Wednesday, December 18, 2013

Ethiopian Commodity Exchange to go online

(Dec 18, 2013, (mfa))--The Ethiopian Commodity Exchange (ECX) is making preparation to introduce online trading and establish Remote Trading centers in multiple locations across the country. The ECX is continuing on its work of easing the process of commodity transaction and facilitating an improved access to information for market players.

This undertaking is expected to bring an enhanced efficiency and increased liquidity as it would allow participation in the commodity transaction process without the need to be physically present at the trading floors of the ECX.

The Investment Climate Facility for Africa (ICF) is forwarding USD 2.2 towards the total cost of USD3.8, the balance of which will be covered by the Ethiopian government. During a visit of the ICF’s Board of Trustees to the headquarters of the ECX, the CEO, Ato Anteneh Assefa said “with the implementation of the Online Trading System, the ECX will become more accessible to its stakeholders, especially the millions of small holder farmers.”

The ICF’s Board Co-Chair also said “we are happy to be involved in this project. It is symbolic of what is happening all over Africa, in terms of opening up the trues market to those concerned – the millions of farmers.”

The Online Trading System will certainly help the ECX to improve its services and expand its reach. Since its establishment, the ECX has been hailed as an institutionalized market place that has transformed the commodity market of Ethiopia by providing an unprecedented market and information access to Ethiopian farmers and traders. 
Source: Ministry of Foreign Affairs

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