Tokyo Commodity Exchange demutualises

The Tokyo Commodity Exchange (Tocom) has demutualised by selling 2.78 billion yen ($31.3 million) worth of its shares, in the hope that becoming a stock company will provide it with the financial wherewithal to revive the struggling exchange's liquidity levels.

The exchange decided to take urgent action as a result of recent disappointing trading volumes. Total turnover at the exchange dropped 39% since 2007, from 5,193,985 to 3,910,548 trades, according to Tocom market data.

"The timing for the

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