Two of the world's largest energy futures exchanges have announced they are considering a partnership.

The Tokyo Commodity Exchange (TOCOM) and the New York Mercantile Exchange (NYMEX) say that a deal could boost liquidity and allow split-second arbitrage by players on both sides of the Pacific.

TOCOM is the biggest platinum futures exchange in the world, and the deal could facilitate round-the-clock activity in the market, negotiating the problem of dealers in separate time zones using different languages.

President Takamichi Hamada told a news conference he hoped the exchanges would sign a memorandum of understanding by next week, although he stressed that no timeframe had been established for completing the negotiations.