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The Ethiopia Commodity Exchange (ECX) is a commodities exchange established April 2008 in 
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
ifpri.org As of November 2010, the trading floor in"Ethiopia Commodity Exchange: Operations"
(accessed 12 November 2010) It was assessed in July 2011 that membership equaled 243 with clients, who trade through members, about 7,800. Farmer cooperatives represented 2.4 million
The Ethiopia Commodity Exchange (ECX)
Commodity exchanges Companies of Ethiopia 2008 establishments in Ethiopia
Ethiopia
Ethiopia, , om, Itiyoophiyaa, so, Itoobiya, ti, ኢትዮጵያ, Ítiyop'iya, aa, Itiyoppiya officially the Federal Democratic Republic of Ethiopia, is a landlocked country in the Horn of Africa. It shares borders with Eritrea to the ...
. In Proclamation 2007-550, which created the ECX, its stated objective was "to ensure the development of an efficient modern trading system" that would "protect the rights and benefits of sellers, buyers, intermediaries, and the general public."
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
The International Food Policy Research Institute (IFPRI) is an international agricultural research center founded in the early 1970s to improve the understanding of national agricultural and food policies to promote the adoption of innovations ...
and the World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...
. As of July 2011, the physical presence of the ECX consists of 55 warehouses in 17 regional locations. It has grown from trading 138,000 tons in its first year to 508,000 tons in its third year, with nearly equal shares of coffee and oilseeds and pulses. The value of the ECX rose 368% between 2010 and 2011 to reach US$1.1 billion.Publicationsifpri.org As of November 2010, the trading floor in
Addis Ababa
Addis Ababa (; am, አዲስ አበባ, , new flower ; also known as , lit. "natural spring" in Oromo), is the capital and largest city of Ethiopia. It is also served as major administrative center of the Oromia Region. In the 2007 census, t ...
handled 200 spot contract
In finance, a spot contract, spot transaction, or simply spot, is a contract of buying or selling a commodity, security or currency for immediate settlement (payment and delivery) on the spot date, which is normally two business days after the ...
s in commodities such as coffee
Coffee is a drink prepared from roasted coffee beans. Darkly colored, bitter, and slightly acidic, coffee has a stimulant, stimulating effect on humans, primarily due to its caffeine content. It is the most popular hot drink in the world.
S ...
, sesame
Sesame ( or ; ''Sesamum indicum'') is a flowering plant in the genus ''Sesamum'', also called benne. Numerous wild relatives occur in Africa and a smaller number in India. It is widely naturalized in tropical regions around the world and is cu ...
, navy beans, maize
Maize ( ; ''Zea mays'' subsp. ''mays'', from es, maíz after tnq, mahiz), also known as corn (North American and Australian English), is a cereal grain first domesticated by indigenous peoples in southern Mexico about 10,000 years ago. Th ...
and wheat
Wheat is a grass widely cultivated for its seed, a cereal grain that is a worldwide staple food. The many species of wheat together make up the genus ''Triticum'' ; the most widely grown is common wheat (''T. aestivum''). The archaeologi ...
.(accessed 12 November 2010) It was assessed in July 2011 that membership equaled 243 with clients, who trade through members, about 7,800. Farmer cooperatives represented 2.4 million
smallholder
A smallholding or smallholder is a small farm operating under a small-scale agriculture model. Definitions vary widely for what constitutes a smallholder or small-scale farm, including factors such as size, food production technique or technology ...
farmers, which make up 12% of the membership.
Currently, the ECX is the only stock or commodity exchange in Africa to have streamlined payment transfers down to " T+1" (ext day payment after a trade) from its clearinghouse to its partner commercial banks. Market data reach is expansive. "Push" price date is transmitted in real time to outdoor electronic ticker boards in 32 rural sites, the ECX website, 256,000 mobile subscribers via instant messaging, the radio, TV and print media. "Pull" market data is available through a toll-free phone-in service. The service received more than 1 million calls in September 2011, 70% coming from rural callers.
The first year of the Ethiopia Commodity Exchange's existence is documented in the PBS Wide Angle Wide angle may refer to:
* Wide-angle lens, type of camera lens
* ''Wide Angle'' (TV series), television series
* ''Wide Angle'', 1999 album by Hybrid
* ''Wide Angles'', 2003 album by Michael Brecker
* Wide-angle X-ray scattering
In X-ray crystal ...
film ''The Market Maker''.
References
{{ReflistExternal links
The Ethiopia Commodity Exchange (ECX)
Commodity exchanges Companies of Ethiopia 2008 establishments in Ethiopia