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.