A study on current Japanese commodity futures market and its regulation

Research Project

Project/Area Number	26380138
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Multi-year Fund
Section	一般
Research Field	Civil law
Research Institution	Waseda University
Principal Investigator	OSAKI Yasuhiro 早稲田大学, 法学学術院, 教授 (30139498)
Project Period (FY)	2014-04-01 – 2018-03-31
Project Status	Completed (Fiscal Year 2017)
Budget Amount *help	¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000) Fiscal Year 2016: ¥260,000 (Direct Cost: ¥200,000、Indirect Cost: ¥60,000) Fiscal Year 2015: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000) Fiscal Year 2014: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Keywords	商品先物取引法 / 総合取引所 / 商品先物 / デリバティブ規制 / 適合性原則 / 商品先物取引 / 綜合取引所構想 / シンガポール取引所 / 香港証券取引所 / アジアの市場規制 / 綜合取引所 / 東京商品取引所 / デリバティブ / エネルギー市場
Outline of Final Research Achievements	Japan's commodity futures are stagnant in the worldwide futures rise. One of the causes is pointed out to the administrative division of the government in Japan. Through comparing Japan with Hong Kong and Singapore which adopt a unified system, I thought to get some suggestion on the current situation in Japan. Elimination of duplication and implementation of flexible measures with policy intention are merits of the unified system. The willingness and a sense of speed and the attitude that does not hesitate trial and error to refer to the national government agencies and exchanges and traders as a whole to a global financial market will be helpful considering a reform of Japanese system. However, in relation to logistics, administrators familiar with the products handled are also important. Commodity futures are not just financial instruments. In the internationalization of commodity markets,the ICE group and the NASDAQ = OMX group must be watched.