The Ethiopia Commodity Exchange (ECX) on Friday (October 9) announced the inauguration of its eTRADE platform located at its headquarters. Ato Ermias Eshetu, the CEO of ECX, said, "The inauguration of this eTRADE platform sets a new course for Ethiopia and brings with it unparalleled economic and social benefits. The platform inevitably breaks the physical and time barrier of the current Open-Out-Cry trading platform and provides the ECX with vital economies-of-scale to trade a number of additional new commodities."
The system is a ground-breaking system that has the capacity to trade 5000 times more transactions than its current "Open-Out-Cry" or "Pit-Trading" platform capacity. The new platform, according to the ECX, will enable market players to trade electronically from anywhere.
It is also expected to increase efficiency, provide ability to trade other commodities and enhance ECX's overall service offerings. ECX also announced the implementation of a new consolidated coffee grading system which will be effective in the coming harvest season. This is designed to reflect the distinct character and quality profile of Ethiopia.
