Japanese Reported Cool to Globex: The Japanese...

Japanese Reported Cool to Globex: The Japanese government is pressuring Japanese financial firms not to participate in an automated international futures trading network being developed by the Chicago Mercantile Exchange, according to a published report. Japan’s Ministry of Finance is afraid that when the Merc system, called Globex, goes on line later this year, Japanese firms will forsake Tokyo’s fledgling futures markets, which opened in June, to trade on Globex, the Chicago Tribune reported. Globex, designed to facilitate global, 24-hour futures trading, would be weakened without the participation of the Japanese.