Brussels, 14/04/2010 (Agence Europe) - On Tuesday 13 April, the Italian online commodities exchange, Borsa Merci Telematica Italiana (BMTI) was presented in a meeting at the European Parliament, addressed by Paolo De Castro, chairman of the parliamentary agriculture and rural development committee. The exchange, which was set up in 2006 by Italian chambers of commerce, is unique in Europe. It brings together 41 online markets for agricultural, food and fisheries products. In 2009, under the BMTI, 21,747 contracts were concluded and more than 3 million tonnes of products traded, in transactions worth almost €859 million.
The BMTI allows market players (producers, dealers, distributors, etc) to negotiate daily and continuously no matter where they are, while ensuring the effectiveness and rationality of these markets. The system means that transparent information on products, prices and market trends can be obtained, so avoiding the speculation that is common on agricultural markets. It also has logistical services and allows operators to protect their contracts from risks of insolvency.
The non-profit making company which manages BMTI S.c.p.A now hopes to roll it out internationally. For the Universal Exhibition in Milan in 2015, it will conduct pilot projects to create a global online exchange, named BAT, for agri-food products, a virtual market which will guarantee agricultural and agri-food trade efficiency, fairness and transparency, “a challenge for the whole of Europe,” in the words of De Castro. (C-C.G./transl.rt)