Ethiopian Commodity Exchange (ECX) has transferred the 17th membership seat for Birr 1.6 million on an auction held on May 7, 2015, Addis Fortune reported.

The auction was held in the premises of ECX and Abayneh Zerfu, an individual bidder has won the seat.

ECX is mandated to float tenders when a member wants to sell his or her seats. Subsequently, competing bidders will officially buy documents and make offers for the seat.

ECX has two member classes called trading and intermediary. The trading members trade only on their account while the intermediaries can do so on their account or on the client’s behalf. A client is a seller or buyer of the products at ECX floor who trades via intermediaries.

Yohannes Hamereselassie, Member Development Specialist at the ECX stated the offer for the current seat was five folds the initial price, Birr 301,000.

When a member plans to transfer its seat, he or she should be trading in ECX for three consecutive years and should be debt free. Additionally, he or she should not be suspended as per article 4.8.1.3 of ECX Rule.

Currently, ECX has 346 full members as well as 14,000 clients.

ECX begun its trading operations in 2008.

Source: Addis Fortune