trading briefsThis article was originally published in The Public Ledger
TOKYO Commodity Exchange (Tocom) is planning to slash the number of board members to 10 from the current 31 when it becomes a shareholder-owned company in December. Tocom has been preparing to become shareholder-owned in a bid to raise its competitiveness after struggling to increase turnover following a change in the law in 2005 designed to improve trading transparency and investor protection. The exchange unveiled the names of 10 board members including former Bank of Japan governor Toshihiko Fukui, Sumitomo managing director Hiroyuki Takai and Goldman Sachs Japan managing director Eiji Ueda. The boardmembers are to take their posts from December 1 after receiving approval at a generalmeeting scheduled for later in themonth.