The Tokyo Commodity Exchange will cooperate with the Tokyo Stock Exchange to develop exchange traded funds (ETFs) and Multi Commodity Exchange will now commence future trading in platinum.

Platinum is now actively traded at Tokyo Community Exchange in Japan and New York Commodity Exchange as the metal is increasingly used as a catalytic converter in Japan.

According to reports from Reuters, TOCOM Chairman Masaaki Nangaku believes that the launch of commodities ETFs will have a good impact on developing the sector.

Further reports from the Economic Times revealed that Joseph Messey, Chief Executive Officer of the Multi Commodity Exchange MS, said that platinum needed to be added to the offering.

"We were missing the presence of an important metal like platinum and now, since we have received approval, we are looking to start future trading activity soon," he explained.

"With the presence of a precious metal like platinum, investors will now have more opportunities for investment and the industry can hedge their requirements," he added.



Source:

Reuters
MCX to kick off futures trading in platinum today, 19/06/08
http://economictimes.indiatimes.com/Markets/Commodities/MCX_to_kick_off_futures_trading_in_platinum_today/articleshow/3143575.cms