The proposal presented a vision for the future that called for the ODEX to become a competitor to the JPX as a second comprehensive exchange group.

While calling for investment from rice-related parties and domestic and foreign financial institutions, the management team was renewed.

In April 2021, the company was reorganized into a joint-stock corporation and became "Osaka Dojima Commodity Exchange, Inc." after receiving a two billion yen investment from eight companies, including SBI Holdings, Japannext Securities, Optiver, Okayasu Shoji, and Yutaka Trusty Securities.

[7][8] Number of Shares of each type: Common: 1,338,566 shares Nonvoting: 1,180,000 shares Nishi-ku, Osaka City Osaka, Japan 550-0011 Access: 5-minute walk from Exit 23 of Hommachi Station on the Osaka Metro Yotsubashi Line, Chuo Line, and Midosuji Line.ACCESS MAP[1] Toranomon 5-2-6 Minato-ku, Tokyo, Japan 105-0001 Access: 1-minute walk from Exit 2 of Kamiyacho Station on the Tokyo Metro Hibiya Line

They sent the rice to Osaka and Edo (Tokyo) for the purpose of cashing in, except for the amount used for food and stockpiling.

The rules, customs, and functions in Dojima formed the basis of those now in place at modern exchanges.

In addition, having two exchanges handling the same listed stocks will provide investors with the opportunity to earn revenue through arbitrage trading.

The Japan Commodity Clearing House (JCCH), which was a subsidiary of the Tokyo Commodity Exchange (TOCOM), had been providing clearing services for TOCOM and Dojima Exchanges; however, in July 2020, the precious metals market (physical gold trading not being subject to transfer), rubber market, and agricultural products and sugar (which was delisted), the JCCH was merged into the JSCC.

Clearing fees paid to JSCC by the trading participants of each exchange are one of the JPX's revenue sources.To compete with the JPX, Dojima Exchange should have its own central clearing house, allowing for it to earn the clearing-related revenues.

Yoshitaka Kitao, president of SBI Holdings, has a vision to attract "cross-border" international financial centers to Osaka and Kobe, which are different from the "capital function type" Tokyo, and has positioned Dojima Exchange as the core of such centers.

In 2006, the Kansai Commodity Exchange merged with the Fukuoka Commodities Exchange In 2011, the Ministry of Agriculture, Forestry, and Fisheries (MAFF) approved the trial listing of rice futures, and for the first time in 72 years, the rice market was revived and trading recommenced.

In August 2021, the Osaka Dojima Commodity Exchange, Inc. was renamed Osaka Dojima Exchange, Inc. aka ODEX In March 2023, ODEX launched a new precious metals market featuring gold, silver, and platinum rolling spot futures contracts.

In recent years, the demand for rice has seen a steady decline in Japan as the Japanese diet has diversified, sometimes resulting in a supply/demand imbalance.

Since the use of futures trading was expected to help farmers diversify their sales outlets and make price formation more transparent, leading to the strengthening of farmers' management capabilities, "rice futures" were experimentally listed on the Tokyo Grain Exchange and the Kansai Commodity Exchange in August 2011.

Afterwards, the Osaka Dojima Commodity Exchange strengthened its management base with investments from SBI Holdings, Japannext Securities, and others.

The Dojima Exchange, having determined that the criteria for approval could be met, applied for the main listing.

According to an NHK interview, a senior official at the Ministry of Agriculture, Forestry, and Fisheries (MAFF) said that the ministry had been pursuing rice policy based on the philosophy that "consumers are important" and "prices should be determined by the market" out of a reflection that the government had set rice prices for a long time after the war, causing rigidity in the agricultural industry.

Meanwhile, regarding this decision by the Ministry of Agriculture, Forestry and Fisheries, Yoshitaka Kitao, president of SBI Holdings, told reporters on August 3, 2021, "Dojima is the birthplace of rice futures trading, and Osaka must not lose this.

On August 4, in response to a request from the LDP's Agriculture, Forestry, and Food Strategy Research Committee and the Agriculture and Forestry Subcommittee that the Ministry of Agriculture, Forestry, and Fisheries establish a study group to discuss the creation of a physical rice market by the end of FY2021, the Ministry announced that a study group of concerned parties, including JA Group, would discuss the physical market and proceed to design a system It was clarified.

[29] Masashi Sato, president of Niigata Yuki, a large-scale production corporation in Niigata Prefecture that had been participating in rice futures trading, said, "Once the new means of distribution, futures trading, took root, it had the potential to change the winds for agriculture as a whole.

A rice wholesaler said that the difficulty in using the product, such as the bias in trading toward Niigata Koshihikari, should have been corrected after the main listing.

[35] Hajime Kobayashi, President of JA Oogata (Oogata Village, Akita Prefecture), who has been participating in rice futures trading for 10 years, points out the usefulness of futures, which allow producers to diversify their sales outlets and avoid the risk of falling prices,[34][36] based on his experience working on corn farms in the US for two years after graduating from college.

[36] Many growers order the next year's seed and plant the following spring without knowing how much rice will sell for in the fall of the harvest season, and the inability to foresee profitability is a business risk.

[34] Kazuhito Yamashita, an MAFF alumnus and senior researcher at the Canon Institute for Global Studies, stated that the essence of the current issue is the divergence of opinions on who should take the lead in price formation[38].

[31][26] For producers, rice futures contracts are like an insurance policy, which avoids the risk of a "poor harvest" due to a price collapse caused by a bumper crop.

[35] It is the unspecified investors and speculators who take on the risk of price fluctuations on behalf of the producers, who are looking for profit margins.

Establishment of Precious Metals Market and Efforts to Re-list Rice Futures (after June 2022) President Kazuhiro Nakatsuka resigned at the general shareholders meeting on June 29, 2022, and Masashi Murata, an executive officer from SBI Holdings, was appointed president.

[29] Dojima Exchange, which had lost its core business with the delisting of rice futures, announced the opening of a precious metals market to revive its business, and on January 16, 2023, the listing of precious metals futures was approved by the government.

[37] At a press conference on the same day, President Murata stated that he would work to reopen rice futures and revitalize the agricultural products and sugar markets.

It is difficult to solve the issues raised in a short period of time, but if we do not act, we will not be able to restart the project.