Yokohama Commodity Exchange
Encyclopedia
Yokohama Commodity Exchange (Y-COM) was a futures exchange
based in Yokohama
, Japan
which operated from 1998 to 2006.
As of 1 April 2006 the exchange merged into the Tokyo Grain Exchange (東京穀物商品取引所), with silk
and vegetables contracts moved there. The exchange's closure was due to declining trading volumes. Although 2005 and 2006 were boom times in commodity speculation in other areas like oil and metals, that action didn't extend to Yokohama.
Y-COM's end as a separate organisation was another in an ongoing consolidation of exchanges in Japan. In 1983 for instance there were 19 regional exchanges, with the closure of Y-COM there remained only 6.
Commodities traded were
In the past dried cocoons were traded.
Futures exchange
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts; that is, a contract to buy specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future. These types of...
based in Yokohama
Yokohama
is the capital city of Kanagawa Prefecture and the second largest city in Japan by population after Tokyo and most populous municipality of Japan. It lies on Tokyo Bay, south of Tokyo, in the Kantō region of the main island of Honshu...
, Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
which operated from 1998 to 2006.
History
The exchange was formed in 1998 from the merger of the Yokohama Raw Silk Exchange (横浜生絲取引所) and the Maebashi Dried Cocoon Exchange (前橋繭糸取引所).As of 1 April 2006 the exchange merged into the Tokyo Grain Exchange (東京穀物商品取引所), with silk
Silk
Silk is a natural protein fiber, some forms of which can be woven into textiles. The best-known type of silk is obtained from the cocoons of the larvae of the mulberry silkworm Bombyx mori reared in captivity...
and vegetables contracts moved there. The exchange's closure was due to declining trading volumes. Although 2005 and 2006 were boom times in commodity speculation in other areas like oil and metals, that action didn't extend to Yokohama.
Y-COM's end as a separate organisation was another in an ongoing consolidation of exchanges in Japan. In 1983 for instance there were 19 regional exchanges, with the closure of Y-COM there remained only 6.
Operations
Trading was conducted in an "Itayose" auction-like system. There were four sessions each day, in which a single price was established for each contract month for each commodity.Commodities traded were
- Potatoes — Japanese produced Dansyaku size "L"
- Japanese raw silkSilkSilk is a natural protein fiber, some forms of which can be woven into textiles. The best-known type of silk is obtained from the cocoons of the larvae of the mulberry silkworm Bombyx mori reared in captivity...
— 27 denier 3A produced in Japan - VegetableVegetableThe noun vegetable usually means an edible plant or part of a plant other than a sweet fruit or seed. This typically means the leaf, stem, or root of a plant....
s — cash settled average of several vegetable prices
In the past dried cocoons were traded.