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In many Western countries and elsewhere, agriculture commodity exchanges have been in existence for centuries. However, Africa did not follow the same route for various reasons. The main reason is that commercial production of basic agricultural commodities considerably lagged that of its counter parts in the Western world. By the time commercial production became a significant factor, the philosophy of government controlled marketing was already entrenched in many of these countries. It was only in the mid-1990’s after the demise of communism and the abolishment of the South African controlled marketing system (not related), that farmers and stakeholders suddenly asked, how should we now go about to market our products, what are the alternatives? Western models were revisited, with commodity exchanges as a possible solution revisited. An urgent need aroused regarding the requirements for the establishment and management of a successful Warehouse Receipt System (WRS). Malawi, is one country that that has a history of government controlled marketing followed by (partial) deregulation in 2006. Despite this, the Agricultural Commodity Exchange for Africa (ACE) was established in 2005, survived and continued to grow. It has now reached a point where it is on the verge of commercially implementing and rolling out a WRS. This has obviously brought forward a number of questions. The most prominent of these are: how do you define a WRS, what are the components of a successful WRS, what are the similarities or differences between the requirements of a successful commodity exchange and that of a WRS? The objective of this study is to determine the importance of a WRS in the success of an agricultural commodity exchange. ACE has advocated for a WRS as an integral part of agricultural trade and financing since its incorporation in 2006. However, Malawi does not have a regulatory framework for warehouse receipts (WRs) so the system has to be built on contractual relationships between grain depositors, storage operators, financial institutions and ACE. Given that various commodity exchanges have been in operation throughout Africa for more than a decade with various degrees of success, sufficient literature is available on the subject matter. Much effort was made to obtain all relevant documentation, trusting that some valuable lessons are to be gleaned from these documents. This study briefly looked at the recent history on the establishment of commodity exchanges in Eastern and Southern Africa and the importance of a WRS and the role that warehouse receipt financing has played in their development. The objective was to learn from their experience and/or mistakes and to benefit from their success. Over recent years, the role, benefits and in some cases, the reasons for the failure of commodity exchanges in Africa, have extensively been researched. The study captures some of the invaluable observations made by many experts in this subject field. Aspects dealt with include, inter alia, the benefits of a successful WRS and a commodity exchange. This study deals with the requirements of a WRS, followed by the rules. The latter have been revisited and evaluated for Malawi, given its unique circumstances and the ever changing environment. Many of the processes have been visually depicted in a set of flow charts. This is followed by an analysis of the bank credit policies and procedures required for financing the WRs. As elaborated and included in the annexures, a draft product proposal has been compiled for bank product managers to submit to their respective credit policy committees seeking approval for the product. The process of financing a warehouse certificate and its redemption is dealt with in detail. In the latter part, this study looked at the role of the insurance companies and best practices followed in other countries. Other aspects highlighted are the corporate structure of ACE, government intervention, the Reserve Bank of Malawi (RBM), the IT structure, marketing, price information and arbitration. The study concludes that a well-designed and custom made WRS (for ACE) depends on various components. They are an online trading system, warehouse receipt (WR) financing, insurance, generic grading regulations and registered warehouses. ACE would struggle to grow and functions properly without a successful WRS. ACE could overcome many other obstacles such as inappropriate government interference, export restrictions, etc. However, ACE needs to be operationally competent and for ACE this is tied to a successful WRS. If ACE could succeed, it will serve as a case study for other countries and exchanges in the region to learn from. Lastly, a series of recommendations are made. The recommendations deal with findings from the study that needs to be addressed. Some issues are urgent and others may be dealt with over the longer term. Certain issues fell outside the scope of this study but still deserve attention. / Dissertation (MSc(Agric))--University of Pretoria, 2013. / Agricultural Economics, Extension and Rural Development / unrestricted

The first chapter contains cocenpts of commodity exchanges and aspects of futures trading and speculation. In the second chapter is quite detailed description of methods of technical analysis, which are divided into patterns and indicators. The important factors of developing a trading system are mentioned in the third chapter. These consists of terms, such as money-management, position sizing, stop-loss or necessity of keeping detailed trading diary. In the very last section of my work I am analysing my own trading using historical data. I am precisely indicating the chosen market, system of trading and its rules, used software and of course the results, that has been achieved.

Thesis contains description of processes at Commodity Exchange Bratislava, analysis of current state of the processes, and recommends improvements of them for the future use. The main objective is to analyze if the current processes described in the exchange rules are optimal, and in the case they are not, the objective is to recommend the improvements. On behalf of hypothesis "By the application of the model of the process management it is possible to make the functions of the exchange more effective by optimizing the exchange rules, improving of the information systems, or removing of redundant activities." is possible to determine the state of effectiveness of processes. Value added by the thesis is in determining the state of the CEB exchange rules, and making improvements of them. Thesis is divided into chapters according to the conceptual logic of the processes. At the beginning is defined the key process. In next chapters is description of different types of orders, parameters, pairing process, and finally settlement of the contracts.

La thèse a pour but principal de trouver des solutions permettant l’amélioration de l’efficacité de la couverture des risques chez les intervenants vietnamiens du café à travers la négociation sur les bourses de marchandises. Comme toute matière première faisant l’objet d’un échange international important et sujette à une financiarisation de ses marchés, le café connait des fluctuations de prix considérables qui ne sont pas sans conséquence sur la rentabilité et la pérennité des entités productrices, mais également sur les recettes d’exportation des principaux pays producteurs. La question de la gestion du risque de prix et implicitement, celle portant sur la pertinence de l’usage des produits dérivés comme outil de « hedging », sont en effet centrales.Pour tenter d’appréhender dans quelle mesure les produits dérivés sont applicables au cas des producteurs de café vietnamiens, cette thèse s’est attachée en premier lieu à mieux comprendre comment s’organise le circuit de commercialisation du café au Vietnam et à déterminer si l’intervention accrue des intermédiaires (négociants, commerçants industriels) -avant que le produit transformé n’arrive entre les mains du consommateur- fait sens. Chacun de ces différents intervenants est exposé à un nombre important de risques, ayant un impact direct ou indirect sur le prix auquel sera vendue commercialement la matière physique. Les producteurs sont naturellement exposés au risque de baisse des prix, tandis que les intermédiaires, qu’ils soient transformateurs ou « simples » négociants sont exposés au risque d’une réduction de leur marge d’intermédiation. Ils achètent en effet le produit pour le revendre mais la simultanéité des opérations est rare. L’ampleur du risque de prix auquel ils sont assujettis est, de ce point de vue, le plus souvent considérable par rapport à sa marge commerciale. Cette thèse a essayé en cela de déterminer quelles étaient les solutions les plus appropriées pour les producteurs vietnamiens afin de se protéger à court terme contre une évolution défavorable des prix. Ceci nous a amené à considérer la pertinence du recours aux marchés à terme nationaux du café, comme celle de l’utilisation des produits dérivés offerts sur les places boursières internationales.Pour les produits d’exportation et notamment le café, des marchés internationaux de type « Futures » (ou organisés) comme celui de Londres qui traite le café Robusta ou du Chicago Mercantile Exchange – CME, coexistent en effet avec des bourses de marchandises ou des marchés à terme, de type « Forward » n’ayant pas le périmètre des précédents, en Inde, en Chine mais également au Vietnam. Le recours à l’un ou l’autre de ces marchés ne procède pas d’une analyse évidente, chacun ayant leurs avantages et leurs contraintes propres. Nous appuyant sur la littérature existant sur l’utilité des marchés à terme commerciaux et financiers, nous évaluons ainsi leurs intérêts respectifs pour l’économie vietnamienne. On ne saurait de ce point de vue réduire la fonction des marchés organisés de matières premières à la seule fonction de gestion des risques, tant leurs rôles dans la diffusion de l’information et la mise en oeuvre de stratégies de stockage peut, dans certains cas, être incontournables. Sur la base de cette évaluation, cette thèse a également pour ambition de proposer quelques voies d’amélioration de la gestion du risque de prix et les politiques de stockage au sein de la filière caféicole vietnamienne. / The main objective of the thesis is to find solutions to improve the effectiveness of risk management for Vietnamese coffee stakeholders through trading on commodity exchanges. Like any agriculture products being subject to an important international exchange, coffee is known as a price significantly fluctuated product, which impacts not only the profitability and sustainability of producing entities, but also the export value of the major producing countries. The issue of management of price risk and implicitly, which relates to the appropriateness of the derivatives usage as hedging tools are central in fact.In order to understand how derivatives are applicable in the circumstances of Vietnamese coffee producers, the thesis focused primarily on studying about how to organize the coffee supply chain in Vietnam and foreseeing whether more intervention from intermediaries (traders, industrial shopkeepers) – before the product arrives the consumer – causes any effects. Each participant may face many risks, which has a direct or indirect impact on the product sale price. Producers are exposed to the risk of falling prices while intermediaries (processors or “simple” traders) are exposed to the risk of reducing their intermediation margin. In fact, they buy the product to resell but the two activities (selling and buying) are not done in a simultaneous way. From this point of view, the risk level to which they are exposed is usually significant in comparison with their commercial margin. The thesis tried to define which the most appropriate solutions should be taken by Vietnamese coffee producers in order to protect themselves against short-term unfavorable prices. This led us to consider the relevance of domestic as well as international coffee futures markets.For exporting products like coffee, there are two types of market which coexist: The Future Market (or organized market) - such as ICE Europe in London which deals Robusta coffee, ICE Futures U.S with Arabica coffee, CME and CBOT, the oldest and most active commodity exchange in the United States, and the Forward Market which is in India, China and Vietnam. There’s no better market since each type has its advantages and disadvantages. However, based on the previous research of commodity and finance exchange, we could estimate its respective interests for the Vietnamese economy leading to the possibility of optimizing only to the risk management function. Therefore, its roles in information dissemination and the implementation of storage policies may be unavoidable in some cases. According to this evaluation, the thesis also aims to propose some methods of improving the price risk management and storage policies in the Vietnamese coffee sector.

ABSTRACTABSTRACT Commodity transactions and commodity exchanges in the Czech Republic The object of this thesis is trading commodities on the organised markets in the Czech republic. The diploma thesis is divided into three chapters. The first concentrates on the characteristics of basic terms such as exchange with its historic development and functions, commodity as the subject of exchange trades and organised commodity market. The second chapter describes briefly main types of exchange trades and principles of trading with the futures and options contracts on the future exchange. The third chapter is divided into three parts. The first deals with the legal aspects of commodity exchanges in the Czech republic including the outline of legislation existing in different periods of the czech history. Second concentrates on current commodity exchanges, its basic characteristics and trading mechanisms. The last represents the complex evaluation of the current state of the commodity exchange from the legal and economic point of view and the outline of its perspectives in following years. Commodity exchanges or organised commodity markets are significant segments of market economy and influence economic growth of single countries as well as world economy. In developped countries commodity trading reached such form...

This Diploma thesis focuses on a set of commodities dealt on world-wide trades. It mainly discuss the business environment of commodities with physical delivery, not so much the speculative deals. The goal of the Diploma thesis is to select a set of appropriate commodities for Internet (web-based) business. The first part contains the overview of the actual level of knowledge in the area of Internet-based business with commodities. The second one focuses on the analysis of the commodity exchange and non-commodity exchange environment in Czech Republic and the world. Result of each analysis is a list of commodities dealt on the specific market. It also contains the comparison the commodity exchange and non-commodity exchange environment. The goal of before mentioned steps was to define the set of commodities for trading on an Internet portal -- opentrade.cz. Third part describes the functionality of the opentrade.cz and its' specifics -- barter trades. It also contains the list of commodities.

Magister Economicae - MEcon / Pre-democratic South Africa was highly regulated by the apartheid government with the black small-scale farming community actively marginalised. Following the deregulation of the South African agricultural market came the opening up of the market to accommodate these small-scale farmers and also the introduction of South African Futures Exchange. South Africa has done well in terms of development of ICT over the past years, making it a country with characteristics of both first and third world countries. This study aims to assess the agricultural commodity exchange market and how small-scale farmers may participate more actively in the market. This study finds that though South Africa has world class ICT infrastructure this has not made it easier for small-scale farmers to enter the agricultural market and value chain. The study finds that there is little or no participation by small-scale farmers in South African Futures Exchange. It finds that mobile phones and applications may be the way forward in the efforts to ensure their participation in the commodity exchange market through provision of services such as price discovery and price risk management as is the function of South African Futures Exchange. It is also found that there is need to invest in high value agricultural products in order to benefit more from commodity exchanges.

The aim of this diploma thesis is to find out the amount of operating costs which is spent on the working of the organizations in public sector in the Czech Republic and to access the possibilities of saving the costs as impact of improving their procurement system of purchasing energy commodities, especially gas and electricity. It also refers to e-auction and commodity exchange as examples of the specific instruments. The practical part contains the survey conducted among organizations of public sector.

This thesis researches the world coffee and tea trade, especially their flows and trends in consumption and production and trade regulations that affect these flows. This paper is divided into three chapters. The first chapter focuses on the world coffee and tea production, the economic benefits of these commodities for producing countries and the outlook for these markets. Another chapter deals with the coffee and tea market, the development of demand, supply and price is examined. This chapter is also dedicated to the concept of Fair Trade and to the forms of trading on examined markets. It is explained how the commodity exchange, tea auctions and trading on the basis of financial derivatives work. The last chapter investigates the forms of international regulations that have been requested by the global coffee and tea trade.