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GMBS3 1910 : 1910 | LUBL5A 720 : 120 | LUFRA5B 580 : 20 | LUJM5A 620 : 620 | LUSD5B 620 : 10 | LWBP4 900 : 0 | UFRA7 1090 : 0 | UFRA8 1000 : 10 | UFRA9 980 : 0 | UFRAUG 948 : 8 | UHRA5 1610 : 40 | UHRB4 1400 : 20 | UHRB5 1370 : 80 | UHRB6 1300 : 0 | UHRB7 1257 : 17 | UHRB8 1200 : 0 | UHRC4 1330 : 30 | UHRC5 1310 : 20 | UJMA6 1105 : 38 | UJMA7 1073 : 57 | UJMA8 1030 : 20 | UJMA9 1000 : 60 | UJMB5 1170 : 10 | UJMB6 1150 : 0 | UJMB7 1130 : 5 | UJMB8 1080 : 0 | UKF6 1120 : 0 | ULK4 1180 : 30 | ULK5 1195 : 5 | USDA4 1250 : 10 | USDA5 1230 : 30 | USDA6 1190 : 30 | USDB3 1280 : 60 | USDB5 1215 : 35 | USDB6 1210 : 15 | USDC6 1156 : 356 | USDE6 1113 : 43 | USDE8 1000 : 0 | UYCB6 1190 : 20 | UYCB7 1160 : 10 | WLMB6 1400 : 230 | WSDA3 1495 : 0 | WSDA4 1460 : 10 | WSDA7 1240 : 90 | WSDA9 1140 : 5 | WSDAUGnp 1150 : 5 | WYCA3 1700 : 40 | WYKQ2 1300 : 140 | RWPA4 1800 : 30 | WHGS2 4100 : 50 | WHGS2 4130 : 10 | WHGS3 4080 : 50 | WHGS3 4097 : 33 | WHGS3 4110 : 60 | WHGS4 4000 : 30 | WHGSUG 3900 : 0 | WWSS3 3925 : 15 | WWSS4 3950 : 0 | WWSS4 4000 : 0 | WWSS4 3850 : 40 | WWSSUG 3920 : 0
 




Head QuarterThe Ethiopia Commodity Exchange (ECX) is a new initiative for Ethiopia and the first of its kind in Africa. The vision of ECX is to revolutionize Ethiopia’s tradition bound agriculture through creating a new marketplace that serves all market actors, from farmers to traders to processors to exporters to consumers. The ECX is a unique partnership of market actors, the Members of the Exchange, and its main promoter, the Government of Ethiopia. ECX represents the future of Ethiopia, bringing integrity, security, and efficiency to the market. ECX creates opportunities for unparalleled growth in the commodity sector and linked industries, such as transport and logistics, banking and financial services, and others.

ECX assures all commodity market players the security they need in the market through providing a secure and reliable End-to-End system for handling, grading, and storing commodities, matching offers and bids for commodity transactions, and a risk-free payment and goods delivery system to settle transactions, while serving all fairly and efficiently.

ECX creates trust and transparency through aggressive market data dissemination to all market actors, through clearly defined rules of trading, warehousing, payments and delivery and business conduct, and through an internal dispute settlement mechanism. ECX provides market integrity at three important levels: the integrity of the product itself, the integrity of the transaction, and the integrity of the market actors.

The Ethiopia Commodity Exchange (ECX) commenced trading operations in April 2008. ECX has invited membership of the agricultural and trade industry.

The Ethiopian Commodity Exchange was started to benefit and modernize the way Ethiopia was trading it’s most valuable assets, it’s commodities. Ethiopia needed a change from the traditional means of trading to better support the needs of all those involved in the trading and production.

Before ECX was established agricultural markets in Ethiopia had been characterized by high costs and high risks of transacting, forcing much of Ethiopia into global isolation. With only one third of output reaching the market, commodity buyers and sellers tended to trade only with those they knew, to avoid the risk of being cheated or default. Trade is done on the basis of visual inspection because there was no assurance of product quality or quantity, this drove up market costs, leading to high consumer prices. For their part, small-scale farmers, who produce 95 percent of Ethiopia’s output, came to market with little information and are at the mercy of merchants in the nearest and only market they know, unable to negotiate better prices or reduce their market risk.

ECX is developing a new method of exchange and a safer one for all who trade on it.

A marketing system that coordinates better, that links faster, and that protects the interests of both sides of the trade. It is time for a marketing system that is transparent, efficient, and innovative, that will take Ethiopian agriculture into the new Millennium. Ethiopia, once a commercial trading hub in antiquity linking markets of East and West, can again claim a place in the global market arena.

The Ethiopia Commodity Exchange, (ECX), is a marketplace, where buyers and sellers come together to trade, assured of quality, delivery and payment. The vision of ECX is to transform the Ethiopian economy by becoming a global commodity market of choice. ECX’s mission is to connect all buyers and sellers in an efficient, reliable, and transparent market by harnessing innovation and technology, and based on continuous learning, fairness, and commitment to excellence. 

Mission and Vision

Our Vision: Is to transform the Ethiopian economy by becoming global commodity market by choice.

Our Mission: Is to connect all buyers and sellers in an efficient, reliable, and transparent market by harnessing innovation and technology and based on continuous learning, fairness, and commitment to excellence.


 
ECX Edges

The ECX design is unique in that it integrates the entire "eco-system" related to the market, spanning the central trading system, warehouse delivery centers, product grade certification, clearing banks, an arbitration tribunal, a market information system linking rural sites, remote electronic trading centers, and a secure data center to manage membership and market information. An over-arching legal framework and a government regulatory agency ensure the viability of this entire integrated environment. This integration enables a country such as Ethiopia, where none of the individual components may exist as stand-alone institutions, to mutually support and reinforce the ECX market objectives.

How ECX Works

The first of its kind in Ethiopia, ECX is a national multi-commodity exchange that provides low-cost, secure marketplace services to benefit all agricultural market stakeholders and invites industry professionals to seek membership enabling them to participate in trading.
ECX promotes and enables the following market services:

Market integrity, by guaranteeing the product grade and quantity and Operating a system of daily clearing and settling of contracts.
Market efficiency by operating a trading system where buyers and sellers can coordinate in a seamless way on the basis of standardized contracts.
Market transparency by disseminating market information in real time to all market players.
Risk management by offering contracts for future delivery, providing sellers and buyers a way to hedge against price risk.

 
 
Shimelis Habtewold
Interim Chief Executive Officer and Chief Compliance Officer

As interim CEO of the ECX, Shimelis Habtewold is responsible for the overall management of the Exchange. His Chief Compliance Officer responsibilities include: formulating and amending the Rules of the Exchange, ensuring Member and Exchange compliance with applicable Rules and Regulations, and liaising regulatory bodies. Over 17 years of experience in Law enforcement, drafting legal documents and Compliance matters in Ethiopia. Prior positions include Public Prosecutor, Deputy Assistant Attorney General and Head of Civil Affairs Department at the Federal Ministry of Justice, Manager of Rules & Regulations unit at the ECX. LLB from Law Faculty of Addis Ababa University (July 1995) and LLM in Administrative & Constitutional Law from Amsterdam Law School of Amsterdam University (January 2005). E-mail: Shimelis.Habtewold@ecx.com.et

Abenet Bekele
Chief Strategy Officer

Responsible for Strategy Planning, Member Development, Product Development and Member Client Relations. Has more than 14 years of prior experience in Hospitality Financial Management, Commodity Trading Management and Strategic Planning, MCOM in International Business Operations from Indra Gandhi National Open University, and B.A in Marketing Management from Addis Ababa University. E-mail: Abenet.bekele@ecx.com.et 

Tedla Kebede
Chief Information Officer

Tedla Kebede is the Chief Information Officer (CIO) of the Ethiopia Commodity Exchange responsible for setting the overall IT strategy for ECX and implementation of IT solutions deployed for the attainment of the ECX strategic objectives. He has over 13 years of experience related with information technology. Prior positions include Application Development Manager at ECX and Senior Computer Programmer at USAID/Basic Education Project. He holds a Bachelor’s Degree in computer science from Addis Ababa University.

E-mail: Tedela.kebede@ecx.com.et

Mekonnen Yimer
Chief Operation Officer
Mekonnen Yimer is the Chief Operation Officer (COO) of the Ethiopia Commodity Exchange, responsible for Branches and Quality Operation, Central Depository, Trading Operation, Clearing and Settlement, and Market Data. Over 23 years of experience in auditing, IT audit training, and developing audit related guidelines. Prior positions include Chief Comptroller and Internal Audit Manager at ECX, Director for the audit of 37 government organizations including Revenue and Custom Authority and Federal Government Consolidated Account at the Office of the Federal Auditor General.  He holds BSC degree in physics and BA degree in Accounting & Finance and partly qualified ACCA. e-mail:Mekonnen.Yimer@ecx.com.et

Belay Gorfu
Chief Finance Officer
Belay joined ECX in April 2013 and is currently responsible for the treasury management and budget control, financial accounting, procurement and stores management and general services of the Exchange Major prior experiences include Vice President of Finance, Director of Office of Strategy Management, Manager of Corporate Communications and Advisor to the President with the Commercial Bank of Ethiopia and Purchasing Supervisor with the Ethiopian Electric Power Corporation. Belay has obtained an MBA degree in International Banking and Finance from the University of Birmingham, UK, a Postgraduate Diploma in Marketing of Services from the Maastricht School of Management, the Netherlands and a BA degree in Business Management from Addis Ababa University, Ethiopia. E-mail:belay.gorfu@ecx.com.et
 

Mehateme Kebede
Chief Human Resources Officer
Mehateme Kebede is Chief Human Resources Officer of ECX since February 3, 2014. He is responsible for HR modernization, recruitment services, HR operational services, strategic HR business advice, the integration and coordination of corporate HR activity, and organizational development and performance management. He has over 23-year experience including Corporate HR and Facility Manager, Ethiopian Road Construction Corporation, and Ethiopian Roads Authority’s Organizational Reform Program Director. Mehateme holds an MBA from the Durham University, UK, and BA in Management from Asmara University. E-mail: Mehateme.Kebede@ecx.com.et

 
Corporate Entity

ECX is established as a demutualized corporate entity with clear separation of Ownership, Membership, and Management. Thus, owners cannot have trading stake, members cannot have ownership stake, and the management can be neither drawn from the owners nor from the members.
ECX is designed as a public-private partnership enterprise, in a unique institutional innovation for Ethiopia. At its inception, ECX is promoted by the Government of Ethiopia. At the same time, ECX offers the sale of Membership seats, which are privately owned, permanently and freely transferable rights to the stream of earnings from trading on the Exchange.
As Owner, the Government of Ethiopia underwrites all performance risk of the Exchange related to the Exchange operated or appointed warehousing and grading of product, trading system, market information dissemination, and clearing and settlement. Members, for their part, are liable for contract performance on their own trades as well as of their Associates and Authorized Representatives.
The corporate governance of ECX maintains a healthy balance of owner and member interests. Thus, the Management Board is composed of Owner representatives and 5 Member representatives.

 

ECX’s establishment is founded on Proclamation No. 550/2007. This proclamation mandates ECX to develop its own rules for the governance of its various operations. Further, the Ethiopia Commodity Exchange Authority (ECEA) a regulatory body of the ECX was established by Proclamation 551/2007.
The Rules of the Exchange developed by ECX provide the blueprint for all rules governing membership, management, trading, warehousing, clearing and settlement, and other operations of ECX, in addition to the conduct of its members. ECX maintains a careful approach to monitoring and tracking the adequacy and performance of its members, as well as their behavior vis-à-vis their clients in the market. In line with global best practices, ECX experts regularly conduct surveillance on market trends as well as conducting audit and investigations on market operations to protect the market from manipulation, excessive speculation, fraud, or other malpractice.
AUTHORITY DIRECTIVES

The Ethiopian Commodity Exchange Authority has the powers and duties to extend recognition and oversight of Exchange Actors (Members and their representatives), recognition and oversight of Clearing Institutions (domestic banks or other financial institutions engaged in clearing and settlement of payments), oversight of the Rules of the Exchange and regulation of Exchange-traded contracts, as well as regulation of the conduct of investment advisors, consulting companies, law practices, accounting and audit professionals, as this conduct relates to ECX business. In addition, the ECEA has the power to investigate wrongdoing and adjudicate cases falling under its jurisdiction or to refer criminal cases to the appropriate court. As part of its oversight, the Authority issues Directives regarding the various key areas.
  1. Proclamation to Establish the Ethiopian Commodity Exchange Authority No.551/2007
  2. Proclamation to Establish the Ethiopia Commodity Exchange No:550/2007
  3. Rules of the Exchange
  4. Rules Amendment No 6 2012 Eng v approved by the Authority on April 26 2012
  5. Rules Amendment No 7 2013 Eng v approved by the Authority on February 08 2013
H.E. ADDISU LEGESSE | CHAIRMAN
H.E. W/RO FETLEWORK G/EGZIABHER | DIRECTOR GENERAL, FINANCIAL INTELLIGENCE CENTER
H. E. WOND-YIRAD MANDEFRO | STATE MINISTER OF AGRICULTURE
H. E. BEYENE G/MESKEL | DIRECTOR GENERAL OF PRIVATIZATION AND PUBLIC ENTERPRISE AGENCY
H. E. ZEKARIAS ERKOLA | HEAD, LEGAL AFFAIRS BUREAU PRIME MINSTER OFFICE
Hon. ABDELLA BAGERSH | GENERAL MANAGER, S.A. BAGRESH PLC
H. E. BEKALU ZELEKE | PRESIDENT OF COMMERCIAL BANK OF ETHIOPIA
Hon. ALULA GEBRE-MICHAEL | GENERAL MANAGER, AL-IMPEX OILSEEDS EXPORTER
Hon. DR. TEKESTE WOLDE-RUFAEL | GENERAL MANAGER, VERA INTERNATIONAL BUSINESS DOMESTIC TRADING
Hon. YEHUALA-ESHET ASCHENAKI | SNNP REGION FARMERS’ COOPERATIVES FEDERATION
Hon. TSEHAY ZEMUYE | GENERAL MANAGER, SHOA BAKERY AND FLOUR FACTORY