The Japanese subsidiary of business-to-business trading exchange GlobalNetXchange is up and running with pilot transactions and a new chief executive. Hirobumi Iitsuka, formerly of Oracle in Japan, has been named president of GlobalNetXchange-Japan, based in Tokyo. "The appointment of Mr. Iitsuka and the opening of our office in Tokyo represent the final steps toward formalising our presence in Japan, while the availability of the auction tool and Japanese-language website represents our readiness to serve the Japanese retail industry," said Joe Laughlin, chief executive officer of GlobalNetXchange.