The Tokyo Commodity Exchange, Inc. (TOCOM) announced today that the Exchange granted a Remote Broker Membership to Holly Su Futures (Hong Kong) Co., Ltd. Holly Su Futures is the Hong Kong subsidiary of Holly Futures, a Nanjing-based Chinese futures commission merchant on October 20. They now hold the second Remote Broker Membership at TOCOM.
Remote Broker Members are foreign entities that are equivalent to Commodity Derivatives Business Operators (i.e: FCMs) in the country where they are domiciled. They can trade for their own account (proprietary) and for customer accounts. Although a physical presence in Japan is not required, Remote Broker Members must designate a clearing broker. Holly Su Futures is entitled to participate in the Rubber, Precious Metals and Oil markets and will continue to trade through a TOCOM Broker Member for the time being.
TOCOM and Holly Su Futures signed a Memorandum of Understanding in July to establish a cooperative relationship to develop new business opportunities and projects to increase market liquidity and reliability.