Ethiopian Commodity Exchange

ECX provides market integrity at three important levels: the integrity of the product itself, the integrity of the transaction, and the integrity of the market actors. The Ethiopia Commodity Exchange (ECX) commenced trading operations in April 2008. ECX has invited membership of the agricultural and trade industry. The Ethiopian Commodity Exchange was started to benefit and modernize the way Ethiopia was trading it's most valuable assets, it's commodities. Ethiopia needed a change from the traditional means of trading to better support the needs of all those involved in the trading and production. Before ECX was established agricultural markets in Ethiopia had been characterized by high costs and high risks of transacting, forcing much of Ethiopia into global isolation. With only one third of output reaching the market, commodity buyers and sellers tended to trade only with those they knew, to avoid the risk of being cheated or default. Trade is done on the basis of visual inspection because there was no assurance of product quality or quantity, this drove up market costs, leading to high consumer prices. For their part, small-scale farmers, who produce 95 percent of Ethiopia's output, came to market with little information and are at the mercy of merchants in the nearest and only market they know, unable to negotiate better prices or reduce their market risk. ECX is developing a new method of exchange and a safer one for all who trade on it. A marketing system that coordinates better, that links faster, and that protects the interests of both sides of the trade. It is time for a marketing system that is transparent, efficient, and innovative, that will take Ethiopian agriculture into the new Millennium. Ethiopia, once a commercial trading hub in antiquity linking markets of East and West, can again claim a place in the global market arena. The Ethiopia Commodity Exchange, (ECX), is a marketplace, where buyers and sellers come together to trade, assured of quality, delivery and payment. The vision of ECX is to transform the Ethiopian economy by becoming a global commodity market of choice. ECX's mission is to connect all buyers and sellers in an efficient, reliable, and transparent market by harnessing innovation and technology, and based on continuous learning, fairness, and commitment to excellence. Vision: To become a leading and dynamic African Exchange of Choice