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The Ethiopian Commodity Exchange (ECX), the electronic commodity trading association, is to convert to online trading in the third quarter of the current budget year.
Solomon Edossa, Chief Information Technology Officer of the Exchange, said that ECX will move forward with new services. When ECX commenced operations in 2008, it was reported that it would begin online and futures trading. But currently, it is conducting physical trading from its headquarters located at Mexico Square in Addis Ababa.
Stating that the project is being carried out by Ethiopians, Solomon explained “We have to be as accurate as the physical trading is,” he said.
In the past five years since ECX commenced operations, it has not registered any default on transactions.
He said that online trading will begin in Addis and six other selected remote centres outside of Addis. “We will commence online trading on all products that the Exchange handles on the trading floor,” he noted. Currently, ECX is trading in agricultural commodities including coffee, a major export item of the country, sesame, peas and beans.
Online trading will allow actors to trade from anywhere, without appearing on the central trading floor.
Sources at the Exchange told Capital that the new scheme is already in the final stages and will be launched in March 2014 after the completion of some minor details.
ECX has 329 members that trade at the Exchange out of which 15 represent farmers’ unions..