History
The birthplace for futures transactions: Dōjima Rice Exchange (堂島米会所 The origin of securities exchanges stems from the Edo Period, when an exchange for rice & crop was established in Osaka, which at the time was the economic center of Japan. Each prefecture set up its own warehouses in Osaka for shipping & preservation of their rice (to be taxed by the government), and sold to merchants. One of the most famous merchants was "Yodoya", which was based in the southern part of the Yodoyabashi area. Some other merchants gradually gathered to create one market. This market was called "Yodoya-Komeichi", and was the first securities exchange in the nation.
Later on, this market was moved to Dojima in 1697. The so-called "Dojimakomekaisho", was a physical market that traded in rice-tickets or physical rice. In 1716, Cho-gomai transactions were introduced and recognized by the government in 1730 — this is said to be the origin of futures transactions in Japan.
Read more about this topic: Osaka Securities Exchange
Famous quotes containing the word history:
“It takes a great deal of history to produce a little literature.”
—Henry James (1843–1916)
“Those who weep for the happy periods which they encounter in history acknowledge what they want; not the alleviation but the silencing of misery.”
—Albert Camus (1913–1960)
“The history of mankind interests us only as it exhibits a steady gain of truth and right, in the incessant conflict which it records between the material and the moral nature.”
—Ralph Waldo Emerson (1803–1882)