Forex futures markets in Argentina are thinking over a plan regarding merging of operations of the Rosario Grain Exchange and the Buenos Aires Cereals Exchange, which should result into bolstering of the market of local derivatives.
The two companies, working in the area of exchanges, one in the dominate grain, other in the futures foreign exchange trading, have hired a consultant to review the possibility of integrating and uniting the two companies into one market.
The Rosario Future Exchange has been in operation for 100 years in the city of Rofex, while the Buenos Aires Cereals Exchange has been in the business since 1854 in Buenos Aires, and is one of the oldest markets of futures forex exchange in the world.
The dates of the possible merger contracts have not yet been announced, but the first step to the result has already been made, which means that companies are seeking for a new level of making business.
Roflex is currently dealing with around $170 million per day in futures currency trading. At the same time, the future grains trading has been declining, and was down to 200 thousand tons at the beginning of 2009.
There are no signals seen in the recovery of the futures grain markets, and obviously they will need help to survey, experts say.