The national multi-commodity exchange in the country, the Ethiopia Commodity Exchange (ECX), sets its eyes on going online this coming trading season.
The 15 year old trading facility which commenced its operation through an outcry system has been going through huge waves of transformation, having transitioned to electronic trading in 2015 at its centers.
According to the trading floor which is now automated with the support of the Artificial Intelligence Institute; the new scheme will allow traders to conduct their exchanges online rather than the routine hustle of visiting the trading floor branches.
ECX stated that the online trading will be applicable through its exclusive app that will accommodate trading members on its system.
The information that Capital obtained from ECX showed that the new system will be available in the coming trading season as an alternative to the current electronic trade.
“In the current electronic trading scheme, traders come to the trading centers to access the system, while the new scheme will allow traders to trade from anywhere,” Dawit Mura, Corporate Communications, Senior Specialist at ECX, disclosed.
As Dawit further indicated, “In the current scheme, traders had limited space, but this will not be an issue when the online trading system is introduced in the near future.”
The statement that ECX sent to Capital cited that, “Any required information about the commodity, and relevant trading issue, will be available very soon to which traders can take their appropriate decision.”
“Traders will soon order their trading without any interference and without visits to the ECX trading branches,” it added.
At the moment, traders still come to trading centers to get services. With the new system traders are now going to fulfill any precondition without visiting the trading centers.
ECX disclosed that prior to the introduction of the new scheme, relevant training will be provided for its players.
ECX is an agricultural commodity trading hub that mainly supports farmers to trade their commodities at competitive rates. The scheme also provides frequent and relevant market information.