Tanzania commodity exchange trading to begin soon

The Tanzania Mercantile Exchange (TCX) is expecting to start trading by the end of this year as regulations and dealers will be in place at end-September.

he training of the first commodities dealers, about 60, is ongoing and will end this July and licensing them will follow thereafter. While, TCX regulations are expected to be sent to the ministry responsible for endorsement in this quarter.

The Capital Market and Securities Authority (CMSA), Public Relations Manager, Mr Charles Shirima, said that the exchange trading expects to with coffee, cashew nuts, sesames and probably maize—current traded under warehouse receipt system. “It seems all are in place.

If everything goes as planned, then before the end of this year the exchange will start trading,” Mr Shirima told ‘Daily News’ yesterday. He said licensing of the commodities companies will take place after completion of the brokers training and licensing them.

“Some have shown interest, but I think there are waiting for (CMSA) to advertise,” Mr Shirima said. The Parliament passed the bill for the establishment of the TCX after amended the CMSA law of 1994 to become Capital Markets and Commodities Exchange Act.

President Jakaya Kikwete, the pioneer of the commodity market, said after visiting Ethiopian Commodity Exchange (ECX) that the exchange would provide a marketplace where buyers and sellers meet to trade and be assured of quality, delivery and payment. 

 In recent days Tanzania Commodity Exchange (TCX) made a leap stride after registering a company and identifying a trading house.

The TCX was incorporated some months ago while trading office will be housed at LAPF building in Kijitonyama along New Bagamoyo Road.

The CMSA is working on technical aspects of the market that is designed to boost Kilimo Kwanza (Agriculture First) initiative.

While the Ministry of Agriculture, Food Security and Cooperatives and Ministry of Trade and Industry are working on commodity and quality aspects, respectively.

The exchange is designed, among other things, to include a trading floor, warehouse delivery locations and price tickers.

Experts in agro-business have it that the exchange is designed to liberate farmers by exposing them to reliable market environments locally and abroad.
Source: Daily News, reported from Dar es Salaam, Tanzania
Share on Google Plus

About Unknown

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.
    Blogger Comment
    Facebook Comment

0 comments :

Post a Comment