（原文に日本語版なし。日本語版は別ページ — frontmatter の migration.pairedWith を参照）
The Commodity Committee was reorganized last October with the participation of well experienced industry representatives in both the domestic and global commodity markets. Currently, the committee activities have been conducted by 6 committee members participating from the trading and FCM sides, 2 observers from the Exchange sector, in addition to 2 industry experts supporting the committee as advisors.
Through the consolidation of Japan Exchange Group (JPX) and Tokyo Commodity Exchange (TOCOM), Japan's first recognized Comprehensive Futures Exchange started operations in July and commodity derivatives products other than energy were migrated to Osaka Exchange (OSE). We sincerely wish this historical and remarkable event may initiate and enhance the vital development of the Japanese derivatives markets. Commodity markets are global in nature and are traded around the clock. In order to enhance the development of the Japanese commodity markets as a part of the global commodity derivatives market, the committee will deliver recommendations, comments, and suggestions as a genuine voice from the market participants to the regulators, exchanges, and other appropriate organizations.
We have been discussing several topics and ideas in the past year. We believe that if more cash-settled products would be listed, this could attract global market users and make it easier for financial market participants to trade. On the other hand, the committee agrees that there is also a need for improvement of the delivery framework, through the introduction of electronic warehouse receipts. For example, if the spot gold/platinum markets could be better linked with the physical markets, transactions volume would likely increase. Finally, the power futures market is gathering attention as a price hedging instrument from the physical players, following the price spike in the physical market this past winter, so we will continue to propose ideas for improve ease of access and to educate in general.
The committee will continue to strive towards the further development of the commodity markets.
Shoichiro Ishibashi
Chair, Commodity Committee
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