Bourse Africa looking to recruit commodity derivatives traders
Stock exchanges in the Old World are merging, slashing fees and fiercely competing for business.
Meanwhile, over in the so-called developing world, interesting developments are afoot in the sector.
One is the latest venture by Financial Technologies, which owns the Indian commodities exchange MCX as well as nine other exchanges. The Indian company is planning to launch Bourse Africa later this year as the first pan-African commodities exchange.
Based in investor-friendly Botswana, Bourse Africa will start operating in the third or fourth quarter and is now actively looking for people to recruit.
"Bourse Africa will revolutionise the way the continent produces, markets, finances and invests in its commodities and will improve risk management in the sector," says Chris Goromonzi, executive director. "The exchange seeks to realise the historic promise of African economic integration and catalyse Africa's increased engagement with international markets."
Traders will conduct spot transactions and trade commodity derivatives with counterparties across the continent using the network set up by Bourse Africa. Contracts will include cocoa, wheat, maize crude oil and gold, with other metals to follow.
"We plan to recruit in the range of one hundred people, with skills appropriate to the exchanges, commodities and banking/risk management industries, that is with prior experience in the financial and commodity sectors," says Carla Seyer of Bourse Africa. "We are looking to hire from Africa specifically, but we will bring in international expertise when it is not available within Africa, as this will provide transfer of skills and expertise to a new cadre of trained African exchange managers."
Recruitment specialists say finding people is not easy in this sector: "The biggest skills shortage is in commodity traders," says Debbie Goodman-Bhyat, managing director of Jack Hammer Executive Headhunters.
Seyer admits that "the skills supply in Africa does compare unfavourably with some other markets," but says she is optimistic that "enough qualified Africans with backgrounds in the commodity and finance sectors will be found for our requirements, especially if one considers expatriates looking for a reason to return to their home continent."
