(Sep 05, 2015, (ADDIS ABABA (Reuters)))--Ethiopia's commodity exchange plans to double the items it trades by next year after introducing an electronic platform to replace its system of shouting and gesturing orders, the firm's chief executive said.
Launched in 2008, the exchange (ECX) trades seven commodities, including coffee and sesame, two of the Horn of Africa country's top exports, using an "open outcry" system.
Ethiopia is Africa's biggest coffee producer with output of about 450,000 tonnes for both the 2013/14 and 2014/15 seasons.
In an interview with Reuters, ECX's Chief Executive Ermias Eshetu said the launch of the electronic platform in July would allow a trading capacity of 5,000 times more than now.
"The whole point of having this capacity is to have the bandwidth to be able to trade multiple commodities with no limits," Ermias said. Read more from Reuters »
Launched in 2008, the exchange (ECX) trades seven commodities, including coffee and sesame, two of the Horn of Africa country's top exports, using an "open outcry" system.
Ethiopia is Africa's biggest coffee producer with output of about 450,000 tonnes for both the 2013/14 and 2014/15 seasons.
In an interview with Reuters, ECX's Chief Executive Ermias Eshetu said the launch of the electronic platform in July would allow a trading capacity of 5,000 times more than now.
"The whole point of having this capacity is to have the bandwidth to be able to trade multiple commodities with no limits," Ermias said. Read more from Reuters »
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