East Africa Exchange (EAX) in partnership with the Eastern Africa Grain Council (EAGC) hosted a stakeholder engagement meeting entitled “Building Trade” aimed at creating awareness and participation of the existing marketplace for commodity trading in the region.
The meeting, which brought together grain traders and buyers, government officials and other agricultural and financial industry stakeholders, was held in Nairobi, Kenya on Thursday, 13th February 2014, at the Stanley Sarova Hotel.
During the half day session, EAX executives shared electronic trading knowledge, including presentations on auctions, spot trading, forwards and futures as well as demonstrations on how to trade using the globally recognized and widely used NASDAQ OMX X-Stream electronic trading platform.
The session was the first of several meetings which will take place across the East African region in an effort to build capacity in the industry by introducing world class and proven trading technology that will increase cross border trading activity while uplifting the integrity of East African commodities.
“EAX aims to establish itself as the preferred marketplace for commodity trading in the region. One of its core business principles is to promote trade competitiveness and transparency and facilitate access to wider markets for East African farmers and traders” said EAX Chief Executive Officer, Paul Kukubo.
EAGC Chairman, Judah Arap Bett stated that regional grain trade is growing and mechanisms should be put in place to facilitate the continued growth of both domestic and regional grain trade in order to boost the economy of this region
“We need to unlock the potential of this region by using the established market institutions that facilitates access to better markets and promotes regional trade. EAGC will continue promoting the use of Warehouse Receipt Systems and Commodity Exchanges in this region” he said.
Arap Bett also called on governments to continue partnering with the commodity in finding solutions to their challenges and by enacting policies that are supportive and that create an enabling environment for the private sector to thrive, since it is the engine of the economy.
Similar event will be held soon, targeting traders in Kampala, Uganda later this month. EAX is also in partnership with regional banks notably, Equity Bank, KCB, Access to Finance and TradeMark East Africa as well as other institutions with a similar mission to increase trade, improve agricultural value chains and facilitate greater access to financial services.
The meeting was opened by EAGC Executive Director, Mr. Gerald Masila. Other speakers and presenters include: EAGC Chairman, Judah Arap Bett; EAX Chief Executive Officer, Paul Kukubo; and EAX Senior Advisor, Rod Gravelet-Blondin (former head of SAFEX).