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
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