ECX Readies Online Trading Platform
ADDIS ABABA – The Ethiopian Commodity Exchange (ECX) is set to introduce an online Trading Platform this fiscal year.
The Exchange developed the online trading platform in partnership with the Ethiopian Artificial Intelligence Institute (EAII) with the Ministry of Trade and Regional Integration coordinating the project.
In a statement today, the ECX says the project was designed to make trading more convenient and accessible for producers, suppliers, and exporters.
The Online Trading platform will help these actors trade their commodities without the need to come to the Exchange.
“The platform allows traders to easily place their trading orders from anywhere,” the ECX said. It also simplifies pre-trade requirements while offering the necessary information to help traders’ decision-making.
The online trading platform will be introduced during the newly started 2023/24 Ethiopian fiscal year.
The ECX says it will hold discussions with its members and traders before officially launching the platform. This is to identify possible challenges that may arise during the implementation phase and respond to make the platform effective, per the Exchange.
The Ethiopian Commodity Exchange was launched to improve the efficiency of the country’s trading system in 2008.
The Exchange is now the major route to agricultural commodities including the nation’s top forex generator coffee.
Under its Short-term plan, Ecx eyes expanding the type of commodities being traded on its platforms to industrial products such as cement, and metals, as well as stocks and bonds.
