LCFE registers 39 DMFs to trade in electronic receipt
As part of its growth and expansion strategy, the Lagos Commodities and Futures Exchange (LCFE) has screened and registered 39 dealing member firms (DMFs) for trading in commodities electronic receipts
The commodities exchange has also set up market development committees for the structured commodities trading ecosystem.
In a statement by LCFE, the Head, Operations, Dr. Allwell Umunnaehila announced that the exchange had registered 39 DMFs as its members.
Allwell explained that stakeholders looking to raise capital for their operations could do so through listing financial contracts on the exchange, stating that the business operations include commodity aggregation, processing, logistics, cold chain and infrastructure development.
Corroborating him, the LCFE’s Managing Director, Akin Akeredolu-Ale mentioned additional milestones, including onboarding of new directors, critical stakeholders, the establishment of a framework for publicly listed instruments, partnerships with key stakeholders, capacity building and regulatory advocacy.
Akeredolu-Ale also noted that the DMFs could drive the commodities market through Advisory, marketing, trading, product generation, and advocacy.
He affirmed that the Commodities Ecosystem was a huge market that needed to be explored. He also explained the steps the DMF would have to take to onboard new clients to the exchange and develop the market. Akeredolu-Ale inaugurated commodity development committees to drive the development of the ecosystem.