The , or TOCOM, is an energy exchange in Tokyo, Japan. TOCOM is operated by , a wholly owned subsidiary of Japan Exchange Group (JPX). Under the of Japan, It is a licensed commodity exchange operator that provides market facilities for trading of commodity derivatives, physical commodities and commodity price index futures.
TOCOM once operated electronic markets for precious metals, oil, rubber and soft commodities. It offered futures and options contracts for precious metals (gold, silver, platinum and palladium); energy (crude oil, gasoline, kerosene and gas oil); natural rubber and agricultural products (soybeans, corn and azuki).
JPX acquired TOCOM in 2019 and transferred these exchange-traded derivatives markets except energy derivatives markets to the Osaka Exchange in 2020, which became Japan's largest and one of Asia's most prominent derivatives exchanges.
Today, TOCOM is the only Japanese exchange that offers energy commodities futures on gasoline, kerosene, gas oil, Dubai Crude oil, liquefied natural gas, baseload electricity, peakload electricity, Chukyo gasoline, and Chukyo kerosene.
Products
TOCOM's Energy Market and Chukyo Oil Market offer the following products:
{| class="wikitable"
|+List of products traded on TOCOM's Energy Market and Chukyo Oil Market
!Category
!Underlying
!Product
|-
| rowspan="7" |Fuel
|Gasoline
|Gasoline Futures
|-
|Chukyo Gasoline
|Chukyo-Gasoline Futures
|-
|Kerosene
|Kerosene Futures
|-
|Chukyo Kerosene
|Chukyo-Kerosene Futures
|-
|Gas Oil
|Gas Oil Futures
|-
|Dubai Crude Oil
|Platts Dubai Crude Oil Futures
|-
|Liquefied Natural Gas
|LNG (Platts JKM) Futures
|-
| rowspan="6" |Baseload Electricity
| rowspan="3" |East Area Baseload Electricity
|East Area Baseload Electricity Futures (Weekly)
|-
|East Area Baseload Electricity Futures (Monthly)
|-
|East Area Baseload Electricity (Fiscal Year)
|-
| rowspan="3" |West Area Baseload Electricity
|West Area Baseload Electricity Futures (Weekly)
|-
|West Area Baseload Electricity Futures (Monthly)
|-
|West Area Baseload Electricity (Fiscal Year)
|-
| rowspan="6" |Peakload Electricity
| rowspan="3" |East Area Peakload Electricity
|East Area Peakload Electricity Futures (Weekly)
|-
|East Area Peakload Electricity Futures (Monthly)
|-
|East Area Peakload Electricity (Fiscal Year)
|-
| rowspan="3" |West Area Peakload Electricity
|West Area Peakload Electricity Futures (Weekly)
|-
|West Area Peakload Electricity Futures (Monthly)
|-
|West Area Peakload Electricity (Fiscal Year)
|}
History
left|thumb|250x250px|Logo prior to JPX acquisition in 2019
thumb|333x333px|The Tokyo Commodity Exchange Horidome Building was TOCOM's former head office from 1999 to 2020.
TOCOM was established in 1984 with the merger of the Tokyo Textile Exchange, founded in 1951, the Tokyo Rubber Exchange, and the Tokyo Gold Exchange. The exchange became a for-profit shareholder-owned company in 2008.
It launched the current trading platform based on the Nasdaq OMX technology in 2009. TOCOM will use Japan Exchange Group's new derivatives trading platform, Next J-Gate, from September 2016.
In 2019 TOCOM was acquired by JPX.
The retail electricity market in Japan was fully liberalized in April 2016, followed by a series of reforms in the electricity sector in Japan, such as the revision of the rules on power grids and the establishment of a baseload electricity market of the Japan Electric Power Exchange (JEPX). Against this background, the size of the JEPX wholesale electricity market expanded rapidly to reach approximately one-third of the total electricity demand in Japan.
On 5 August 2020, TOCOM's head office relocated from the Tokyo Commodity Exchange Horidome Building in the district to the Tokyo Stock Exchange Building in Tokyo's financial district, Nihonbashi Kabutochō.
On 4 April 2022, TOCOM listed LNG (Platts JKM) futures contracts on a trial basis and changed the listing status of the electricity futures from trial listing to permanent listing. This will improve the market convenience of TOCOM as a “Consolidated Energy Derivatives Exchange” where one can trade the electricity futures and the fuel futures in one-stop trading environment, enabling fuel price risk management for gas-fired power plants. In 2022, fluctuations in electricity prices intensified due to several factors, such as rising fuel prices caused by the Russian invasion of Ukraine and concerns about power supply shortages in the summer and winter.
On 26 May 2025, TOCOM launched fiscal year electricity futures trading in order to meet the need for hedging transactions during the Japanese fiscal year from April to March of the following year. Long-term bilateral contracts under which Japanese power generation companies and electricity retailers (:ja:小売電気事業者) buy and sell electricity are generally conducted on a fiscal year basis.