,keroseneListed petroleum products.After that, as the price transparency and market convenience of TOCOM's oil market increased,2007FromNippon OilDecides to join the exchange[6]And otherOil wholesaleHas announced their entry into the market one after another, and currently all six major companies are using the market for risk hedging, etc., and it has been adopted as one of the price indicators at the time of revision, and the participation of those skilled in the art is increasing. , Approaching the Western market[7]. Also,platinum,rubberIs one of the international indicators.

There are also transactions that cannot be indexed (specific examples are Fukuoka broilers and Yokohama potatoes).

2010The company took over from the Central Japan Commodity Exchange and started trading between Chukyo Gasoline and Chukyo Kerosene as a Zaraba transaction, but the trading volume has dropped sharply compared to gasoline and kerosene during the Chubu Osaka Exchange.Regarding Zaraba trading and 24-hour trading, there are some supporters who do not directly participate in the trading.The reason is that with Zaraba, anytime during trading hours, with 24-hour trading, if anything, you can place an order immediately.However, in order for this theory to hold, it is premised that many trading participants are constantly participating from the near term to the early term, and without that premise, the market itself will not hold.Itayose, which gathers trading participants at a specific time, has an advantage in this respect.Therefore, regarding the stocks of the Tokyo Grain Exchange, there are many opinions against the conversion to Zaraba (maintaining Itayose) from general consignors and those skilled in the art who are participants in the market.In addition, the decline of coffee, raw sugar, non soybeans, Chukyo gasoline, and Chukyo kerosene due to the conversion to Zaraba is largely due to the disadvantages of Zaraba.Therefore, in recent years2010As for up to, Tokyo Rubber is the only example where the market did not decline even after moving to Zaraba.

Traders and customers

In commodity futures trading, it is dangerous to buy and sell to the limit of the funds made by the commodity trader (full ball), and this is the "law of defeat", "Ding HanpakuSame as ".In the past, there were many traders called "customer killers" who randomly cultivated new customers, encouraged them to buy and sell unreasonably, and forced them into financial collapse.As a result, troubles with investors continued, and many consultations and complaints were sent to the regulatory agencies.Ministry of Economy, Trade and IndustryAmendment, which includes solicitation regulations and measures to strengthen preparations for bankruptcy of trading companiesCommodity Exchange LawThe20064However, the stance of investor protection has been clarified, but the market as a whole is shrinking due to a series of declines in efforts and trading volume and the withdrawal of traders.Furthermore, due to the decrease in trading volume, the cost burden of system transactions, which are more costly for commodity exchanges than hand gestures, is putting pressure on management.

In addition, solicitation is prohibited unless requested by the customer, except for transactions that "there is no possibility of loss exceeding the initial investment amount" (Uninvited solicitation(Prohibition) Regulations have also been decided to be introduced, and the ratio will be reduced accordingly, and there is a concern that the volume will decrease, similar to the ratio regulation for FX trading.

Transaction margin

Regarding the margin system, regarding the calculation method, the past price range (Tokyo Grain Exchange,Chubu Commodity Exchange,Kansai Commodity Exchange) And price fluctuations (Tokyo Industrial Exchange), The margin amount is calculated per open interest, but Japan Commodity Clearing Organization Co., Ltd. determines the value (variable) that is the basis of the margin amount calculation based on the price fluctuation. Method(SPAN)2011It has been decided to introduce it on January 1th.

SPANRegarding the system, for margin margin, the amount obtained by deducting the margin amount that has already occurred from the mark-to-market loss calculated based on the book price is the standard amount of margin for trading set by the Commodity Exchange. What happens when the amount exceeds 50% (the trader can forcibly settle if the margin is not inserted by noon on the next business day), but the mark-to-market loss calculated based on the book price If you exceed the maintenance margin, you will be asked to insert a margin and maintain or settle the maintenance margin by noon on the next business day (if you do not insert a margin, you will be asked to do so.Commodity futures traderCan be forcibly settled).Furthermore, with regard to margin, the leverage was generally higher (the ratio was higher) compared to the current margin system.

Regarding the margin system, the commodity futures contractors were virtually side by side (almost side by side with the transaction margin standard amount, which is the lower limit of the transaction margin).SPANThe system and the conventional system are used together,SPANRegarding the operation of margin such as the amount of margin, including the operation of the systemCommodity futures traderIt is different for each.

Trading mechanism

In a transaction, a product that is promised to be settled by physical delivery (with a forward contract) or counter-trading (resale / repurchase) is bought and sold by a certain fixed month.This fixed month is called the "gengetsu", and the unit of transaction is called the "sheet".For example, in gold, 1 kg is the trading unit (as of February 2007).In many cases, the minimum unit for delivering the actual item is set in the same way as the transaction unit, but in some cases, the unit is 2 or 2.

When buying and sellingExchangeYou must pay a certain amount of margin specified by.This amount is about 3% to 10% of the total amount of contracted products (called "maru price").In other words, the characteristic of this transaction is that it is leveraged 10 to 30 times.A contract that has been bought or sold but has not been settled (a state in which physical delivery or counter-trading has not been performed) is called "open interest".The profit or loss that occurs on the open interest is called "mark-to-market", and if there is a certain amount of mark-to-market loss on the position (the state of the entire open interest in the account), an additional margin must be paid.This is called transaction margin (Torihiki Oishokokin / Oisho).If the margin cannot be paid, it will be forcibly settled there.Margin is required to be added even when the delivery date (final settlement date) is approaching or the market price is rough.The former is called the regular margin (Tejimashi Shokokin / Tejimashi), and the latter is called the extra margin (Rinjimashi Shokokin / Rinmashi).

Supreme Court case that does not violate Article 92 of the Old Commodity Exchange Law as a "thing" regarding the diversion of securities for margin application without a written consent[8]However, there is an administrative interpretation that the rules of trust agreement do not mean to deny restrictions on the disposal of securities used.

In this way, it is a typical speculative transaction in commodity futures trading (commodity market price) that if you think that a product will go up, you will buy it, and if you think it will go down, you will sell it (so-called one-sided trading). In addition to this, transactions that aim to reduce the price difference between the same product and different markets (arbitrage), transactions that focus on the price difference / ratio of similar products (stradle), and transactions that focus on the price difference between contract months, Sheath slipping (rolling) when the price is falling as the contract month approaches, and sheathing when the price is rising when the contract month is approaching. When the near term (early settlement contract month) is bought, the destination (late settlement contract month) is sold, and the near term is received (picked up in kind) and the difference is obtained by connecting to the early term. There are transactions, etc., and these are collectively called sheathing (originally, all transactions aiming for a price difference in speculative transactions are called sheathing).Difficult in Japan, but even moreOption tradingCan be entwined to form a more complex position.

In addition, the daily trading volume is called the volume (the volume that has been sold and bought is counted as one), and the amount of open interest that has not been settled at a certain point in time is the volume (Tsukumidaka, selling and buying are working on it). However, the state is counted as one sheet).Apart from this, the term trading volume is sometimes used, and it is said that it is counted as one piece each for selling and buying, and the trading volume is doubled.However,Nihon Keizai ShimbunIn the explanation of the commodity market column, the trading volume is called the trading volume, the trading volume is simply called the open interest, and the booked price or the booked index is called the clearing price, so be careful.

Japan Commodity Clearing Corporation Co., Ltd., in which the clearing participant acts as an agent for the consignor and uses the transaction margin received from the consignor based on the entrustment contract rules established by the exchange as the consignment transaction margin (direct deposit). The consignor has the right to request the refund of the money deposited in the Japan Commodity Clearing Organization Co., Ltd.In addition, if the consignor deposits the consignment margin to the clearing participant and the clearing participant deposits money, etc. in excess of the amount equivalent to the consignment margin to the Japan Commodity Clearing Organization Co., Ltd. as transaction margin, it will be replaced. The trustee has the right to request a refund of the deposited transaction margin from the Japan Commodity Clearing Corporation.Under normal circumstances, the consignor will exercise the right to request a refund with the clearing participant as an agent, but in the event of non-performance of settlement (only when open interest is disposed of), Japan Commodity Clearing Organization Co., Ltd. Will be requested to return the margin.

Loss Limited Trading (Smart CX)

  1. Loss-limited trading contract-Before starting trading, a contract related to loss-limited trading such as loss-cut level price is contracted between a commodity futures trader and a customer.
  2. Trading by Stop-Loss Trading-Based on the loss-limited trading contract, if the loss-cut order is not completed and expires, the trading by stop-loss trading is executed.

In stop-loss trading, a contracted trading participant (commodity futures trader)'s own order and a customer's order (resale or repurchase) are offered to the exchange for the same contract month and the same quantity at the same price, and a trading contract is concluded. Let me.

Transaction details and exchanges

in JapanOsaka Exchange,Tokyo Commodity Exchange,Osaka Dojima Commodities ExchangeCommodity futures trading is taking place at.

The transaction form is similar to the stock market in TokyoZara field for board matchingEclectic method (individual competitive trading), in Osaka, orders are matched for each trading section several times a dayItayoseIt is divided into a method (a trading contract method that uses a single contract price by auction).In the past, the Itayose Zaraba eclectic method was also used (a trading contract method that is performed at a single contract price by competitive trading, which incorporates the Zaraba method into the Itayose method, and is the above-mentioned board-matching Zaraba eclectic method. Is a different trading method).Order processingComputer systemHowever, until August 2007, 8, the traditional hand sign was used at the Central Japan Commodity Exchange Osaka Trading Center.Hand gesture board tradingWas done (this is the last hand gesture transaction in Japan).

The Itayose method is an auction method, and unlike the Zaraba method, the method for each member can be grasped by the exchange or information vendor even during the witness, and the total price table and transaction volume table for each trading participant are disclosed. Compared with the Zaraba method such as securities trading, such as the display board problem of foreign-affiliated consignors who use anonymity such as the Zaraba method because the trading participants can understand at least to some extent because the self-ball price table is also released. Therefore, it is difficult to enter an illegal method in the price structure (which is a different dimension from the facing ball problem that does not affect the price formation described later), and unlike the Zaraba method, there is no time priority principle, so the ordering time is advantageous. There are no disadvantages, and unlike the auction method of stock exchanges, the contract price is set when the number of orders of the seller and the buyer is exactly the same, so exchanges around the world It can be said that it is the most transparent (glass-walled) transaction in the price.Therefore, with a trading method unique to JapanProud to the world[Original research?]It can be said that it is a trading method.

Recently, countries around the world are also demanding stricter regulations on commodity trading.International Organization of Securities Supervisors(IOSCO) has announced a policy to issue guidelines on transparency of transactions in order to curb speculation, and the Tokyo Commodity Exchange calls it internationalization, and despite dissenting opinions, it is different for each trading participant. It can be said that the fact that the information on the methods and efforts was not disclosed resulted in going against the international situation, although there was a time lag in consideration of today's situation.In addition, when trading with low liquidity such as near the end of the term, the Itayose method, in which orders are gathered at a specific time, has the characteristic of being easier to execute than the Zaraba method. Slippage (including the fact that the provisional contract price moves depending on the order of the consignor) is less likely to occur in Itayose than in the Zaraba method).For this reason,SheathIs easier to use the Itayose method than the Zaraba method.Also, if you are a salaried worker who cannot see the price at all times or a person skilled in the art does not have a department specializing in market prices, unlike Zaraba, it is only necessary to check the price and participate in each section, so it is between the main business Opinion that it is easy for those skilled in the art and general investors who can participate in the market[Source required]There is also.

In Itayose, a trader is allowed to report to the exchange later that the same number of trades have been sold and bought at the price within a certain period of time after the trade is completed in the market. (Excluding the Chubu Commodity Exchange) This is called "baikai" (also called "baikai"), and some investors welcome it as a special service (usually called a stoppage (when the price range is limited). However, when there is no lottery or lottery when the price range is limited except when all the ordered balls on the market are executed), it is difficult to execute, but the trader's own ball that corresponds to the customer's consignment ball is used to swing the baikai. If you make a contract without any problem when building or dropping a ball, or even in a market with thin boards, the provisional contract price (the price quoted in the seri) does not move due to the order of the consignor, but it is a hotbed of fraud. Opinion that considers it a problem[Source required]There is also.


For this reason, traders tend to take a neutral position with respect to the exchange, and naturally tend to take a position opposite to that of general customers.This is called an opposite ball (it is a fraudulent act of swallowing if it does not pass through the market at all. See Article 185 of the Criminal Code and Article 186 of the same law), and it tends to cause delays in withdrawals to customers.Regarding the opposite ball, if there is a problem with the operation method, the Supreme Court will explain properly on July 21, 7 and December 16, 21 before accepting the possibility of conflict of interest transactions. If you do not give proper post-notification after building your own ball, the commodity trader will be liable for compensation to the consignor, and on February 12, 18, it was fraudulent as the "Customer Killing Commercial Code". He has ruled that sin is applicable.In addition, even in Zaraba, by accumulating orders and operating limit orders and market orders well, prices cannot be exactly matched even under the old system (manufactured by NTT DATA) of the Tokyo Commodity Exchange, but consignment There were similar transactions in which the balls and their own balls were executed at the same price or close to each other.In addition, in the case of market orders rather than limit prices, transactions were also guided to donation board matching (the same mechanism as itaying transactions on stock exchanges) that allows exact price matching.Therefore, the essence of the problem is not that the Zaraba is good and the boarding is bad, but that it is due to the business attitude of the traders.


Limit range system

In the Itayose method, the maximum range of fluctuations in one business day set by the exchange is limited within a certain range in order to prevent the market from turmoil due to extreme fluctuations in the market price.Reaching this limit is called a stop.The high price of the full price limit is called the stop high, and the low price of the full price limit is called the stop low.Stops are divided into complete stops where the total amount is executed, no lottery where there are no orders for auctions, and lottery where there are only some orders for auctions.At the time of the stop lottery, the exchange is different from the proportional distribution of the stock exchange. First, regardless of the number of orders of the member, it is evenly allocated to each member company in units of one, and the shortage is a lottery on the spot. A winning order is distributed to each member by a lottery method such as drawing or random numbers. (Handling of the difference in the order of the member) The ball distributed to each member was assigned to each individual order in the store by the member himself.In addition, members' baikai will be accepted regardless of whether there is a stoppage or lottery.In addition, in the case of unsuccessful (not possible), since the sale has not been completed, we will not accept the baikai from the member.

In addition, there was a limit range system in the board-matching Zaraba method, which the Tokyo Commodity Exchange used the previous NTT DATA system.The smaller of the total sell orders and the total buy orders will be evenly distributed to the members on the other side up to the number of orders, and if there is a remaining number, it will be distributed by lottery.In the case of Itayose, the balls distributed to each member were assigned to individual orders by the members themselves, but in NTT DATA's system trading, a lottery is automatically performed by a computer and assigned to each order. Was there.In addition, while it is allowed to buy and sell, in the board-matching Zaraba method, from the standpoint of protecting the consignor, special trading such as self-selling vs. consignment buying at the daily price limit and self-buying vs. consignment selling at the daily price limit Was recognized.

Therefore, the order distribution method (proportional distribution method) when the price range of the stock exchange is limited and the order distribution method (lottery method) when the price range of the commodity exchange is limited are different.

Circuit breaker system

The circuit breaker (CB) system is a price outside the preset range, and when a sell / buy order is matched, the witness is suspended for a certain period of time (without executing the buy / sell order), and when the witness is resumed. A mechanism to resume witnessing after expanding the setting range.When CB is activated in a certain contract month, all contract months of the corresponding product become CB. In addition to being in Zaraba, CB will be activated if the conditions for CB activation are met even when the boards are aligned.During the suspension, new / correction / cancellation orders will be accepted, but no execution will be made.If a certain contract month activates CB at the time of board matching, witnessing will be suspended for other contract months, but some contract months (for the contract month that triggered CB activation, board matching will not be performed. The witness may be interrupted after the contract for board matching is established.

Regarding the operation of CB, after May 2009, 5, if even one of the six contract months was hit outside the set range, CB was activated in all contract months (linked to contract months), but 7 From January 6, 1, the operation will be changed to activate CB every contract month.For gold futures options trading, the operation will be changed to activate CB for each strike price.

Clearing / settlement system


With the revision of the Commodity Exchange Law in 2, until then, settlement of transactions on exchanges was to be done "via the Commodity Exchange", and there was no legal clearinghouse system for exchanges. By choice, provisions have been put in place to allow clearinghouse clearing.In addition, due to the partial amendment of the Commodity Exchange Law in 16, in addition to (XNUMX) the settlement method that is performed "through the Commodity Exchange" and (XNUMX) the in-house clearinghouse, it is possible to make settlements across exchanges. The system was revised so that an out-house type clearing house could also be introduced.In addition, it can be said that the heart of commodity futures trading lies in the clearing / settlement system because of its importance.

Before the introduction of the clearing house system

Japanese exchanges only mediate settlements between sellers and buyers, not counterparties to transactions.In addition, we do not directly guarantee the execution of clearing during the clearing process of transactions.In addition, "general members" and investors who participate in direct transactions on Japanese commodity exchanges, such as those involved in the trade (businesses engaged in the production, sale, etc. of products listed on the exchange such as manufacturers and trading companies). Although there is a distinction between "trusted members" who receive orders from the traders and execute transactions, there is no distinction between "clearing members" and "non-clearing members" in this "trusted member", and all of them. In the settlement of the transaction, the trustee member of the company was directly a party to the contract.

A type that clears via an exchange

Regarding the debt / debt relationship generated by the transaction, the group of members who became a loss account due to mark-to-market becomes the debtor, and the group of members who became the profit account is the creditor (the member who sells (buys) online is the profit account). In the case of, the member who buys (sells) online is the loss account).Each exchange mediates this, collects the deduction from the member who became the loss account, and delivers the profit to the member who became the profit account.For trustee members, the difference will be collected and delivered separately from the self and the consignment.Since the receivables and debts of transactions in the commodity market are the relationship between the group of members who have become profit accounts and the group of members who have become loss accounts, one member's default (breach of contract) is the opposite of the penalty. It can lead to the loss of all members of the membership group.Members will have a settlement risk due to the creditworthiness of other members.In addition, although it is a general theory, it is internationally evaluated that transactions that utilize the clearinghouse system have lower settlement risk than bilateral transactions that do not go through the clearinghouse, so transactions can be made with peace of mind.[Source required].

In the event of a breach of contract, both the breaching member's self and the consigned ball will be closed by counter-trading (exchange business rules, etc.).As a general rule, the open interest portion of the open interest (penalty ball) of the breach of contract member is apportioned to the member who has the opposite ball (penalty ball) corresponding to the breach of contract, and is closed by the opposite sale.Due to the breach of contract, payment of profits related to the breach of contract will be withheld for a period deemed necessary by the exchange.

Financial resources for breach of contract

As financial resources in the event of a breach, the exchange will give members a member credit (Article 38, Paragraph 1 of the Act), transaction margin (Article 79, Paragraph 1 of the Act), and special collateral (Article 84-2, Paragraph 1 of the Act). Item) is deposited.Losses associated with the occurrence of a breach include the member credit of the breaching member, the transaction margin of the breaching member, the special collateral of the breaching member, the collateral collateral reserve (reserve from the surplus of the exchange as a loss compensation reserve), and the relevant commodity market. It will be covered in the order of special collateral for members other than the penalized member in.

Qualification structure of clearing participants

In Japan, neither the law nor the regulations of exchanges have set special qualification requirements for clearing participants, and all exchange members participated in clearing. (Financial requirements of members participating in liquidation)

  • General member
Each commodity market has net assets equal to or greater than the amount stipulated in the articles of incorporation.
  • Commodity trader
There must be a net asset value equal to or greater than the sum of the fixed amounts specified by the Ministerial Ordinance for each commodity market in which the contracted business is conducted.“Net assets” is calculated as “total assets-total liabilities” and includes fixed assets (book value).
Net assets exceed capital stock and current ratio (current assets / current liabilities) exceeds 100%.

In the case of the Kobe Seiseki Exchange, there is a case in which the exchange compensated the breach of contract for the breach of contract in 2 without the trader paying the loss by the breach of contract compensation subsidy system. However, this system was an exception.

After the introduction of the clearing house system

From March 15Tokyo Industrial ExchangeIt became an in-house type clearing house, and the Japan Commodity Clearing House Co., Ltd. obtained the permission of the competent minister in April 17 as an out-house type clearing house. Clearing and settlement related to all transactions on the Commodity Exchange. As of June 4, clearing and settlement of transactions completed on existing Japanese Commodity Exchanges (Tokyo Commodity Exchange and Osaka Dojima Commodity Exchange) will be carried out by the Japan Commodity Clearing Corporation, a subsidiary of the Tokyo Commodity Exchange. It is being carried out (* The Japan Commodity Clearing Corporation has cleared and settled financial transactions on July 5, 2020.Japan Securities Clearing OrganizationWas merged into.

It is the same as above in that the commodity transaction clearing house (exchange or external clearinghouse) collects and delivers the difference, but the settlement is performed by acting as the counterparty to the claims or debts arising from each member's transaction. By guaranteeing, the risk of breach of contract of a member does not directly reach other members.Since the relationship between the receivables and debts related to the transaction is the relationship between the Commodity Clearing Organization and the breach of contract member, if a breach occurs, the Commodity Clearing Organization may lose money.Members can judge settlement risk based on the creditworthiness of the commodity clearing organization.Internationally, the clearinghouse system is considered to be a judgment factor for futures trading from the viewpoint of the security of settlement in the sense that the settlement risk is lower than that of bilateral trading.

From April 15,Tokyo Industrial ExchangeIn addition to margin, clearing deposit, and collateral reserve for breach of contract, a new 50 billion yen breach of contract insurance contract was used to secure financial resources for breach of contract.

Response at the time of non-performance of settlement at Japan Commodity Clearing Organization Co., Ltd.

Japan Commodity Clearing House Co., Ltd., an out-house type clearing house, compensates for losses in the following order for each designated commodity market.

  1. The clearing margin deposited by the clearing participant for the designated commodity market, the clearing deposit deposited by the clearing participant for the designated commodity market, and the clearing participant depositing for the designated commodity market. Margin transaction for the designated commodity market for which the Clearing Participant has the right to request a refund, such as other deposits
  2. Credit money deposited by the Clearing Participant as a member with the designated market operator for each designated commodity market
  3. "Reserve for default of settlement" accumulated from the surplus of Japan Commodity Clearing Organization Co., Ltd.
  4. Money received by a third party for loss compensation or loss guarantee for each designated commodity market[9]
  5. Clearing deposits deposited with Japan Commodity Clearing Corporation by other clearing participants related to the designated commodity market that cannot cover the loss
  6. Burden of other clearing participants on the designated commodity market that cannot cover the loss

Japan Commodity Clearing Corporation has entered into a contract with a designated settlement bank regarding an "emergency loan facility" because it is necessary to smoothly perform settlement even in the event of default.The amount of the "emergency loan facility" is set in consideration of the past settlement results.

Trading method

System-based board matching Zaraba method (after May 2009, 5)

see Tokyo Commodity Exchange Co., Ltd. HP

At the start of the daytime witness and at the start of the nighttime witness, all products and all contract months (all series) will be put together at the same time.In addition, even when the witness is resumed after the circuit breaker (CB) is activated, the boards will be aligned all at once for all contract months (all series) of the product.For the remaining witness time, Zaraba trading (excluding the time of circuit breaker).

The order priority is "price priority / time priority".

It is similar to Itayose in that large orders are put together at once or executed at a single price, but Itayose requires that the number of sell and buy orders match. It is not a condition that the boards match.In addition, in the case of garnishing, the orders up to the time of garnishing are put together in a batch, and the price that maximizes the number of contracted sheets is executed as one price, while in the case of itayose, the exchange sells the provisional contract price. When there are many, the tentative contract price is auctioned off, and when there are many buy orders, the tentative contract price is auctioned off to try to attract the opposite order. The process of forming the price of the auction is completely different.It should be noted that board alignment corresponds to boarding on the stock exchange.

Itayose method by system

see Membership organization Kansai Commodity Exchange HP

This transaction is a type of competitive trading by a group, and sell orders and buy orders are placed under competitive trading by raising or lowering prices according to the screen displayed on the trading terminal that is online between the exchange and the member at a predetermined time. Compete and conclude a sales transaction at the price when the sell quantity and the buy quantity match.


The method is as follows.First, the person in charge of selling (staff) of the exchange operates a terminal called a chairman (auction terminal) at the scheduled time, and each member's trading terminal (member's order input dedicated terminal) starts from now on products, contract months and The provisional contract price that starts the auction from this price is displayed.

The member enters a sell or buy order that matches the displayed information.Depending on the input trading volume from each member, the person in charge of auction will "lower the price to invite buy orders when there are many sell orders" and "when there are many buy orders, lower the price to invite sell orders". When the number of sells and buys matches (no entry / exit or round-up), the auctioneer operates the chairman terminal and determines the provisional contract price at that time as the official contract price.

Therefore, the person in charge of inputting an order to the member's trading terminal must grasp the status of the auction and offset the order that did not meet at the displayed provisional contract price by issuing the opposite order each time. ).

In addition, the range that can be raised or lowered in one day's witness is set to a certain limit for each product in order to prevent confusion due to sudden fluctuations in the market price.In addition, it should be noted that the daily price limit for the product may change depending on the number of contract months that reached the maximum and minimum price ranges in the last section of the day for each product.

How to buy and sell by hand

see Tokyo Grain Exchange 49 Years History (Membership organization Tokyo Grain Exchange, issued on September 9, 10)

Competitive trading with a single contract price

In postwar commodity exchange rating futures trading, the conclusion of trading and the determination of the contract price are carried out by competitive trading at a single contract price.In addition, in the trading by brand and the physical trading, other methods are used regardless of this trading method.

Competitive trading with a single contract priceIs, at the trading witness of each place that starts at a certain time, traders gather together, and a large number of sellers and a large number of buyers place sell or buy orders to compete and dispute. It is a method in which all transactions are completed by the single contract price that was established when the quantity and price of selling / buying were finally settled by performing upper or lower jerking depending on the situation, and the price that does not meet the conditions The order is to leave the contract group.This large number of sellers and buyers can be both buyers and sellers, depending on the provisional contract price during the auction process.

For this method,Itayose method"When"Itayose Zaraba eclectic method"(Hereinafter referred to as" eclectic method ").Although these two methods differ in the process of price formation, if the "sell order" and the "buy order" to be traded are the same, the formed price will always be the same by either method.

In the period that continued from the Meiji era to 14, the method of buying and selling by the Zaraba (relative continuation) method was initially carried out and the method of multiple contract prices was adopted, but in 5, the method of single contract price was removed. Consideration was added to this.At that time, the single contract price system was already adopted in Osaka, Nagoya, etc., but the method was the Itayose method.At the same place, the eclectic method was adopted, and as a result of practicing by inviting former employee Rimata Yamamura and receiving guidance from him, the method was changed to the eclectic method from September 9st of the same year.The eclectic method was adopted because the witnessing was more lively than the Itayose method and it was a trading method that matched the spirit of Tokyo.It seems to be[Original research?].

There are 21 commodity exchanges established after the war (as of 49. In addition, was established in 57), but since the time of establishment, all trading methods for futures trading have been single contracts. The method of competitive trading by price was adopted.The Itayose method was adopted by 6 exchanges, and the eclectic method was adopted (predecessor of Hokkaido grain products).Tokyo Grain ProductsThere were 15 exchanges.After that, regarding the method of competitive trading based on a single contract price, some exchanges changed the trading method due to various circumstances, and finally in April 3.Tokyo Industrial ExchangeUntil the system trading by the Zaraba method started, all products became the Itayose method.Also,Tokyo Grain ExchangeUntil April 63, 4, when the company changed to computer-based system trading, all products were traded by the hand gesture boarding method.

Itayose method
Standing venue
There is a hill at one end of the venue, and exchange staff will rise to this hill.There is a field telephone (a dedicated telephone that connects the standing venue and each member) at a position facing the hill.Compared to the eclectic method, the distance between the hill and the field train is usually narrower.
Market representative
Each member is dispatched to the venue and has the role of buying and selling all of the company. There are cases where one person buys and sells while listening to an order from the company through the field train, and there are cases where a market representative assistant takes the field train and buys and sells according to the instructions.
The method of buying and selling of the market representative is to display the number of sells or buys with a finger at the provisional contract price instructed by the hill and offer to the hill.If the provisional contract price fluctuates due to auction and the bid price does not match your limit order, the opposite display is displayed for the number of sheets (buy if sold, sell if bought) and offer before It offsets the number of sheets and withdraws from trading.
Hanaage (Hanaage) (offer to fill the difference between the number of sells and buys by your own order) is the market representative's "sold", "bought" or "Yoshiya". The vocalization and the movement of the hand that accompanies it causes the sword of the gekita clerk to enter.

The following are exchange staff

Gekikaku clerk
  1. First of all, the tentative contract price is shown by putting in the 柝 (ki) of the start of the meeting, and each market representative offers the number of trades at that price.
  2. Display the end (Hana, the difference between the number of sells and buys) and raise or lower the price.Compared to selling and buying, when the number of sold sheets is large (buying Hana), the price is lowered by saying "how many sheets can be bought" or "how many sheets are bought", and conversely, when the number of buying sheets is large (selling Hana), "what" Raise the price by saying "sell one" or "sell how many".
  3. When the number of sold and the number of purchased items are the same, the contracted price is declared to be established by proclaiming "no entry / exit" and using that price.
  4. In the case of "sell Hana" or "buy Hana", the market representative declares that the contract price has been established at the offer of "everyone sold" or "everyone bought".The parser is the presenter of the provisional contract price, and plays the role of presenting a new price until the number of sells and buys matches.
Lookout (trumpet), read aloud
The number of sells or buys offered by the market representative is read out in order from left to right along with the company name according to the price offered by the analyst.
Since the watchman may misread the company name or the number of sheets, a deputy watchman may be appointed to monitor and correct the misreading.
Regular book clerk
The number of buys and sells of each company read out by the watchman is recorded in the regular place book in the order read out.As a result, it is possible to confirm the number of trades offered by the company step by step even afterwards.However, some exchanges may not have this clerk.
Deputy book clerk
The number of sales and purchases of each company read out by the watchman is recorded for each company so that the deduction of the number of sales and purchases of that company can be easily understood.This sub-book makes it easy to check the number of trading deductions offered by each company after the witness.
Mental arithmetic (Abacus)
Being near the scrutiny clerk, calculate the deduction between the number of sold and the number of soughts read by the watchman, and inform the scavenger of the end.

The exchange staff and market representatives as described above participate in the witness, but in competitive trading by the Itayose method, the market representative (member) displays the number of sells or buys on the hill (exchange). It is unique in that.It is said that the Itayose method is easier to manipulate the market than the eclectic method, and has the disadvantage that the witness itself is less lively.However, it has the advantages that the market representative is not required to have a high level of skill, the number of personnel is small, and it is easy to organize after the meeting.

Itayose Zaraba eclectic method
Standing venue
Similar to the Itayose method, the hill is at one end of the standing venue, and there is a field train facing it or surrounding it.The space between the hill and the field train is usually wider than the slaughter method.
Market representative
  1. In the Itayose method, the number of sells or buys is offered to the hill, but in the eclectic method, the market representative finds a trading partner among the market representatives of other companies and buys and sells directly with that person.This is called bilateral trading or bilateral trading.In this case, an assistant who performs "take-home" (this record book is called "take-home book") is required to record the number of traded partners.
  2. If the buy / sell order from the company is a "market order", find the other party by simply displaying "Let's sell" or "Let's buy".Find a partner as many times as you like until you reach the number of orders and complete the sale.
  3. If the buy / sell order from the company is a "limit order", for example, when the order sells 8,750 pieces for 10 yen, display "5 spear" with your right hand while saying "50 spear" (5 yen sale). Find a partner.If a partner is found and 10 out of 3 are sold, look for another partner.At this time, if the sold 3 pieces are 40 yen, they will not meet the order conditions and must be repurchased.For this reason, "4 Kai" (buy 40 yen) is displayed with the left hand.In other words, it is necessary to display "4 kai" with the left hand and "5 spear" with the right hand at the same time, and calculate that "4 kai" is 3 sheets and "5 spear" is 7 sheets. ..
  4. It is not so difficult if the buy and sell orders of 2 and 3 above are single, but there are usually multiple orders, and there are usually several types of limit orders in 3), and the market representative is complicated. It takes a considerable amount of practice and years to become proficient because it forces you to perform calculations quickly.

The following are exchange staff

  1. Observe the status of sales transactions in the market and display the price that is considered to be the most reasonable among the prices individually displayed by the market representative.In this case, when the selling power is strong, it is displayed as "how many yen spear", and when the buying power is strong, it is displayed as "how many yen kai".
  2. In 1 above, if the selling power becomes unilateral due to changes in the market conditions, the auction will fall, and if the buying power becomes unilateral, the auction will rise.
  3. If the above 1 and 2 auctions proceed, the number of sells and buys matches, and there are no other sell orders at or below the market price, and buy orders at or above the market price, the contract price will be used at that price. Declare the establishment of.At this time, not only market orders, but also limit sell orders higher than the contract price and buy orders at lower prices are all fulfilled.
  4. In the middle of the above 1 and 2 auctions, for example, when only a sell order of 8,750 yen and a buy order of 8,740 yen remain, and "5 spear" and "4 kai" confront each other, and the market buying and selling becomes temporarily stuck. There is.In this case, the Detective Officer declares "4 Kai, 5 Spear" and "Extreme Hand". "Extreme hand" refers to a state of alternatives, and the price of the one that matches the number of sheets by subsequent buying and selling becomes the contract price.For this reason, all orders placed after the extreme hands may not be fulfilled, even if they are sold for 40 yen or less or bought for 50 yen or more and fit the condition.Some exchanges do not take the extreme method, but only establish the contract price when the number of sells and buys match (inside the collapsed trade).According to this method, all orders before the contract price is fulfilled have the advantage of being fulfilled, but have the disadvantage of lengthening the witness time.
Regarding the bilateral trading between the seller and the buyer during the witness, the company name and the number of transactions will be notified to the bookkeeping staff.
Record the company name of each sale / purchase of the relative sale and the number of sheets reported by the watchman in the place book.Then, after the end of the witness, the sales and purchases made by each company are collated by the method of "read-through" or "judgment" ("read-through collation" at the Tokyo Grain Exchange), and each company is classified as in the case of the Itayose method Calculate the number of trading deductions.

Trading is carried out in this way, but the eclectic method has the advantage that the trading witness is more lively and the witnessing time is shorter than the Itayose method.However, it has the disadvantage that it takes time to collate and organize after the witness.

In other words, since relative trading is done at the same time everywhere in the market during the witness, there are cases where the watchman overlooks even if he is quite skilled, and the company name and the number of sheets may be misunderstood, and the bookkeeper is also congested. Sometimes it makes a mistake in the bookkeeping.Therefore, there is a complexity that all the relative trading arrangements recorded during the witness must be read aloud after the witness, and the market representative or the market representative assistant must collate and confirm this with the “handbook”.

The problems of the Itayose Zaraba eclectic method and the advantages and disadvantages of the Itayose method are as follows.[10]

Itayose Zaraba eclectic methodItayose method
  • Market representatives need skill
  • Skill makes a significant difference in buying and selling
  • Exhausts physical strength
  • Price movements are remarkable and there are many mistakes
Strong Points
  • It will display the number of trades, and it can be said that it is the fairest
  • Market representatives do not require skill
  • It is easy to place an order because the change in the number of trades, the sign, the trend of the trader can be understood well with the display, and the price movement is slow.
  • It can be said that it is the principle of perfect match by matching the number of sold and sold.


  • Too less vibrant than the eclectic method
  • The taste is light as a market price
  • There is a concern that the jump price will be cut

Japanese exchanges handling commodity futures trading

There are three Japanese exchanges that handle commodity futures trading.The Osaka Exchange is a "financial instruments exchange" under the Financial Instruments and Exchange Act, and the Tokyo Commodity Exchange and Osaka Dojima Commodity Exchange are "commodity exchanges" under the Commodity Derivatives Exchange Act, which are the legal basis for exchanges. Laws are different.In addition, the Osaka Exchange and Tokyo Commodity ExchangeJapan Exchange GroupIs an exchange under the umbrella of[11][12].

Main target products

The products handled differ depending on the exchange.It should be noted that the following includes those that are not currently traded in futures.

Agricultural products




Commodity index

  • Natural rubber index
  • Coffee index
  • Corn 75 index
  • Nikkei / Tokyo Commodity Exchange Index (TOCOM NEXT)
  • CRB index


Taxation method

  • Scope of settlement of differences in futures contracts that are subject to the special taxation of miscellaneous income related to futures contracts

Until March 2001, 3, the profits from commodity futures trading are for individual investors.Other incomeIs consideredComprehensive taxationMet.However, the transition to separate tax filing is based on a questionnaire by the domestic commodity industry.Ministry of FinanceAs a result of actively working on (at that time), domestic commodity futures trading (from April 2001, 4 onwardsCommodity Exchange LawThe Commodity Market stipulated in Article 2, Paragraph 8 and Article 9, Paragraph 10 and the Commodity Market stipulated in Article 1, Paragraph XNUMX, Item XNUMX (e) are (income tax20%Resident tax6% combinedSeparate taxationIt was 26%. (However, for transactions before March 2001, 3, even if the difference is settled after April 31, 2001, it will remain the same as before.Comprehensive taxationHas been applied.Therefore, about open interest after April 2001, 4Separate taxationHas been applied.Tax Special Measures ActTherefore, the taxation method for income related to commodity futures trading was "declaration separate taxation" for a limited time from April 2001, 4 to March 1, 2003).Also at the same timeTax Special Measures ActAs a result of the amendment, the tax office chief is obliged to submit a "record on commodity futures trading" to the commodity traders.


Certain of the transactions listed in Article 2012, Paragraph 1, Items 1 to 2 of the Commodity Futures Trading Law, which are conducted after January 14, 1 (performed regardless of the commodity market and foreign commodity market). So-called spot futures trading, cash settlement type trading, index futures trading, options trading, index spot options trading)

2013 years from January 1, 1 to December 2037, 12 2.1% of income taxSpecial income tax for reconstructionIs imposed. Therefore,income tax15% ・ Special reconstruction income tax 0.315% ・Prefectural tax2%Municipal tax3% combined 20.315% proportional tax rateSeparate taxation(After 2038,income tax15%Prefectural tax2%Municipal tax3% including 20%).

Profit generated from settlement of differences, etc. related to overseas futures exchange transactions.

Certain of the transactions listed in Article 2011, Paragraph 12, Items 31 to 2 of the Commodity Futures Trading Law, which are conducted before December 14, 1 (performed regardless of the commodity market and foreign commodity market). So-called spot futures trading, cash settlement type trading, index futures trading, options trading, index spot options trading)

From January 2011, 1, among futures trading, commodity swap trading, etc. (transactions listed in Article 1, Paragraph 2, Items 3 to 5 of the Commodity Derivatives Trading Law), over-the-counter commodity derivative trading, and foreign commodity market trading The additions to the transactions subject to the payment record system for futures contracts have been enforced. (This amendment will be applied to the settlement of differences, etc. made after the date of enforcement of the Act for Partial Revision of the Commodity Exchange Act and the Act on Regulation of Business Related to Commodity Investment (7 Amendment Act, etc.) Supplementary Provision 22)).

  • Taxation when a commodity trader disposes of the securities used for commodity futures trading

Residents, who are taxpayers, say, "Financial instruments business operators," because the redemption of used securities in the name of a commodity business operator cannot be understood as a transfer by a sales consignment to a financial instruments business operator, etc. of a customer. Special provisions for taxation of capital gains, etc. on shares, etc. when listed shares, etc. are required to be transferred by "consignment to sale to, etc." (Revised in 23 after the 20 revision) The provisions of the Supplementary Provisions of the Act 432) and the special provisions for total gains and losses on transfer losses on listed stocks and deductions carried forward (Measures Act 37-12-2) cannot be applied.[13].


According to a survey by the national tax authorities, about 2001% of the 3 tax returns are not filed properly within the jurisdiction of the three national tax bureaus of Tokyo, Osaka, and Nagoya. The 9 revision of the tax law required commodity traders to submit payment records, which led to the discovery.The National Taxation Bureau was not able to grasp the details of the transaction before the revision of the law. [14]


[How to use footnotes]
  1. ^ Supreme Court 20 (Received) No. 802 July 21, 7 First Small Court Judgment Minshu Vol. 16, No. 63, p. 6
  2. ^ Supreme Court 17 (Received) No. 2292 July 19, 7 First Small Court Judgment Minshu Vol. 19, No. 61, p. 5
  3. ^ [1]
  4. ^ Nihon Keizai Shimbun 2009/7/4
  5. ^ 2010 Actions to Realize Global Industrial Futures Market in 10 (PDF) --February 22, Commerce Division, Commerce and Distribution Group, Ministry of Economy, Trade and Industry[Page number required]
  6. ^ Nihon Keizai Shimbun April 2007, 11
  7. ^ Nihon Keizai Shimbun April 2009, 5
  8. ^ Supreme Court No. 38, July 1417, 41 En Banc Judgment Collection Vol. 7, No. 13, p. 20
  9. ^ Penalty mortgage reserve, special collateral reserve held by designated market opener and damage compensation insurance insured by designated market opener
  10. ^ Twenty-five Year History of Kanmon Commodity Exchange (Membership Organization Kanmon Commodity Exchange Issued on August 56, 8)
  11. ^ [2]
  12. ^ "Inquiries / Answers to Japan Exchange Group: Legal Framework for Transfer of Commodity Markets to Osaka Exchange". 2020/6/19Browse.
  13. ^ Taxation when a commodity trader disposes of the securities used for commodity futures trading
  14. ^ asahi.com H16.1.28 Article


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