ABSTRACT
This chapter looks at Tokyo Grain Exchange (TGE) to compare the efficiency with Budapest Commodity Exchange (BCE), since TGE has been one of the best exchanges in terms of a well-organized information system. It provides an overview of BCE and TGE based upon their annual reports. By the end of 1991, the livestock section was opened, and BCE wanted to ensure the safety of production and sales. In 1996, BCE's turnover grew fivefold during the year and BCE was ranked 22nd in the list of the top world futures exchanges. Straightforwardly, however, trade volume in BCE is still rather small compared with the international futures markets. The European Union (EU) enlargement would give a good opportunity for BCE to increase efficiency through growing trade volume. By joining the enlarged EU, BCE would become an easier target for international short-term capital movements.
