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Ministry of Supply & Internal trade announces the formation of the Egyptian Mercantile Exchange
Egyptian Exchange Posted
Dr. Ali Al-Mesilahi, Minister of Supply and Internal Trade, announced the formation of the Egyptian Mercantile Exchange (EMX) as part of Egypt's plan for the development of its internal trading.
Al-Meselhi said the Egyptian Mercantile Exchange (EMX) will provide protection measures to small farmers and producers by collecting their commodities and classifying them, before making them available to all participants' regulated market in a way that contributes to increasing the competitiveness of small farmers and producers. Small traders are encouraged to enter this regulated platform, which will be reflect on the commodities' prices for the benefit of the consumer and the producer.
The Egyptian Mercantile Exchange (EMX) has been launched with a capital of EGP 91m distributed on the Egyptian Exchange (EGX), the Internal Trade Development Authority (ITDA), the Egyptian Holding Company for Silos and Storage (EHCSS), and the General Authority for Supply Commodities (GASC). A number of commercial and investment banks, the Misr Holding Company for Insurance, and the Misr for Central Clearing, Depository and Registry (MCDR) are also involved.
The Egyptian Mercantile Exchange Constituent Assembly held its first meeting to discussed measures and procedures for the speedy activation of this market.
Dr. Ibrahim Ashmawy, Chairman of EMX, said that this company will establish an organized spot market for trading commodity. It will also manage warehouses, in addition to contracting with existing licensed warehouses, and establish and manage grain warehouses.
Ashmawy added that EMX aims to reduce trading rings between farmers and producers to reach the hands of the consumer. The seller, whether they are a farmer, trader or a producer, can deposit their commodities in the warehouses approved by the Ministry of Supply and Internal Trade after they have been classified. With these protocols in place, there will be a degree of quality provided for the commodities to be traded directly on the platform. In an electronic trading platform disclosing available quantities of each commodity on EMX screens, which will control the supply and demand between the seller and the buyer. This will in turn determine the price of those commodities in the consumer's favor, which will reflect positively on commodity and product prices.
Dr. Mohamed Farid, Executive chairman of EGX, said that EMX is a regulated spot trading market for commodities that can be stored. It is a pool for all related parties to the trading process, including traders, stores, sellers and buyers. The new market is also scheduled to start offering a number of basic products, such as wheat, oil, sugar, and rice, as part of the first stage in the first and second quarters of 2021.
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