Grain trading may go electronic

AUSTRALIA’S $8.6 billion grain industry will move onto an electronic trading platform by April 2003 if the plans of a group of Queensland businessmen and politicians come to fruition.

The plan, which has been several years in the making, is being sold as the world’s first complete grain exchange and is tipped to benefit Australian growers by increasing price transparency and lowering costs.

Former Queensland Liberal State president Con Galtos is heading the new company, Graincom Pty Ltd, which tapped into the expertise of Global Banking and Securities Transactions. GBST is already handling about half of the ASX transactions on behalf of stockbrokers.

Mr Galtos said it would be the first physical market where spot and forward trades could be executed and settled in real time with the transfer of title and cash guaranteed.

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