Dōjima rice futures exchange
Mercado de futuros de arroz de Dōjima
- Date
- 1730 · confidence high
- Place
- Dōjima, Kita, Osaka, Japan
- Credited to
- Osaka rice merchants licensed by the shogunate
- Field
- Communication
What it is
An exchange where standardised contracts for future delivery of rice were traded, settled through a clearing house without the need to deliver the grain. It is the earliest known organised futures market.
Trading had existed since 1697; the shogunate officially recognised it in 1730.
What it led to
- price-analysis techniques such as candlestick charts
- the setting of rice prices across Japan
- the model for modern futures exchanges