UK: New commodity exchange for organic food to be unveiled
BT's Syntegra technology division is to build an electronic market that it is hoped will help farmers in the third world get a better deal when selling to Western buyers. The exchange, which is expected to be launched in the autumn, is being set up by Teemco, a private company operated by former derivates trader John Lodge. Lodge explained that farmers in developing countries should be able to get better prices than they currently achieve, given that the demand for organic food outstrips supply, and the market is reporting annual growth of 20%. It is believed that the European market for organic food is worth more than £10bn (US$14.2bn) and the exchange aims to see producers in developing country benefit from this growth.
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