|
|
Ethiopia: ECX Grants Membership to 60 Actors, 53 Others to Join Soon
 |
|
|||||||||
|
||||||||||
The Daily Monitor (Addis Ababa)
11 May 2008
Posted to the web 12 May 2008
Biruk Girma
Addis Ababa
The Ethiopian Commodity Exchange (ECX), a newly established market on Friday announced it sold out 60 seats to cooperatives it calls market actors to officially become members, and another 53 market actors are in the process.
Trading on ECX is done exclusively by members or their representatives who purchase a permanent and freely transferable trading right known as a Membership seat, ECX Chief Executive Officer, Dr. Eleni Z. Gabremedhin told a press conference.
Dr.Eleni said the approved members are drawn mostly from the private sector.
"Currently, ECX membership is made up of 3 cooperative farmers, 10 processing firms including flour and food processing factories, 4 commercial farmers, 1 public enterprise and 42 private exporters and domestic trading companies, mainly Plcs." According to the CEO , the requirements for purchasing a membership seat include a valid trading or commercial license in the commodity business, financial net worth, training and a certification examination, a refundable security deposit and membership seat price of 50,000 birr.
Eleni said her office offers two classes of membership, namely the Trading members who trade for themselves and the Intermediary members who trade on behalf of their clients.
"Any one can access the ECX market as a client trading through an ECX member in order to benefit from the fair, orderly, and efficient trading system created by ECX," the chief added.
An inaugural assembly of ECX founding members was held on March 21, 2008, a month prior to the start of the trading, when 45 founding members selected their five representatives to the ECX Board of Directors.
They also started the process of establishing the National Exchange Actors Association to be a partner institution with the purpose of building capacity and professional integrity of actors in the Exchange.
ECX launched a first of its kind live trading operations with active trading on maize and white pea beans on April 24.
|
The official also announced that ECX plans to roll out warehouse operations in Nekemte and Adama (Nazareth) in the next two weeks.
ECX had already started operations with a warehouse in Addis Ababa, followed by Shashemene and Bure shortly afterwards.
Dr.Eleni noted that other warehouse sites were being explored, adding that each warehouse would be equipped with a grading laboratory and will be staffed by quality control specialists trained to global standards by US professionals.
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Copyright © 2008 The Daily Monitor. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections -- or for permission to republish or make other authorized use of this material, click here. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Make allAfrica.com your home page | RSS Feed | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Top | Site Guide | Who We Are | Advertising | Search | Subscribe | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Questions or Comments? Contact us. Read our Privacy Statement. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
