Updates on Commodities Trading Ecosystem Implementation Committee

A presentation on the progress made by the Commodities Trading Ecosystem Implementation Committee, including updates on education and enlightenment initiatives, international stakeholder conference proposal, engagement with stakeholders, standardization efforts, mapping of warehouses, training for Investment and Securities Tribunal, and collaboration with NIRSAL for organizing farmers into cooperatives.

• Commodities
• Trading
• Committee
• Updates
• Stakeholders

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Presentation Transcript

1. FIRST CAPITAL MARKET COMMITTEE MEETING(2019) Thursday, 21st March 2019 PRESENTATION OF THE COMMODITIES TRADING ECOSYSTEM IMPLEMENTATION COMMITEE

2. UPDATES Education and Enlightenment Roadmap A road map has been developed and submitted to SEC. The report identified the target audience and mode of enlightenment that will be suitable for each stakeholder with timelines assigned to each activity. Education and enlightenment are continuous. Although enlightenment is expected to commence in Q1 2019, it is likely to stretch beyond the year. The committee is recommending that the cost be shared among the following institutions SEC, CBN, AFEX, NCX, NSE, FMDQ, BOI, NEXIM and CIS. International Stakeholder Conference A proposal which includes, venue, conference dates, topics, speakers, likely participants, logistics and budget was prepared and submitted to SEC. Proposed dates for the conference are 17-18 or 24-25 September 2019.

3. UPDATES Engagement with stakeholders The Committee hopes that advocacy would commence in earnest particularly to policy makers and development agencies . Standardization- working with SON to set standards for commodities to be traded on the commodity exchanges. SON, which is a member of the committee has sent draft standards on ginger, maize, sesame seed, sorghum, soya beans, paddy( rough) rice, groundnut, and palm oil for input by the committee. Standards on coffee and cocoa are currently being developed by SON and will be sent to the committee for review and comments once ready. It is expected that the standards would become effective latest by Q3 2019.

4. Mapping of warehouses Work has commenced on mapping of warehouses located across the country to determine their adequacy in terms of number and quality. A sub-committee was mandated to carry out this assignment and an update would be given at the next meeting. Price information AFEX now publishes daily price information in Business Day and provides same to some stakeholders and the SEC.

5. UPDATES Training for Investment and Securities Tribunal SEC is working with the IST in this regard and arrangements have advanced. The training would be in two batches. The first for the judges and the second for the management staff. Rules on Spot Commodities Market and Collateral Management These rules are work-in-progress and will soon be exposed for stakeholders comment. Development of certification system for collateral managers SEC, SON, IPAN and SGS are currently working on developing certification system for collateral managers. Organizing farmers into cooperatives Given the work NIRSAL is doing in this regard and to prevent duplication of efforts, a meeting has been scheduled with the MD of NIRSAL in March to discuss possible collaboration in organizing farmers. NIRSAL is a member of the committee.

6. UPDATES Engagement with Governors Forum for delegation of land matters to relevant agencies This should commence when the governors are well settled after the just concluded elections. Development of agric-based products A sub-committee was constituted to develop tradable agric-based instrument which would be attractive to investors. The team has met and commenced work.