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Developer/CTA Interview
Yasuo Mogi
President, Mogi Associates, Japan
Program(s) Developed: Consulting Services
Interview Date: March, 2011
Interviewed by John F. Gallwas - Founder of Striker Securities
mogiYasuo Mogi is one of the early pioneers in the internationalization of the Japanese futures markets. In the 60s & 70s he established subsidiaries for a major Japanese futures brokerage firm in Hong Kong, Malaysia and the United States, in the city of San Francisco. After 43 year of service, at the end of 2010, he retired from the brokerage business, as Vice Chairman and a member of the board of directors of Newedge Japan Inc., the foreign-based futures clearing member and leaders of the principal futures exchanges in Japan markets. He was a founder and a Board Member of the FIA Japan since its formation in 1989. Currently he is Vice President of FIA Japan, after holding various posts including the Chairman of the program, clearinghouse, commodity, and regulatory task force committees. He is now active as an outside Senior Adviser for Tokyo Commodity Exchange as well as an independent consultant to other futures industry participants. Based on his broad experience in the Japanese and International futures markets, Mr. Mogi is considered to be one of the most well informed futures consultants in Japan.
John Gallwas: I have had the privilege to know you since we first met in Kaula Lumpier, Malaysia in 1974. I am delighted that you will now have more time, as well as the freedom to focus on the Japanese markets, which brings me to my first question. On a personal level, what is the biggest adjusted you have made from the transaction from "Corporate Japan" to an independent consultant?

Yasuo Mogi: I have been fortunate enough to face with many people directed and supported me over business and private affairs throughout my entire time involving as a member of the front offices and up to senior management of the corporation. My commitment in this field has never been success without their cooperation. It should be my term to repay an obligation to the people succeeding this industry.

Under such mind, I do not have so much to be adjusted except the management of my time as I need to response to the requests, inquiries, and questions from many leaders and members of financial industry including regulatory offices which I have enjoyed so much.

John Gallwas: Why is the Japanese futures industry regulated by three powerful regulators?

Yasuo Mogi: Historically, there was only one law known as "The Exchange Law" which covered all activities related to Exchange affaires and trading activities in Japan. Reformation of the financial industry by US General Headquarter, under the military occupation of Japan, occurred in 1950. Since then, Japan has had a regulatory "Silo" structure, where the regulatory jurisdictions have been separated into the three traded groups of Financial, Securities and Commodities. What's new is that the three regulatory offices FSA, METI, and MAFF have commenced their discussion of the migration and establishment of Japanese "Universal Exchange". They held a meeting with industry leaders last November, where I participated, and although, it will take time, I feel it was very important first step the regulators took and I hope to see a final resolution before 2012.

John Gallwas: Other than the Osaka Securities Exchange's "Nikki 225" and Tokyo Financial Exchange's "FX Contracts", the Japanese futures industry, where the first futures exchange was formed in 1710, has been left behind its Asian competitors. Why has this happened in a country where, at one time, many believed would dominate the Asian futures business?

Yasuo Mogi: It is a privilege to express my opinion and I wish to express my appreciation for this opportunity. There is variety of the views depending on where you stand, but there are some fundamental reasons which I feel must be considered:
  1. Japanese financial regulation is not "user-friendly" for market participant and has been a major contributor to the isolation of Japan from the global marketplace.
  2. The high cost of complying with the rules from three large Japanese Government regulators is a barrier to industry and international development.
  3. The slow development and implementation of information and trading technology in the futures and derivative industry.
John Gallwas: From your view as an independent consultant, what should Japan do to regain its rightful position in the international futures markets?

Yasuo Mogi: The Japanese markets hours are located between US and Euro markets and because there are no currency and foreign trade restriction, considered one of the highly recognized settlement markets. In addition, Japan has all the necessary other organizations and functions necessary to support a viable futures market. I believe that if Japan changes it regulatory structure to a user-friendly integrated Super Regulatory System, Japan could be on the threshold of regaining its historic position in the World's futures marketplace.

This interview is for informational purposes only and is not intended to be a solicitation of any kind. Trade only with risk capital. The risk of trading can be substantial and each investor and/or trader must consider whether trading systems are a suitable investment.
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System Developer, Commodity Trading Advisor (CTA) registered with CFTC
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