Osaka Dojima Exchange (ODEX) started its precious metal market on March 27. As to the first day of gold, volume was 712 contracts, open price was 8,302.5 yen, high price was 8303.2 yen, low price was 8,290.0 yen and close price was 8,294.9 yen. The president, Masashi Murata evaluated “Very quiet start”regarding volume and stated his aspirations “We would like to make an effort increasing gold trading volume converted to weight to forty to fifty percent of volume at Osaka Exchange by around March, 2024 at least”.
On the same day, March 27, volume of gold standard at Osaka Exchange was 27,834, gold mini was 5,181. Also, SBI SECURITIES Co., Ltd. announced that it would receive orders of the precious metal transactions from customers from April 8 and that would start their trading from April 10.
The three precious metals, gold, silver and platinum were listed as a trial and their trial period is three years. So if certain performance can’t be gotten during the period, there is a high probability that the precious metal market comes to be disapproved. The budget of ODEX has been in deficit for nine years in a row until the previous fiscal year and rice futures that had been listed as a trial was disapproved in August, 2021 so it reduced its volume rapidly and there was no volume since April, 2022. This time, as the precious metal market began, trading has been accomplished after a long time. Volume of silver on the first day was 4 and it of platinum was 1, going to be a tough start.
As to the volume on the first day, gold was traded by COMTEX Co., Ltd. and SBI SECURITIES Co., Ltd. Silver and platinum were traded by SBI SECURITIES only.
After all, key for revival of ODEX depends on an effort by SBI SECURITIES in the present situation. SBI SECURITIES has ten million customers account now and is carrying out “Countdown campaign”that gives 200 yen to customers who apply to open an account in advance. Although the company set trading fee (one way per contract) as 16.50 yen for gold and platinum and 82.50 yen for silver, it is totally unknown that how many customers give their attention to the three precious metals of ODEX.
Also, as to rice futures, the president Murata mentioned “We would like to make an effort toward re-opening of the market without giving up”, however, many concerned persons in the commodity futures industry in Japan are skeptical about the current situation that the exchange is expanding business, criticizing “Can the exchange get out of the chronic deficit ?”
Furthermore, the voice “Is the exchange disregarding the existing commodity futures traders? ”isn’t　gone yet.

（Futures Tribune・issued March 28, 2023・no.3206）