Central Japan Commodities Exchange

Central Japan Commodity Exchange, commonly known as C-COM, was a regional Japanese futures exchange headquartered in Nagoya, Aichi Prefecture. It was created on 1 October 1996 through the consolidation of three commodity exchanges serving central Japan: the Toyohashi Dry Cocoon Exchange, the Nagoya Grain and Sugar Exchange, and the Nagoya Textile Exchange. The merger brought together markets with roots in agricultural, textile, and other commodity trading and created a broader regional venue for futures contracts. C-COM operated as a commodities futures market rather than as a consumer-facing product brand. Its contracts covered a mixture of agricultural, energy, industrial, and rubber-related commodities. Products traded during its existence included cash-settled eggs; physically delivered gasoline, gasoil, and kerosene; aluminium and nickel; ferrous scrap; RSS3 and TSR20 rubber; and a rubber index. Earlier or historical contracts included azuki beans, dried cocoons, cotton yarn, IOM soybeans, and non-GMO IOM soybeans. The exchange specified contract grades and delivery arrangements for a number of its energy and industrial products, reflecting its role in organized commodity price discovery and futures trading. Trading was conducted in six designated sessions spread across the day. Its product range changed over time, with newer contracts added alongside the discontinuation or historical status of older agricultural and textile-related products. Ferrous scrap futures, for example, were introduced on 11 October 2005 and were based on Shindachi scrap of various grades for physical delivery. A major structural change occurred on 1 January 2007, when C-COM merged into the Osaka Mercantile Exchange. The merger ended its existence as a separate exchange, although the Central Japan commodity-market institution remained relevant to the history of Japanese commodity futures consolidation. Subsequent regulatory changes further affected the business environment. In 2010, amendments to Japanese law governing the commodity futures industry prohibited unwanted solicitation. The exchange faced increasing operational difficulty after those changes and ceased operations altogether in January 2011. C-COM is therefore a defunct exchange brand and historical market institution. Its importance lies primarily in the consolidation of regional Japanese commodity exchanges, the range of physical and cash-settled futures contracts it supported, and the regulatory and industry pressures that contributed to the end of its operations.

Central Japan Commodity Exchange was a regional Japanese futures exchange located in Nagoya, Aichi Prefecture. It was established on 1 October 1996 through the merger of three exchanges in central Japan: the Toyohashi Dry Cocoon Exchange, the Nagoya Grain and Sugar Exchange, and the Nagoya Textile Exchange. The constituent institutions represented different commodity-trading traditions, including agricultural products, cocoon and textile-related goods, and grain and sugar markets. Their consolidation reflected the broader movement toward combining specialized regional exchanges into larger and more diversified market institutions. After its formation, C-COM provided organized futures trading across several commodity groups. Its contracts included eggs, energy products, metals, ferrous scrap, and rubber. Eggs were cash settled, while gasoline, gasoil, kerosene, and ferrous scrap were specified for physical delivery. The energy contracts referred to Japanese Industrial Standards grades, including gasoline under JIS K2202, kerosene under JIS K2203, and gasoil under JIS K2204, with the applicable grade depending on the contract. Its metals offering included aluminium and nickel. Rubber-related instruments included RSS3 rubber, TSR20 rubber, and a rubber index. Earlier commodities associated with the exchange included azuki beans, dried cocoons, cotton yarn, IOM soybeans, and non-GMO IOM soybeans. The exchange organized trading in six specified sessions during the day. This session-based structure gave participants set periods for price discovery and order execution. The variety of contracts indicates that C-COM served both commodity-sector participants seeking to manage price exposure and market participants seeking futures positions in Japanese and internationally traded commodities. Its product mix also changed over time as traditional regional products gave way to energy, metals, scrap, and rubber contracts. On 11 October 2005, C-COM introduced ferrous scrap futures. The contracts covered Shindachi scrap in various grades and provided for physical delivery. This launch expanded the exchange's industrial commodity coverage and represented an effort to add products connected to manufacturing and recycling markets. A significant institutional transition took place on 1 January 2007, when Central Japan Commodity Exchange merged into the Osaka Mercantile Exchange. This ended C-COM's existence as an independent exchange. The transaction formed part of the consolidation of Japan's commodity-futures infrastructure, in which regional and specialized venues were brought together under larger exchanges. The regulatory environment later became a decisive factor. In 2010, Japan amended the law governing the commodity futures industry and prohibited unwanted solicitation. The change increased the difficulty of operating in the sector, and C-COM experienced growing challenges after the reform. The exchange ultimately ceased operations altogether in January 2011. As a result, it is now a defunct Japanese exchange remembered for its role in the merger of central Japan's commodity markets, its varied futures catalogue, and the effects of industry regulation on regional commodity-trading institutions.

• 2011

  Operations discontinued

  [1]Central Japan Commodity Exchangeen.wikipedia.org

  C-COM ceased operations in January 2011 after facing increasing difficulties in the changed regulatory environment.

• 2010

  Commodity-futures solicitation rules amended

  [1]Central Japan Commodity Exchangeen.wikipedia.org

  Japanese legal amendments prohibited unwanted solicitation in the commodity futures industry, contributing to a more difficult operating environment for C-COM.

• 2007

  Merger into Osaka Mercantile Exchange

  [1]Central Japan Commodity Exchangeen.wikipedia.org

  Effective 1 January 2007, Central Japan Commodity Exchange merged into the Osaka Mercantile Exchange and ceased to exist as a separate exchange.

• 2005

  Ferrous scrap futures introduced

  [1]Central Japan Commodity Exchangeen.wikipedia.org

  C-COM introduced ferrous scrap futures on 11 October 2005, covering Shindachi scrap in several grades with physical delivery.

• 1996

  Exchange established through regional merger

  [1]Central Japan Commodity Exchangeen.wikipedia.org

  The Toyohashi Dry Cocoon Exchange, Nagoya Grain and Sugar Exchange, and Nagoya Textile Exchange merged on 1 October 1996 to form Central Japan Commodity Exchange.

A regional Japanese commodity futures exchange serving the central Japan market, with contracts spanning agricultural commodities, energy, metals, ferrous scrap, and rubber.

• Agricultural futures

  Egg futures

  C-COM traded egg futures that were cash settled rather than fulfilled through physical delivery. The contract formed part of the exchange's agricultural-market offering and represented one of the products through which participants could manage or take positions on egg prices.

• Energy futures

  Energy futures

  The exchange offered futures on gasoline, gasoil, and kerosene. These contracts were specified for physical delivery and used Japanese Industrial Standards grades, including JIS K2202 for gasoline, JIS K2204 for gasoil, and JIS K2203 for kerosene, with particular grades depending on the contract.

• Industrial commodity futures · 2005

  Ferrous scrap futures

  Introduced on 11 October 2005, C-COM's ferrous scrap contracts covered Shindachi scrap in various grades and provided for physical delivery. The product broadened the exchange's industrial-market coverage beyond its earlier agricultural and textile-associated commodities.

• Base-metals futures

  Metal futures

  Aluminium and nickel were among the metals traded through the exchange. These contracts gave market users exposure to industrial metals within C-COM's wider commodity-futures portfolio.

• Rubber futures

  Rubber futures and rubber index

  C-COM traded RSS3 rubber, TSR20 rubber, and a rubber index. The instruments covered both established physical rubber references and an index-based product, supporting price exposure across an important industrial commodity market.

• Agricultural and textile futures

  Historical agricultural and textile contracts

  Past products included azuki beans, dried cocoons, cotton yarn, IOM soybeans, and non-GMO IOM soybeans. These contracts reflect the regional exchange heritage inherited from its predecessor institutions and the agricultural and textile focus of earlier Japanese commodity markets.

• 2010

  Response to commodity-futures regulationStrategy

  Background

  Japan amended the law governing the commodity futures industry and prohibited unwanted solicitation.

  Action taken

  The exchange operated under the amended regulatory environment, which made its business increasingly difficult.

  Aftermath

  C-COM ultimately discontinued operations in January 2011.

  Source

• 2007

  Merger into Osaka Mercantile ExchangeM&A

  Background

  Japanese commodity-futures trading was undergoing institutional consolidation, and C-COM was a regional exchange within that system.

  Action taken

  Effective 1 January 2007, C-COM merged into the Osaka Mercantile Exchange.

  Aftermath

  C-COM stopped operating as an independent exchange, while its market history became part of the Osaka exchange's institutional succession.

  Source

• 2005

  Launch of ferrous scrap futuresProduct launch

  Background

  C-COM's existing portfolio included agricultural, energy, metals, and rubber-related contracts.

  Action taken

  The exchange added physically delivered ferrous scrap futures based on Shindachi scrap in various grades on 11 October 2005.

  Aftermath

  The launch expanded the exchange's coverage of industrial commodities.

  Source

• 1996

  Creation through three-way exchange mergerM&A

  Background

  Three commodity exchanges in Aichi Prefecture operated in related but distinct regional and product markets.

  Action taken

  The Toyohashi Dry Cocoon Exchange, Nagoya Grain and Sugar Exchange, and Nagoya Textile Exchange combined to establish Central Japan Commodity Exchange on 1 October 1996.

  Aftermath

  The transaction created a more diversified central-Japan futures venue under the C-COM name.

  Source

• 2011

  Central Japan Commodity Exchange ceases operations[1]Central Japan Commodity Exchangeen.wikipedia.org

  Regulation · Bankruptcy

  After regulatory changes affecting commodity futures solicitation and increasing operational difficulties, the exchange stopped operating in January 2011.

• 2007

  Central Japan Commodity Exchange merges into Osaka Mercantile Exchange[1]Central Japan Commodity Exchangeen.wikipedia.org

  M&A · Other

  C-COM ceased to operate as a separate exchange following its merger into the Osaka Mercantile Exchange on 1 January 2007.

1. 1Central Japan Commodity Exchangeen.wikipedia.org
2. 2Central Japan Commodities Exchange official websitec-com.or.jp