According to wire reports, Tokyo International Financial Futures Exchange (Tiffe) is considering a merger with Tokyo Stock Exchange (TSE). The move could involve Tiffe moving from a member-owned structure to a stock company. TSE has announced an operating profit of JPY2.4 billion ($20.4m) for the year ended March 2003, up 40% from the previous year. The improvement is predominantly due to cost cutting measures as revenues actually fell 8% compared to 2002. Volume in Topix index futures rose 30% to 7.44m lots while JGB futures volume fell 15% to an underlying value of JPY590bn. TSE accounts for 93% of equity business in Japan.
India's Multi Commodity Exchange (MCX) is starting operations in the first week of October having launched its membership drive in July. The exchange will offer futures in gold, silver, cotton, rubber, pepper and castor seed. MCX will compete with National Multi-Commodity Exchange of India...