1 April 2018

Ethiopia: Membership Seat At ECX Hikes to 3.5 Million Br

A membership Seat at the Ethiopian Commodity Exchange (ECX) grabbed the highest offer of 3.5 million Br during the fifth round auction of the ECX.

In the bid where five bidders have participated, the ECX has auctioned five membership seats which grabbed 3.5 million Br the highest and 1.5 million Br the lowest offer.

The highest offer has a 445pc spike from the previous highest offer of 787,000 Br in the fourth round.

ECX has two types of members called traders and intermediaries, where the traders transact using their accounts, whereas, intermediaries could do business with their accounts or on behalf of their clients, where the client is a seller or buyer through the ECX's trading floor through intermediaries.

The two types of members could transfer their membership seats to the person approved by the ECX as a member. The transferring member should at least fulfil specific criteria set by the exchange and serve three years period after recognition to be eligible to transfer its membership seat.

ECX has sold membership seats for 50,000 Br for the first time significantly grown to the current 3.5 million Br.


Eritrea-Ethiopia Peace Deal Offers Hope for Reform

Eritrea and Ethiopia resumed diplomatic and commercial ties after a 20-year-stand off last week. The countries' leaders… Read more »

See What Everyone is Watching

Copyright © 2018 Addis Fortune. 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.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.