| Budget Amount *help |
¥1,300,000 (Direct Cost: ¥1,300,000)
Fiscal Year 2002: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 2001: ¥800,000 (Direct Cost: ¥800,000)
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| Research Abstract |
I, first of all, carried out researches into how the 7 commodities exchanges in Japan clear or settle the unsettled positions of the commodities futures. Then I found there exist many obstacles to get rid of in order to establish a more efficient and unified clearing house in Japan. Because of the fact that the margin requirement and the capital requirement of the FCM are determined under the existing Commodities Exchange Law (CEL) on a market basis where the FCM is trading, a FCM that trades on plural markets and wants to save money requests for an unified clearing house system immediately. However, I found it necessary to amend the several provisions in order to establish it. Next, I focused my research on the segregation of the customers' fund and the issue of transferring the positions. During my research, I was asked for advice by a director of the Tokyo Commodities Exchange of its epoch-making new clearing system plan. This new system comes in force on June 6, 2003 and includes, for the first time, 'T plus 1' as a commodities futures clearing system in Japan. My idea is partly adopted in it. Also I was appointed as a special member of the council board in METI in May, 2003, which discusses on the drafting of amendment of the CEL and with the knowledge which I got in this research, I express my opinion from the point of view of the protection of customers' interest and emphasize the necessity to introduce some new provisions so as to make the position-transfer possible.
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