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JAPANESE BROKERAGE AICOM FAILS TO CLEAR GRAIN FUTURES TRADING.

AsiaPulse News

| December 02, 2002 | COPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

TOKYO, Dec 2 Asia Pulse - Aicom, a midsize commodities futures brokerage, failed to clear futures trading contracts on behalf of its clients due to a cash shortage, the Tokyo Grain Exchange announced Friday. This is the first failure to clear trading on Japan's commodities futures market in 10 years.

According to the exchange, Aicom President Yasuyuki Maekawa visited the exchange in the morning to report his company's inability to reserve a 4 million yen (US$32,429) clearing fund. The exchange suspended the company's trading on the market after confirming Aicom's failure to meet the noon clearing deadline.

Money for trading that investors have deposited at Aicom will be refunded to them by the Association of Compensation Funds for Consigned Liabilities in Commodity Futures, after the margin deposit ...

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