Ministry of Economy, Trade and Industry
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endment of the Commodity Exchange Law

The commodity futures market in Japan has developed so rapidly. As the structural economic reform has proceeded, the function of hedging price volatility risk and price formation that the commodity futures market has been regarded more and more important. As the provision of commodity futures market is significant not only in Europe and the U.S. but also in Asian countries, the competition among futures markets become more and more intense on a global basis. Furthermore, the FCM’s business environment is expected to dramatically change.

In response to these changes of surrounding environments, the Commodity Exchange Law (CEL) was drastically amended on May 12, 2004, during the session No. 159 of the National Diet. The amended CEL is effective on May 1, 2005.