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Saturday, September 30, 2023

Lagos Commodities Exchange Clears 39 Firms for Trading

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The Lagos Commodities and Futures Exchange (LCFE) has registered 39 firms as dealing members for trading on the exchange.

LCFE has also set up market development committees for structured commodities trading ecosystem.

Head, Operations, Lagos Commodities and Futures Exchange (LCFE), Dr Allwell Umunnaehila said the Exchange has registered 39 dealing member firms and stakeholders looking to raise capital for their operations could do so through listing financial contracts on the Exchange.

He said the scope of business operations include commodity aggregation, processing, logistics, cold chain and infrastructure development.

Managing Director, Lagos Commodities and Futures Exchange (LCFE), Mr. Akin Akeredolu-Ale also said the Exchange has recorded many other milestones, including onboarding of new directors, critical stakeholders, establishment of a framework for publicly listed instruments, partnerships with key stakeholders, capacity building and regulatory advocacy.

He explained that the dealing member firms would drive the commodities market through advisory, marketing, trading, product generation, and advocacy.

He said the commodities ecosystem was a huge market that needed to be explored, pointing out the steps the dealing member firms will take to onboard new clients to the Exchange and develop the market.

Akeredolu-Ale also inaugurated commodity development committees to drive the development of the ecosystem, including committees include advocacy, product development/ and liquidity, minimum operating standard, marketing and technology.

Meanwhile, dealing member firms have agreed to spearhead the development of the ecosystem through the committees.

Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, congratulated the dealing member firms and advised them to partner with the Exchange for enhanced professional practice.

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