Fimat joins TOCOM ahead of the launch of the Gold option contract on the Exchange, scheduled for May 17. Its membership follows the October 2003 granting of an FCM Commodities license via SociÃ©tÃ© GÃ©nÃ©rale Securities Tokyo Branch, obtained for the express and direct benefit of its Fimat DivisionThis was the first FCM license granted to a non-Japanese firm.
"This is a logical step and comes in anticipation of the introduction of the Gold option contract. We have registered a great deal of interest over the last couple of months in this contract, particularly from Australia where many market makers have established their Asian base" said Wessel Van der Scheer, Managing Director of Fimat Asia. "Fimat has been closely involved
from the beginning in the process of designing this contract with TOCOM. This has enhanced our relationship with this innovative Exchange which is actively seeking an international role, in addition to its strong domestic position in metals and energy futures."
"This membership will also enable Fimat to directly clear TOCOM trades while maintaining its execution relationships, mainly with Exchange-member Himawari CX" notes Laurent Cunin, Managing Director and Head of the Fimat Division of SociÃ©tÃ© GÃ©nÃ©rale Securities, Tokyo Branch.
"As a result, our trading and clearing capacity will grow dramatically and we expect to reap the benefits of being the first mover once again" adds Cunin.