Osaka Dojima Exchange

What Osaka Dojima Exchange does

Osaka Dojima Exchange (ODEX) operates one of Japan's three licensed commodity futures exchanges, tracing its lineage to the Doi-jima Rice Trade of 1697/1730 — commonly cited as the origin of the world's first futures market — and reorganized in 1952. Headquartered in Osaka with a Tokyo branch, ODEX is a private joint-stock corporation with ¥1,089,000,000 in capital and 38 employees as of March 2026. The exchange lists contracts across three product pillars: (i) rice index futures anchored on the proprietary Dojima Rice Average® and Japanese Rice Price Index (JRPI), (ii) precious-metals contracts in gold, silver, and platinum across multiple denominations, with an extended night trading session, and (iii) traditional agricultural commodities including corn, soybeans, and adzuki beans, with raw sugar currently suspended. All contracts clear centrally through the Japan Securities Clearing Corporation (JSCC) under a VaR-based margining system, with dedicated market-makers providing liquidity in rice index and precious-metals markets.

The business model is transaction-fee driven, charging ¥220–¥275 per contract per side, alongside data-licensing revenue (rice index feeds to media/data vendors) and market-maker spread economics. Distribution is executed through seven commissioned broker participants and digital channels including the Kabutan online brokerage and a YouTube research presence, with a new SBI Securities partnership expanding reach for precious-metals products. The customer base spans institutional hedgers in rice and food production (e.g., Tabuchi Farm case study), precious-metals investors, and retail speculators reached through online brokers. ODEX's regulatory license, combined with JSCC clearing and standardized contracts, constitutes the core structural moat, while its historical brand and proprietary index deliver intangible-asset advantages increasingly monetized through retail data licensing.

Name

Osaka Dojima Exchange

Legal name

株式会社堂島裁判所 (Kabushiki Kaisha Dojima Torihikisho)

Website

https://odex.co.jp

Company type

Private

Founded year

1952

Operating status

Operating

Headcount range

1–10 employees

Short description

Osaka Dojima Exchange is a Japanese licensed commodity futures exchange listing rice index, precious-metals, and agricultural contracts, cleared via JSCC, serving institutional hedgers and retail investors through commissioned brokers and online distributors.

Ownership category

akta.pro rank

Product category

Commodity Futures Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Commodity Derivatives Exchanges (Futures & Options on Commodities) (FSAFAMAG)

akta.pro secondary industries

Agricultural / Soft Commodities Derivatives Exchanges (FSAFABAF), Metals Commodities Exchanges (Precious & Base Metals) (FSAFAMAD)

Keywords

• Commodity futures exchange
• Rice index futures
• Precious metals trading
• Agricultural commodities
• Derivatives trading

Headquarters

HQ city

Osaka

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others, Marketing or Sales

Revenue model

1. Trading Commission / Transaction Fees: The exchange generates revenue from transaction fees charged per contract on futures trades executed through trading participants. Fees vary by product and contract type. Commissions are collected via clearing through JSCC. This is the primary revenue stream for the exchange.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Osaka Dojima Exchange operates a commodity futures exchange offering cash-settled and physical-delivery futures contracts across agricultural commodities (rice index futures referencing Dojima Rice Average®, corn, US soybeans, adzuki beans, raw sugar) and precious metals (gold, silver, platinum in multiple contract sizes). The exchange provides trading infrastructure, centralized clearing via JSCC, market data services, and a market maker system to support liquidity, with transaction fees collected per contract as the primary revenue stream.

Product overview

Osaka Dojima Exchange (ODEX/堂島取引所) operates as a commodity futures exchange offering both physical delivery and cash-settled futures products across three main markets: Agricultural Products (rice index, corn, soybeans, adzuki beans, raw sugar), Precious Metals (gold, silver, platinum in multiple contract sizes), and the recently launched Rice Index market featuring Japan's first 堂島コメ平均® futures. The exchange provides market data services, historical data downloads, and operates a Market Maker program. New products include larger precious metals contracts (堂島金500, 堂島銀10K, 堂島白金500) launching July 2026.

Differentiator

Problem solved

Functional benefit

Brands

• 堂島コメ平均® (Dojima Rice Average®): Japan's first rice price index futures product. A commodity futures contract based on the national average rice price of Japan's一等米 (first-grade rice), providing hedging tools for rice-related businesses and a cash-settled investment vehicle for investors.
• 現物コメ指数® (Japanese Rice Price Index®, JRPI)
• 堂島貴金属市場 (Dojima Precious Metals Market)

Products and services

• Dojima Rice Average® (堂島コメ平均®) — Rice Index Futures Japan's first rice index futures product that trades on the average rice price across all first-grade rice (一等米) in Japan rather than specific regional varieties. Cash-settled futures enable rice price hedging for producers, wholesalers, and restaurants, and serve as an alternative investment vehicle for investors.
• Dojima Gold 10 (堂島金10) — Gold Futures Cash-settled gold futures contract with 10g trading unit (10x multiplier). Theoretical spot price is calculated using London gold (XAU) pricing and USD/JPY exchange rates during the settlement window. The trading unit price is set at ¥1 per gram.
• Dojima Gold 500 (堂島金500) — Gold Futures Cash-settled gold futures with 500g trading unit (500x multiplier) for larger position sizing. Launched July 21, 2026 as a mid-size complement to the existing 10g contract.
• Dojima Silver 1K (堂島銀1K) — Silver Futures Cash-settled silver futures with 1kg trading unit (1,000x multiplier). Uses rollover-based limit-day transactions where positions automatically roll to the next contract period if not closed. Trading unit price is set at ¥0.1 per gram.
• Dojima Silver 10K (堂島銀10K) — Silver Futures Cash-settled silver futures with 10kg trading unit (10,000x multiplier) for more substantial silver positions. Launched July 21, 2026.
• Dojima Platinum 10 (堂島白金10) — Platinum Futures Cash-settled platinum futures with 10g trading unit (10x multiplier). Uses rollover-based limit-day transactions for continuous exposure.
• Dojima Platinum 500 (堂島白金500) — Platinum Futures Cash-settled platinum futures with 500g trading unit (500x multiplier). Launched July 21, 2026, offering larger platinum position sizing compared to the 10g contract.
• Corn 50 (とうもろこし50) — Corn Futures Physical delivery corn futures with 50,000kg per contract (50x multiplier). Products sourced from US and Brazil with delivery ports at Kashima and Shibushi.
• US Soybeans (米国産大豆) — Soybean Futures Physical delivery US soybean futures with 10,000kg per contract (10x multiplier). Subject to MAFF grain inspection standards and delivery at designated silos in Hyogo and Okayama prefectures.
• Adzuki Beans (小豆) — Adzuki Bean Futures Physical delivery adzuki bean futures with 1,200kg per contract (40x multiplier). Approximately 90% of domestic production comes from Tokachi, Hokkaido. Delivery at designated warehouses in Osaka, Hyogo, and Hokkaido.
• Raw Sugar (粗糖) — Raw Sugar Futures Physical delivery raw sugar futures. Currently suspended from trading since October 2022. Raw sugar is produced from sugarcane in Latin America, South Asia, and East Asia regions, with Japan importing approximately 60% of its consumption.

Quantifiable outcome

• 堂島コメ平均 enables rice producers to lock in planned sales prices regardless of market direction — e.g., Tabuchi Farm achieved ¥1,495,600 planned revenue vs. ¥1,500,000 target despite rice futures price movements from ¥28,350 to ¥40,570
• +1 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered major and core.

• SBI SecuritiesmajorChannel Partner/ Reseller/ Distributor · 21 July 2026SBI Securities (headquartered in Tokyo) will launch cash-settled futures trading for gold, silver, and platinum on the Dojima Exchange starting July 21, 2026. Products include three futures products with limit month transactions. SBI Securities is introducing a 'Multiple Limit Order' bulk ordering feature and promotional campaigns including registration bonuses and fee cashback to celebrate the launch.
• 公益財団法人 流通経済研究所 (Japan Institute of Social Science)coreStrategic or Co-development Partner · 13 August 2024ODEX commissions the Japan Institute of Social Science (公益財団法人 流通経済研究所) to calculate and maintain the proprietary 現物コメ指数® (Japanese Rice Price Index, JRPI). The institute uses its independently developed methodology combining MAFF relative rice transaction prices and DI survey data via regression analysis to estimate monthly nationwide average rice prices. ODEX publishes the index on its website monthly. This is a core intellectual property partnership.
• 株探 (Kabutan)coreGTM or Marketing PartnerKabutan (株探), a free financial information portal, distributes real-time and historical pricing, charts, and market news for ODEX-listed products (堂島コメ平均, 堂島金10, 堂島銀1K, 堂島白金10). This partnership broadens retail investor access to ODEX market data and increases brand visibility among Japan's investor community.
• 农林水産省 (MAFF - Ministry of Agriculture, Forestry and Fisheries)coreStrategic or Co-development PartnerThe Ministry of Agriculture, Forestry and Fisheries of Japan publishes monthly rice relative transaction price data (米の相対取引価格・数量) which forms the primary data input for the 現物コメ指数® calculation. MAFF also publishes the '米に関するマンスリーレポート' (Monthly Rice Report) which ODEX republishes on its website to support market transparency and fair price discovery.
• 公益社団法人 米穀安定供給確保支援機構 (Komenet)coreStrategic or Co-development PartnerKomenet (米穀安定供給確保支援機構) conducts monthly DI surveys (米取引関係者の判断に関する調査) measuring supply/demand sentiment and rice price sentiment among rice industry participants. The DI survey results (需給DI, 米価DI) are used as input variables in the 現物コメ指数® calculation, making this a key data partnership.
• 株式会社 日本証券クリアリング機構 (JSCC)coreTechnology or IntegrationJapan Securities Clearing Corporation (JSCC) serves as the central clearing counterparty for all ODEX futures transactions. It manages margin requirements using the VaR methodology, processes daily mark-to-market valuations, handles delivery settlement, and provides investor protection mechanisms. JSCC is the designated clearing institution required for all exchange participants.

Scale indicators6 records

Recent moves11 records

Expansion highlights5 records

Emerging players

• Multi Commodity Exchange of India (MCX): MCX is India's largest commodity derivatives exchange, trading bullion (gold, silver), base metals, energy, and agricultural commodities. As an Asian emerging commodity exchange with bullion futures and agricultural focus, MCX is structurally comparable to ODEX for product mix and emerging-market positioning.

Broad incumbents

• CME Group: CME Group operates the Chicago Board of Trade and other exchanges offering global benchmark futures and options on agricultural commodities (corn, soybeans, wheat), precious metals (gold, silver), and other asset classes. CME is the world's largest derivatives marketplace and serves as a global reference comparable to ODEX for agricultural and precious metals products.
• Singapore Exchange (SGX): SGX operates pan-Asian multi-asset exchange offering securities, derivatives (including commodity derivatives), and fixed income products. SGX is a regional Asian incumbent comparable to ODEX in operating a multi-product Asian exchange, though at much greater scale and broader product coverage.
• Korea Exchange (KRX): KRX operates South Korea's sole securities and derivatives exchange, including KOSPI and KOSDAQ markets and commodity-related derivatives. As a major East Asian multi-product exchange, KRX is comparable to ODEX in operating a national Asian exchange with multiple asset classes.
• Euronext: Euronext operates European exchanges including commodity derivatives on milling wheat, corn, and rapeseed via the Paris-based MATIF market. Euronext's agricultural commodity derivatives franchise is a comparable international exchange offering, especially for ODEX's grain/agricultural products.
• Hong Kong Exchanges and Clearing (HKEX): HKEX operates securities and derivatives markets in Hong Kong, including commodity-related products. As a major Asian exchange with multi-asset offering and international ambitions (including via the Osaka International Financial City initiative context), HKEX is a comparable broader exchange operator in the Asia-Pacific region.
• Intercontinental Exchange (ICE): ICE operates global commodity exchanges trading soft commodities (sugar, coffee, cocoa), agricultural products, and energy derivatives. ICE's benchmark commodity contracts and global clearing infrastructure make it a comparable broad commodity exchange operator to ODEX, though at much larger scale.

Regional players

• Zhengzhou Commodity Exchange (ZCE): ZCE is a major Chinese commodity futures exchange trading agricultural products (cotton, sugar, wheat, rice, soybeans), and energy/chemicals. ZCE's agricultural futures franchise and rice futures offering make it a regional Asian comparable to ODEX in product scope, though operating in mainland China.
• Dalian Commodity Exchange (DCE): DCE is one of China's major commodity futures exchanges, offering agricultural commodity futures (soybeans, corn, rice, soybean meal) and industrial products. DCE's focus on agricultural commodities makes it directly comparable to ODEX's ag-focused products, though it serves mainland China rather than Japan.

Direct peers

• Japan Exchange Group / Osaka Exchange (JPX): Japan Exchange Group operates the Osaka Exchange (OSE), Japan's largest derivatives venue with multi-million contract annual volume in TONA futures, JGB futures, and equity derivatives. OSE is a direct competitor to ODEX for Japanese derivatives flow and operates from the same Osaka footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/odex_info
• YouTubeyoutube.com/watch?v=YW68BTIRt_Q&t=3s
• Facebookfacebook.com/odexchange
• LinkedInlinkedin.com/company/osaka-dojima-exchange-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Osaka Dojima Exchange