Japan's oil futures market development predicament and lessons

Oil pricing has always been a competitive focus of the world's major countries, especially futures prices which play a decisive role in international oil market pricing. As the world's third largest oil futures market, the Tokyo Commodity Exchange's(TOCOM's) oil pricing mechanism has failed to play an effective role in the Asia-Pacifi c region and the Exchange has fallen into an oil transactions decline predicament. TOCOM has adopted a series of new initiatives, planning to integrate electricity, LNG futures etc. into a comprehensive energy trading market based on the oil futures market. China crude oil futures have listed entering a substantial development stage where the related Japanese experience offers valuable lessons.