What is the function of ECX?
The Ethiopia Commodity Exchange, (ECX), is a marketplace, where buyers and sellers come together to trade, assured of quality, delivery and payment. Ethiopian Commodity Exchange. ECX offers an integrated warehouse system from the receipt of commodities on the basis of industry accepted grades and standards for each traded commodity by type to the ultimate delivery. Commodities are deposited in warehouses operated by ECX in major surplus regions of the country.The Ethiopia Commodity Exchange (ECX) is a commodities exchange established April 2008 in Ethiopia.ECX offers an integrated warehouse system from the receipt of commodities on the basis of industry accepted grades and standards for each traded commodity by type to the ultimate delivery. Commodities are deposited in warehouses operated by ECX in major surplus regions of the country.
How is ECX regulated?
The Ethiopian Commodity Exchange Authority has the powers and duties to extend recognition and oversight of Exchange Actors (Members and their representatives), recognition and oversight of Clearing Institutions (domestic banks or other financial institutions engaged in clearing and settlement of payments), oversight . Ethiopia Commodity Exchange is overseen by Board of Directors, which consists of 11 members, out of which six are appointed by the Ministry of Trade, including the chairperson and five are elected by the members of the Exchange.
What is an ECX account?
These accounts are opened for the members of the Ethiopian Commodity Exchange to facilitate the trading of Commodity at ECX trading centers. ADDIS ABABA, Ethiopia The legislation permits foreign banks to enter the market through several avenues, including establishing subsidiaries, opening branches or representative offices, or acquiring shares in local banks.Following the launch of Ethiopia’s first fully-fledged stock market in January, the focus now shifts to securing new listings on the exchange. So far, only one company – Wegagen Bank, a mid-sized lender based in Addis Ababa – has listed on the Ethiopian Securities Exchange (ESX).
Who is the founder of ECX?
The ECX is set up as a private company owned by a partnership of the market actors, members of the exchange, and the Ethiopian government, led by Eleni Gebre Medhin a former economist for the International Food Policy Research Institute and the World Bank. The vision of ECX is to revolutionize Ethiopia’s tradition bound agriculture through creating a new marketplace that serves all market actors.