Tokyo Industrial Products Exchange, also known as Tokyo Commodity Exchange, was established in Tokyo on June 1984+065438+ 10/. Its predecessor was Tokyo Textile Exchange, which was established at 195 1, Tokyo Rubber Exchange at 1952 and Tokyo Gold Exchange at 1982.
Japan's grasp of rubber pricing power lies in:
1. Improvement of laws and regulations. The Japanese government's supervision and management of the futures market began with legislation, and the law was revised every five years 1 time. For example, the law of 1992 includes the management of overseas members entering the market and the protection of investors.
2. The scientific nature of contract design. Before a new variety goes on the market, a variety management Committee will be set up, which is composed of exchange members & professionals.
3. Internationality of trading participants. Since 1992, the Japanese futures law stipulates that foreign members are allowed to enter the market in the form of associate members, that is, foreign members can only be represented by Japanese members, but enjoy more preferential treatment than ordinary investors. This is to encourage foreign members to participate in the trading of Japanese futures market, enhance the international status of Japanese futures market, and make domestic futures trading more influential internationally.
4. The futures markets of rubber producing countries such as Thailand and Indonesia are immature & the imperfect laws and regulations make it impossible for them to obtain the pricing power of rubber.