CFTC to Send a Delegation to Ethiopia to Provide Technical Assistance to the Ethiopian Commodity Exchange Authority
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced today that it will be sending a delegation of senior staff to Addis Ababa, Ethiopia, to provide technical assistance to the Ethiopian Commodity Exchange Authority (ECEA).
“We are pleased to be able to assist the recently-established ECEA in developing and implementing its regulatory regime in overseeing the soon-to-be-launched Ethiopian Commodity Exchange (ECEX),” said CFTC Acting Chairman Walt Lukken. “We are delighted to share the CFTC’s experience and knowledge with the ECEA in this exciting undertaking.”
It is expected that this one-week technical assistance program, provided by the CFTC and funded by the United Nations, will assist the ECEA to successfully achieve its goals of maintaining a transparent, efficient, and financially sound futures market.
Specifically, the technical assistance will focus on the following:
• Regulatory structure;
• Product development and contract design;
• Market surveillance and compliance issues;
• Trade practice surveillance and investigation issues;
• The clearing process and the use of intermediaries; and
• Enforcement
Source: CFTC
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For Meles, the market in Ethiopia is sound, efficient, and profitable; I don’t think he needs any technical assistance from outside, unless this technical assistance is under his control. If Meles and his partners want to trade in fairness, what is the need of intermediaries?
March 28th, 2008 at 8:10 pm
This is good news to the Ethiopian farmers. The Ethiopian farmers have never had a chance to sell his labor intensive product in a fair and equitable market. Hopefully this will revolutionaries the way farming is viewed by the tolling farming communities (85% population of Ethiopia.) The change to market driven agriculture will take time in Ethiopia and will help create understanding that the farmer producing his agricultural products are commodities to sell, earn money, accumulate wealth and equity not just to feed his family. With this we expect the few ruling parasitic regime individuals will get rich.
March 28th, 2008 at 9:00 pm
Meles has been asked to moderniazed the Ethiopian market system several times by well knownen Ethiopians scholars both out side and inside the country he denied constanly as he is arrogant who belives no body is better than me. What baffles me now is his willingens to lend over his hand to Elleni G/medhin, which is something to be seen in near future. I doubt the sucees of this market system as it is not free and independent from the governmental influence. Admiting a mistakes has never been heard By Meles and Co… We will see then what they will say when this system fel to deliver what it to be achived. Good luck Elleni G/medhin but I certainly doubt about your success as system lacks so money driving factors for the type of market you intended to implement.
March 29th, 2008 at 9:14 am
Assta B. Gettu asks the following:
"…what is the need of intermediaries?"
Assta B. Gettu,
Are u seriously asking this? I hope not!
If seriouse, then you are in trouble understanding modern trading. You need to update yourself. Otherwise, you're questioning the hundreds of Commodity Exchange Markets all over the world. In fact, for Ethiopia, it's too late. Please google for the phrase "Commodity Exchange Markets" and spend few hours on it.
Good luck
March 29th, 2008 at 1:46 pm
KE MOGN DEGI MOFERE YOKERETAL. Well educated ethiopia's intellectuals have been serving for USA ,because of melese's inferiority to work with them.now he needs foreign technical assistance from USA.The same thing is going with all ethiopia's universities . All ethiopia's scholars are being dismissed from everywhere by arrogant dedebit's cadres and replace them by foreign maffia from negeria and india. hOW CAN ETHIOPIA WILL JOIN THE 21ST C WITH OUT THE FULL INVOLVEMNET OF IT'S HIGHLY EDUCATED SCHOLARS IN ALL SECTORS BY THEIR PROFFESSION REGARDLESS OF THEIR RELIGION, ETHNICE BACK GROUND?
March 29th, 2008 at 4:01 pm
Mr. Ariam,
Ethiopians have been exchanging their products for centuries without intermediation. If there is mutual trust, as it had been in the past, between the supplier and the buyer, I don’t see the importance of intermediation; this is just another headache for the two parties – the supplier and the buyer. Let us stay with our traditional way of buying and selling; let us use disintermediation rather than intermediation.
March 30th, 2008 at 9:56 am