East Africa Exchange Introduces Electronic Trading Platform to Kenyan Grain Traders
EAST AFRICA EXCHANGE INTRODUCES ELECTRONIC TRADING PLATFORM TO KENYAN GRAIN TRADERS
Nairobi, Kenya – East Africa Exchange in partnership with the Eastern Africa Grain Council hosted a stakeholder engagement meeting entitled “Building Trade” in Nairobi, Kenya on Thursday, 13th February 2014, that took place at the Stanley Sarova Hotel at 8:00a.m. It brought together all the leading grain traders so that the newly established regional commodity exchange could be introduced to the Kenyan market.
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. 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.
The meeting will be opened by EAGC Executive Director, Mr. Gerald Masila. Other speakers and presenters include: EAGC Chairman, Mr. Judah Arap Bett; EAX Chief Executive Officer, Mr. Paul Kukubo; and EAX Senior Advisor, Mr. Rod Gravelet-Blondin (former head of SAFEX).
In addition to grain traders and buyers, government officials and other agricultural and financial industry stakeholders were invited to take part in this introductory event. 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.
In line with its regional objectives, EAX is partnering with EAGC to conduct a similar event 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.