Agricultural Commodity Exchanges in Latin America and the Caribbean

Arias, Diego ; Ferreira Lamas, Alfredo ; Kpaka, Musa

World Bank, Washington, DC

关键词: AGRICULTURAL ACTIVITIES;    AGRICULTURAL COMMODITIES;    AGRICULTURAL COMMODITY;    AGRICULTURAL POLICIES;    AGRICULTURAL POLICY;   

RP-ID  :  75649

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

A commodity exchange is a goods andfinancial market where different groups of participantstrade commodities and commodity-linked contracts, with theunderlying objective of transferring exposure to commodityprice risks (UNCTAD). A commodity exchange that only tradesgoods is known as a physical or 'cash or forward'market, while the exchange that trades price derivatives isknown as financial or 'futures and options' market(see Glossary for detailed definitions). Some agriculturecommodity exchanges have both. Agricultural commodityexchanges date as far back as the early 18th century. Modernexchanges, notably the Chicago Board of Trade (CBOT) wascreated in 1848, recently merged with the Chicago MercantileExchange (CME), is one the oldest and most successfulfutures exchanges worldwide. Today several agriculturalcommodity exchanges exist throughout the Latin America andCaribbean (LAC) region. They facilitate trade and financialproducts in countries whose economies have a relativelylarge share of primary and secondary agricultural activitiesor either account for auctions on substantial food imports.This report looks at the current development of agriculturalcommodity exchanges in the LAC region and offers publicpolicy recommendations that can foster the development ofsuch exchange markets.