The Ethiopia Commodity Exchange (ECX) announced that it has introduced an online trading system that enables market players participate directly in trade wherever they are.
The online trading, launched in ECX headquarter in Addis Ababa in July 2015, is envisaged to increase access to ECX and its services, build capacity of various stakeholder groups, and increase efficiency.
The e-trading has currently started in ECX headquarter in the Capital Addis Ababa, but the service will be expanded to trading centers to be established in Hawassa, Humera and Nekemte, CEO of ECX Ermias Eshetu said.
The Ethiopian government has been working in collaboration with Investment Climate Facility for Africa (ICF) to enhance the activities of ECX by creating a modern commodity trading platform which will introduce online trading, and establishing remote trading centers in key locations across Ethiopia.
Some 380 floor representatives and members are certified to trade online upon successful completion of a certification exam and passing some preliminary screening.
The ECX commenced business in April 2008 with 100 members. It trades six types of commodities, of which three of them have rules and regulations at the floor including sesame, coffee and white pea beans.
The other three commodities traded on the floor are mung beans, wheat and maize.
ECX has also announced that the new enterprise established by the Council of Ministers in order to manage the Ethiopian Commodity Exchange’s (ECX) warehouses will commence operation this month.
The new enterprise is responsible for the construction and management of new warehouses, including the existing 60 warehouses at 19 different sites.
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