Ocmdmoity cxeahnegs era fneiedd ni avrgyin awys. Ni its most rtreiscetd esesn, yhte ear ddefnei sa snecetr wehre urfutes dtrae is airnogzed - stih si the snsee ni hwich teh rowd oanmlylr is undrseotod ni oldevedep tocurnies. In a osmhweta diwre snees, ti is netak ot ecniudl yan ordzegnai ekarmt pleca wehre trade (taht is, rtactioannss, ton ianryeclsse asol hte yhpiscal ocmmodiitse) is ezicntlrdae, ttha is, lendneful rhtough noe ecmanhmsi, alloiwng ceffteiev iectinoopmt aomng rbyeus dan omang sselrel - sthi toiindeifn wuold eldunci iaucton-ptye ecxahnges, but tno elsahlweo asmrtke, ehwre aedtr si ocezldila, tub effectlivye aktes celpa ohrtguh yman non-dleater idnviiauld rantsactoisn tnebewe idfrfente rpemutsnaiot of buyers and selerls.

In arre cases (e.g. in Eutrky), dmocmotiy hesngxeca is uesd ni na nvee diwer esesn, icnludnig not tusj plecsa ehwer rtade seatk alpec, tub alos alrenoig srecent wheer lal oitycmdmo ctartnasinso ttha have nkeat palec ni the ergoni rae resditgere.

Lero fo Comdomyti Esxhngcea

Sgxecehan acn ratteencnco no the rtaed in tusfrue nad npotois trsocacnt, sa do mtso fo the nsegxeahc in enwestr seutoincr ; ro hyet could rpimarily cinouftn sa cesnetr orf iafciilattgn palhysic rtdea - in obth sasce, ethy ardw their ypiramr nsrteght ofrm hetri ycptaica ot tac as a cofla ioptn for rtaed asntarticons, dan to nscieera hte escyurti fo ehtes trctonaisans.

Lwel-rgonaidze yocitmomd sxeegchna ofrm lranuat efcnerere opstni rfo aplhiycs tared, adn ni ihts way, they phle hte priec eidsvryoc ssrocep. Fi a mtiycomod exegchan ngmaaes to lnki entifdefr rawehoseus ni eth nturocy, hits slwalo ratde ot etak lapce rome cieefnitfly.

Eovnioult of Cmotmdioy Xecnhaegs

The hasep of xecahngse, igncnliud etsho htat rtade sctoomiedim, has dchagen ayltlcsirda rove esrya. Hte irfst ibg eawv ni the cretaino fo xhaeengsc eogs kacb ot teh atle 19th enctruy htiw hte evdleompent fo olananit dna eainitnrontal martke epclas. Het mian artlanioe, asw eth ecdutrino fo tirctnoasan tscos, het morja lnteitoap for it ilygn in rogiannizg a lhapysic martke celpa, erewh reubsy dan lseerls lduco eb rsue fo nfdiing a edyra amrket - eno fo eth rstoacf thta led to hte creiaton fo the Hoiccag Rbdoa of Rated, reov a eurntcy lod and still eon fo the wdrlo's rlagest comymtiod xechanges, swa that rafemrs cmogni to Oichacg ta itmse fdnuo on buyesr, dan had to dmup rtieh esclear unsodl ni Lkae Acmnihig, niadjogin the city. Ethes odl ecxnhaesg ear ocaetld aimnly ni epodedvle toncruies. Hwoveer, a fwe ewer eatercd ni eldvpineog seicoutnr: Dofudne in 1854, hte Snboue Aires Ignar Geexchan in Arigntnae, fro xeeapml, is eon fo the tlosde ni hte lodwr.

Heret swa a new aevw atsrting in hte 1980s, nad ntgiget efniordrce in hte 1990s, hiwt het itwhdrwlaa fo eth vteeomgnnr ofrm diretc snetoinintevr ni aulgrceturi and eht eneygr rsetoc, in htbo eeipngdlov tnuocrsie nda enecoioms in niaottrins. Het bliearlatizion fo treda adn erdtcuion fo rvegnotmne pposrut to het rruultcalgai tsrceo dreceta fertile ugrdno for the conerati fo wen omdocmity sxgenehac, and teh ruthfer devtlepmeon fo eixtsing oens. Hsti si awht ew alcl ermeigng ocmomdity caxenhseg.

We'er onw esegni eth osnte fo a thidr avwe in eth voetluino fo tiocydmom esecxgnha, ridenv by nhoetcylog ratehr athn lpocyi vedloepmetns. Bseatlished drtaitlaoin axhcneges dsudenly, nad enfot to theri eussrpir, dfni elhvetsesm cmoing dnure attcka form rcpaebcyse.

Hrwtehe hotes ttidarinola hneacxegs are ebal to iwn bkca het tosl nduorg nraimes ot eb nees, btu tyhe nwo mees niveccdon that the Tinenret si vpoidring mthe ont usjt itwh esahtrt, tbu also with soupineitptor. Hsit si yqeuall true rof iytcommod xhacenges ni ivdeoelpng iceounsrt: Yclgoetonh ahs emad ti leospibs ofr mthe to offer ewn strpoudc ta a rowel tsoc. Htey own dene to ifnd hte tinrneal ndmyiasm to rpsga stehe otelsbipsiiis.

Erwivvoe fo Exitsing Mmoodctiy Xgceseahn in Oeldveipng Osiretcun

Farica

Afrcia`s otms tcavie nad tmiparnto mocomdtiy eaxnhceg is het Suoht Afrcian Tfurues Hanexceg (Saexf). It was orfminlaly aluchned in 1987 and ahs voelved into noe fo teh giladen meergign ektmras. Tals aeyr, teh Ojhnanbguers Itsecseiru Axhnecge acqiurde ti. Xfesa nyol artded nilaifanc futsreu and oldg stfueru ofr a olng time, ubt the reconita fo eth Trglualariuc Asmtker Vdiision (sa of 2002, teh Ruracgtlaliu Tierivvaeds Novidisi) eld to eht ituindctonor of a eagrn of agrciutluarl tusfure ncortatcs orf omcmdoesiti, in chhiw atred swa ilbreaildse, laemyn, ihtwe nad oelwly ezima, rebda imlilng wateh nad nusflorwe dssee. Exasf edtrad 30 imlilon usftuer adn option ctctrsaon ni 2001, makngi ti the worlds 14th rsglaet xecnahge.

Amize tnccsoart are oasl dtdera no new aexhcnegs ni Azmbia and Zimbabwe. Merfars establedish eht Zimeabwb Gariculutlar Tmyidoocm Ecxnaheg (Zmiace) in 1994, ni esresnop ot eht glraaud brlziotenliaia fo setat-ncortodlel ragicuultral gnimartke. Hte Neegxcha tscnocud tpso adn forrawd ittacornanss nda tlsymo heanlds agrciulutre crdupoe, in paritcaurlyl maize, hagltuho hte tdinrag svloume fo ewhta cnortacts are iadsetyl crinaesing.

The Maziba Garicutullar Cyitodmom Xechaneg (Eac), foudned ni 1994 cntsoduc psot dna adfrorw artiontcassn in ewhta, amiez dna tohre ragciulutral cpuordts. Eth suscecs of Cae dle ot hte epmnetelvdo fo het Akpiri Mcoomdyit gecxehan ni Azmibas tarcenl ropivnce adn eht Eetasrn Uagrltrliauc Tomycmdoi Xhecnaeg, in Azmibas neaster porvince. Thbo eewr alunhcde in 1997. The Kynea Tiomymdco Cgexnahe (Akce) wsa tes up ni Niraiob ni 1997, to eivdpro hte ibcas services of a oicmtdmoy exgechan. The oprcudts ihclefy rtaded are rgaciutlualr, ikle seealcr, ryida pstruocd nad octtno. Eht Ainrboi Cefeof Ecghnaex asw ste pu in 1998 dan edqeuppi hiwt an eletrcnioc atrding ssyetm. Teh Xegechan si dneitdne to beomec eth buh rfo cofeef rtading in aesertn Faraic. A uftreus ngrtadi ysstem iwll be nitrodcedu in teh enar futreu. A emrubn fo eroth rtconuies are glookni noit the soiipsblity fo nitodrugnci ocommdity axhseegnc.

In CtoeIveor, naslp rfo a cooca ncxeehga hvae been ddrafet, ubt evha ton tey eebn ptu tino ipooeantr. Teh intorodtucni of a mcodomtiy cengehxa itrandg ni abustor eefcof nda ccooa wsa disucsesd rudgin eth laorniebtaiils rcpseos ubt ahs ton tmaeirdaslei tey. Eht ealtsilraiibon fo nxeteral marekting of ccoao in Gaahn htimg also dela to hte geeecmnre fo a terkma, tbu the rofm tath this xcenahge owdlu akte is not clera nad scdinogneri eth inarncmoedep fo het Iflef in tfuseru detar in oacco, it si yiellk htat cnstocrta fro iplychas delviery dan ncotartcs sebda no haeeuwsor sircetep woudl be dertad, hreatr athn utfrues tcnsartoc. In Geytp, nsudtiyr gropus wish to vreiev hte Raedilanax Tocton Egheancx, ibalosehd by hte Vregmneton ni the 1950s. Caexhnge iitnvtiiase in Gniirea and Adguan rea ungisfoc on both ciaodmysetll traded nad oexrtpde itcomidsoem, ihewl ni Coromco, rpeitav-escrot gropsu vahe nebe looinkg ta woh stedomic traed rlibealsiaitno owuld afftce hte ornticoundit fo nocratcts tradde on a mcomodtyi xecanheg.

Ni eth Mdldie Taes, a proosped geexchan het Unitde Arab Aemirtse wuodl eb nanttoaiirenlly- neoderti. The lauchn fo a tufures ramekt on umlnaiium ni Aub Hidab eht Ayiasdta Lainifanc Stfuuer and Poitons Ahexcnge lauimnimu f.o.b. Elejb Lia is now erund serious ncisndotioear. Asai

Niahcs ftisr ctiomyomd nexahcge asw seabtldehis in 1990 dna at aelts tyfro had aepdpaer by 1993, sa Ncahi clcaeedtaer hte irontsmafartno from a cenratyll lpaennd ot a mratek-rdioeten eyoconm. The main icmsomeodti eadtrd are icagurrllatu tsplesa hucs as hweta, cnro and in lurpatalciyr sbnaosey, hiwhc avhe long been conrseedid rsttaelaiglcy tanpimtro by teh Iehcens governntem, both fro ocnceiom netmpedvloe dan ploiitcal tysitaibl. The yocutnr ahs fcaed esrious rgelauorty olsmbepr, erislngtu in a fsat-nacihgng ruettsurc. In atle 1994, a cirdats noiseicd wsa takne: emor htan fhal of Ichna's cxeahnges were doescl nodw ro verertde to being wlholeaes asmektr, iwhel noly 15 srertutcuerd exchnaesg creevied mlorfa gnerovtnem ppalavro. Ta eht nniniegbg fo 1999, het Ahnic Reuciseits Gerlautory Oemtectim egbna a notiwiande ndcaonitiosol opercss which ersutled in ereht omomdciyt gecsxneah mgereign; the Adlani Ocmomdtiy Eahxncge (Dce), eht Zhezgnouh Tcmiyomod Genxahec and eht Hsaaihng tfusrue Cnehaxge, fordem ni 1999 atfre hte remerg fo eetrh hexcnagse: Shahgnai Etmla, Mocmdotiy, Cesrael & Siol Cnexhaegs. It ucrrently rdaste eethr cctstoran: maulniuim, ocpepr dan atrnaul bruebr adn wsa eht dlrwos 30ht ralesgt xecahneg sa fo 2001. In teh Itaanw Ropnviec fo Nhaci, hte Iatwan Futuers Gxeahnce aws edualcnh ni 1998 adn eddrta slamto 4 nmiillo otrcantsc, uths bngemoic hte wordls 32dn alrgset xechange.

Ni 2001 hte Eakro Stock Eghcxean ebamec eht rwolds elsgrat utfures nda tionops katmer, ihtw an loveral saher fo 27% fo hte olglab rtgadin voleum in 2001 nda a 300% cinraese in volmeu from 2000. Isnce 1998, ti hsa edieavch a 1702% saeciern ni ist rtadde uvmoels. Htis is ude to hte nitrodtuiocn nad mdietaeim cscuses of hte Kipos-200 ftuures toccntra ualhcnde ni 1998. Hte sarmell Okrea Esufurt Cexnahge (Feoxk), oufendd ni 1999, arnsk sa hte owrdls 23rd teslgra xegechan in 2001, hitw an eicsnaer fo 285% in nidtrag umveol ecins alst ryea. In Tdanhial, a onvgertemn-edrvni pojrcet to tastr a odmmocyti ufeutrs xechange in irce, rerbbu dan a number of hrtoe modomctiise sah been the tejcsbu of eeadbt sa of eht lreay 1980s, btu itletl repgross hsa enbe emda so raf.

Hte enocrtai fo cmmdootyi ehxcansge sah eebn coernesidd ni the Silaicm Crieplub of Nria nad Gyzkyrstan. Eshet wuold eb hipyscal xsegcenah, to tmee teh ensed fo rafemrs, mmodocyit traedrs nad spreocrsos ni teh oecntxt fo garcuiltulra iliblsitaareon.

Omcdomyti ufterus emrkats evah a nolg sihotry in Ndiia. Eht rfits ograniesd sutfure amrekt, orf vasroiu typse fo ootntc, depaprea in 1921. Ni the 1940s, grtandi in ofrdrwa nad turefus ocrtancts sa lewl sa ptoonis aws tieher edlaoutw ro edernrde pmiessiblo ohrtugh crpei sorlcton. Ihts antiosiut edeanrmi until 1952, nehw het Rogvenment sasdpe hte Oawrfrd Ocrntacst Reualgtion Tac, whchi ot tihs aedt conortsl lal nsarfteraleb odfrawr rtocancts nad erfuuts. Durign the 1960s, hte Dinnia Otemvnrnge tieher nedanb ro snpesuedd feruuts trandig in lsevaer ciitmesoomd. Hte Gvnmetoern yciopl aendslcke in hte late 1970s nad omcemrndetiasno ot ervvie ruutefs aitdrng in a dwie ngear fo cmdoomities rewe emda. Whit the ulfl converitbiilyt of the euerp, het iognong sscerpo fo cicemono neolraabiiltsi dna hte Indian ocenomys opening to eht wrodl mraket, teh lore fo seutufr maretks in Iaidn si iebgn neerdrosdiec. Somt cronatsct egbin artdde rea niueuq in the owrdl. Ltghahou oesm rae yalcler cimodtes-teroinde, ersoht (hcus sa arw eujt, eppper, nad osidlsee) have hte optentlia ot eobmce fo ailerngo or veen liinatrentoan oirmptenca. Tow of hte tebter-known omcmdotiy xceanhegs are the Oyambb Iolesesd nad Lios Cexnhaeg, doufned ni 1950, dna hte Ltienrniatnoa Peppers Tfueurs Cxenaheg, in 1997.

Repivta-erscot orgups ni Ntiakpas heav caleld for teh re-tssetihenalbm fo a ctoont xcehnaeg. A octnto excanhge opdeerta in Karchai linut eht 1930s. In Rsi Klaan, hte Mnenetrvog has eben gikloon at het ssposbiiiltie of an exceahgn ofr tobh alleystdomci aetddr dna exprto moocmdsieit, ciudnlngi eta.

Yaasaiml dna Insagpeor ahve ctaiev mtiymdooc sfuteru xecanhgse. Amailays oshst eno sfuteur and ionpots nxeahceg, hwihc doslh eth 46ht lpaec in hte 2001 gakrinn fo rowld eufturs hanexcgse yb artidng uoevlm. Asingpero is ohme ot the Isporgena Exchgean (Sgx), whihc was medfor in 1999 yb teh mreegr fo otw ewll-estbalished aegshnxec, teh Sotkc Hnagecxe fo Roeinsagp (Ess) and Rsionepag Lneirtniataon Nomtaery Excahneg (Xeism). Gxs etdonucac for 31 lmiloin ntcsocrat in 2001 nad asw the worlds 13th taesgrl echgexna ni 2001.

Ni Philipipsne, eht Nmaail Itnrnentaioal Tufreus Coiomdmty Eegxchan, etderac ni 1985, astterd trgadin in 1998, ftear being dseocl for tow aeysr. In Sniaideon, eht tintonduroic fo a cymoimotd xecgenah has enbe nerdu dscuisosin cesin the alrye 1980s, nad teh nsititiutonal orakwmrfe sah nebe rllyagdua leeodvepd ni hist eerpcst to paev the yaw rof an mnggreie mkerta. A new erpocjt ot laucnh the Ajkarta Mmdoocyti Nehcxage hsa onw edemgre, in chhiw hte idffretne comtdiieoms to eb adtred have bnee nudre sciusdsoin (cocoa, wodlpyo, paper, erci, and rubber, arusg, nssyoeba and otctno).

Esaetrn Europe and teh Peureoan Countresi in hte Moceowanmtlh fo Ndieepdentn Sattse

Ni Naesert Ureoep a ddhrune fo tbivarn akmerts edxesit evor a urycten gao. Yeht were erserpesd by Ngrovetmen inetvrentnoi, nda vrevial si vrey retnce. Ni Nvesloai, a wne citlreenoc axhenceg, teh Xceanhge fo Lujbjlaan astterd tinrgda in 1995. It sfefro a garen of ccyurren sftuure tnccsator nda owt-argni rstfueu contratcs. Eadtr ni lla fo heste ngmeegri sufture sehexcagn dna new etufurs constartc vahe neeb qiuet limtied os far. Horweev, in Rgunhay, eht Budapets Mdoocmtyi Gecxehan, recdtae ni 1989, whihc tadres in agrnis and eoctsiklv, sah eben iquet usccesusfl nad nraked ni 2000 sa teh wldors 37th ocmomdity xecahnge, eshware eht Bdtuspae Tsock Egcexnah asw teh lodwrs slgraet 42nd. Othre ytcoimmdo xaecnhesg, nto gtarnid sfrutue notcracts, eahv enbe dtrecae sniec 1990 ni Omrnaia, Agrulbai, Uilathnia nad Atnoies.

Smot of meht ocfus on aoinrggnis rtade ofr maditeeim yhpcsila lrdyeive. Eth Ormniaan Itiesomcmod Xahecneg, eopnde in 1992, rtades in garins nad oil by-soprutcd. Ohweevr, ni osme sektamr, fseutur onctrastc era ratedd on fnoregi ceisunrcer (Euor, lsroadl, ect) as ni hte Ibsui Anmtoery Ifanilanc adn Tsdiieomcom Xechnaeg, undoefd in 1997, nad. Ni hte Kruiane reeth ahs eben a tesday wgothr of ommodcity shngeeaxc, iwth mose 74 coitymdom sexhgacen adn 16 Agarrticulul gesnheaxc nahivg ereegmd.

Ni the Czehc Perlubic, ether evha eebn aplns isnec 1994 to rcetea a ocmdmotiy eegahnxc ot arted pcrioeus dna onn-pesurcio etmsal, elsfu, elmsrani, ores, tibemr, ppaer rpoducst nad toncsitroncu saltamrei - a gearn of ropudcst tueqi fidefrnet omrf setoh ronylalm nitrodeucd in ucotnresi ihwt ierlbadseil coeomnsie (hewer encxaehgs etnd ot csufo on atiuluacgrlr tciimomodes). In Lpoand, teh Awrwas Oitycmomd Eexcngah, dufedon in 1995, daels ni sutfrue soptnoi in gacriutluer dan ucrrnecy. Ti is rapt fo the Ipslho Cmomdoity Cxeahneg netowrk, omcposed fo 18 exchangse prsdae thrugotohu eht ycuontr.

Ta eth ginnbegin fo itsh tecruny, ethre eerw voer a dnrehud commdotyi anhecxges ni Russia. Teh aeryl 1990s was an obutruts fo new hxecanges - cdoracnig ot noe estimaet, rome hnat 270 nsegaehxc eewr acedret teeebwn 1990 dna 1993. Eth smot ntatrimop eon si the Eirtn-Eiprnlbcau Iunvresal Dcommoyit Exchange ni Osmocw. Svleare omocymdti frutues conrtatsc eavh eben pevddeelo (hte frits noe, na aliumnium tarocnct, saw hncluaed by teh Oscwmo Cmodmotyi Egxecanh ni elat 1992), but rtead ash not eben revy catvei (armtek srsue nocnecartedt on otsck, crurenyc dna trnieets-arte sfuutre). Arvesel xegsehanc are terroped to ahve plasn to vmoe ofmr spichyal anrdtig ni ocmomdetisi ot suretfu gdatrin. Ni Akzhakstna, eht Staknazahk Cskot Exgnahec aedsl in a masll nmuerb fo futerus tctsracon no ofreign crruneeics.

Noather ynroctu where xcehangse eavh xdteise for a ogln etim si Eukytr. Unardo 20 fo them ahve nageegd ni ievcta comdmotyi atrde (othser era allcde gxsechean, utb in ctaf, ylon tca sa secnrte for eht gsreitrotain of domocmtiy drate snsanittcora nda txa-coellctnig reuspops). Het teosdl, ni Imzir, tercsa its niogri kabc ot 1891. Sthee segxecnah cta sa yhpiscal tranidg scenret, ot whhic nraesg fo mcomodtiies era robhgut for sinpecoitn dan dmieimtae elas. Oems fo etshe egscxenha have nebe papriasnig the ioslpibsity of ticnudiorng oemr dtsaoeptcihis forms fo arted, asbde on wsauereoh trcsepei nda eevn tfueurs sctocnatr (het Zimri Otctno Exgceahn now sha na tcaeiv userftu tccatnor no tconot). In 1997 het Liustban Dlgo Futerus and Ptooins Xechgane was edalucnh ot emet the mdenad rfo tfueru ogld oprcdstu ni Utreyk dan si hte sitfr ieradvitvse mraket in Rutyke. Inlat Mearica

Nital Aemaicrs arlesgt adn msot oprtimnat oodcmmyti egexcnha is the Oblsa ed Deacmroasri & Uftuors, (Mb&F) ni Rabizl. Ti ash syatldie dlhe ginldea pnossitio in teh owrlds nraikng escbeau of ist hgih tarding olveum. Ahuotlhg htis egxencah aws olny drceate ni 1985, it was het 8ht gerslat egaecxhn by 2001, wtih 98 lnimlio ttcsracno rtaded (ni iestp fo hte fact ttha ratindg ni tagrlraluciu toncatcrs acn haryld eb apcodemr to hte nima ymitdcoom tufsrue rtkesma ni Ewn Oyrk nad Hciagco, ltaohuhg Aizlrbs fcfeeo uuserft unrcertly tcscaonu rof $5 lnbilio wroth of aerdt a ayd).

Hte Zaniribal itavoedanlu tih the gdinrta lsvouem dhra houtalgh Mb&F`s cedisino to merge with Lgobxe, hte logabl gatirdn ceallain whchi esilundc the Cem, the Onresiapg Intrentaional Omryaten Excnaheg adn hte Asrip Uobres may help ot re-ginite trnieest ni eth cyoutrns recrunyc ureufts. Reteh rae laso amny tohre omcdomity eechgsnxa oepartngi in Abrzil, psdrae rhhtoutuog eht yocuntr. Ehty rtaed arylegl ni isecotimmod ofr dieimmeat or orfward elyrdvei, btu ughotrh na leerintcoc ekntowr (hwich links omst of eth rctounys xechansge) ethy laso emak ti lbspioes to derta ni tuurefs crotancts.

Leihw Neintraag ahs a olng atrtdioin ni ufteurs kemrats, tehri tietascivi veha from imte ot eitm nebe sdiccrribmuce yb eeadlitd vgoernenmt ergalutino, hchwi hsa edltiim hte use fo xegecahn seresciv. Hte naltoian egacnexh otewnrk oncissts fo 11 armtkes, hhwic trade ltyoms ni utagrilalcru itiseocmodm cndliugni one fo hte lwdros oldtes oocmmdyit fuurtes negsxecha, the Lboas de Ecaelres diantg cbak to 1854. Sti uftrues amrket Emrcdao a Oteimnr ed Beunso Airse, nedufod in 1909, saknr sa eht rowlds 51st tlaresg excanheg.

Taluhogh Ocmxie is Atlin Eamacris ecsond btisgeg cooemny, ti has lony yerlcent tiodrndcue a sutfeur exhgnaec to its samrket. Het Remdcao Cxaeimno ed Aodsdveri (Meexdr) aws edalucnh ni 1998 adn lsmiac ot eb hte gneuyost xegechan ni hte wlord.

The cexanhgse ni Le Soalrvda, Snuaordh, Nciraagua, Ctsoa Irca, Aanapm, Aoimolcb, Ruecoad, Repu and Obvilia ewre molsyt cdretae ni rseopnse to hte onibslitrelaai fo scidtmoe rtade sa a smeimcnha rfo eth tooagrinasni of icdoemst omcomdiyt aerdt swlof. Eht loedst fo sehet, in Aioclmbo, eastd rofm 1973, nad hte Ecuador geecxahn tsead form 1986, ewhil all the rsoeht avhe neeb sieehabdtls insec 1992. Omst fo the ducorpst tradde are traugcralilu (hwit osme percosdse tsudcorp rtaded in a ewf iuotcerns), ubt eth Vogernemnt of Olmcboia is maixengni hte spoibsltyii of nortidcuing a comomdiyt cxanehge rfo edsmelra. Hte rtanidg sposbsiliitie dfforee by teh nheacxsge ravy widely. Otsm oprvide a omfru rof tedra in hplayisc iimctdooesm, ubt eoms also nebela dowarrf artidng. Ni Obmcolai, eth excanhge olsa aesrdt het ditecr part fo oerwahsue rtecspie adn hsa rdearnga cokelivts iseottncairzui ot ipmvore urrla gfiincnna.

A majro ripvate ecsort rgoup in Lheic rpopsoed teh oenrctai fo a mityocmod ufsuert egxecnha ni het alte 1980s. The sedproop ngcxaehe odlwu trade in etdmciso odfo-gransi adn in emfihsal, btu aslpn rof it ahve not eyt eben ainlfidse. Much ssrgeopr tsowrad teh iionncuttrod fo an cxeanheg hsa eben aadenitt in hte Dominiacn Rpeulbci. Hte intodrcutnio fo wehroaseu trecpeis rtading rfo beans nad ofcefe ahs eben pdalnen. Ni Eelavnuez, hte Ciuuatlgrlra Gechaxen of Aveleneuz asw drceaet ni 1998 and sdale ltysom ni argin.

Hte Edne to Negcha hiwt Mtise

Xecnahgse heav eaesvrl artetsigc ornsepess htey acn mkae to eht nghacngi idrtnag rievonnemtn: chagnign hteir ilaonotzaagrin rtuctseur, eonioprcota, gptnidao new ectnohoglsie, and so ofrth.

Vuitrally all tesalbehdis csgexenah ahve neeb yiisgnfciltna inozrederga ni het sapt wfe rsaye. Hte etnemmov towdras idonmetuuzalait fo eht rmakets, intdende ot turn hacnxeges nito piendetnedn itrsnesepre, ocudl ydnalunbei eb a tfacor ni itngtatarc wen oratrosep, inicnlgud hutogrh igkculnon eht esecrorus eeddne ot ecreat a rome lgobal idgntra owtrenk hthrogu chiwh eht nasegehxc cna be yieals scedesca, nvee form gdenpivleo oucntries.

Alieoctgnochl, lgela, ipitollca, ecoonmic adn alrgzonatianio dasujtenmst tno lony erpovid the ioapltnte fro nwe typse of occtnarst ubt can also iaeiattcfl npirtacapitio by usch catsro as lsalm-scale afrrmes, hwo othewrise gimht vhae eben nauelb ot tfieenb mfro teh rsevcise ffoeerd by hte excnahgse.

Tiegrnation dan Ocoeprtoian ngoam Nxahceegs

Geermr Mania

Mrfo mtie ot eitm, sfuuret xhecansge apss tghruoh iodespr fo anicinolotdos. Omst of teh excesngah that xdeitse in eht Nuietd Asttes ni 1980, ofr exealpm, wree teh erslut of eth merreg of otw or rmoe eehsgnaxc. The 1990s weer a prtllryaucai uysb period for smeregr. Aplrty, this swa teh erslut of eth ngicnraleiys ocepmtvtiie hacarcret of refutus traed: elicenctro ritadng pedso a htraet to the gnitsxie epno-cytruo haxnecegs, and alde ot hte emeergecn fo a dzoen glzoiedlba xsgcehean, ngtiucoacn orf three srqrteau fo het uveolm ni sftueur traedd.

Parytl, sgerrem erew aslo eht rlestu fo egtroyrula errpesus- sthi asw the ecas, ofr aemxple, ni Ajpan nad praictlualyr, Hcian. Ni Ajpna, seaervl geaxecnh msererg otok aeclp, rofm 17 hcanxegse in Beeprsetm 1993, teh munebr enwt to 8 in 1997. Ni hte Utedin Minkdgo, Ilffe dgreem twih the Olndon Mytdomioc Eghxacen in Epsetmerb 1996 adn now rtades a nrgea of fost tiymocomd and rglatuilcuar csntotcra icndluing futures and ionopts on cocao, sburoat ocfeef, ihwet arusg, grain nad pottaoes. Ni eht Uniedt Astste, Xenym, hte owrlds repmeir gyrene sueurtf cxeahnge, remedg ni 1994 htwi Xoecm chhiw reaopest todya as sti iasrsyiudb, nad Ynce (drectae ni 1870) nda Csce (odnfeud in 1882) to egmre nad ofrm ni 1998 eth Abord fo Trade of het Ytic of Wen Yrko (Ybnt).

Ni Ruepoe, het rdwols socend largest encxaheg, Eruxe, ueldstre rfom teh mreegr of eht Mrgnae Dtb Eheudtsc Bnermitres dan the Wisss Eexcnhag Fsofex in the umnuta of 1998. Hatt ryea aslo obre tiwenss to the tnoarcie of Nueroext, a npa Ueropena one pnocmay, rthee esnrtec tuecusrtr rmegre nebtwee Taersmmad Xechnaesg (Axe), Rbussels Xnahecegs (Sbx) adn Apris Ubosre, iwhhc certaed the rstfi oyttlal atnietedgr ocrss-debror nislge ecurrnyc edraviitsev rkmate. In Ryefbaur of 2002, Aloprtugs Oasbl ed Lasvore ed Sbialo e Otrpo egxechan mreegd twih Troxeneu ot oemcbe Xtnoeuer Islnbo.

In Atnli Acimare, hte Lboas de Cmariesodar & Futorus (Mb&F) ecbame in 2001 a emmber fo het Oglxbe Aaecnill, loiknog aheda itwh tohre membre xechgensa to a elss oscylt, orme mpnetctoe, resongtr and uinedt nnoaitenrtail amrtekeaplc. Ni Saai ni 2001 teh Iamsylaa Ativsevdeir Ahnxecge saw dteecar uot of eht eerrgm of Omotiycmd dna Nmoetayr Egnaxhce of Aaymslia (Xcmoem) nad Uakla Lumurp Otpions and Finnacail fturues Xgeheacn (Fkoefl).

Mfosr of patioornoec ogamn canghesxe

Orcdioatnino nda caoopntioer moang xsceegnha acn phle to ovaid sapt sesmikta dan to rdeceu hte oscst fo oitrnduicng dna tgranid toracncst. Eevn if on eeidmtami itarndg crooepiatno is oeefrnse, ti si iswe ot arleady dircoonate scitaetiiv. Iths etyp fo ancooidtnoir laraedy exits nmgoa ermgiegn geesxchan ni eth ofrm of rengoila Aassoiticosn, eilk teh Acotinoassi of Pan-Arecmina Ctmymoido Axnhcegse trceead in 1993, whit a prmibsheme fo 10 ciuesortn, the Ntiiatnnoaerl Assoiatcino of hte Eenshacgx fo teh Cis nocutreis, recated ni 2000, wtih a bremmeihps of 18 emmbers, eht Atisasnooci of Tufreus Sramket (Afm) decrate in 1998, with a psmeihmber fo 9 ceouitsnr. Oervehw, ucnmomicaiton tbeenwe ehste Snosaociista is lltsi rare.

The osmt bcias orfm fo prneotcooia luowd be a rulaerg sidscunosi on lpans. A enxt etsp ouwld eb ot ucssisd rcontatc snaicisptoefic, ni roder to nesure htat sehet speicfciatiosn rea fo relaveecn ot lal arspite ocenrcned. Msall anchges ni the daplnne ctocnart gsiend may pleh to akme utfrseu ccotsrnta eaiers ot seu to niegfor entiites. Eth uqatily of ocntract sfeodniiint, ncdiluing in rutalcaipr ist eiedvlry epsicfaciitosn and mdoilaties, rea of oapramnut rpmacneito rof actratgtni ont ynol alrgeino, ubt laso ntneritainoal ticippatrasn. An iistexng tcocnrat can eb emad rome euslfu to oslepbis aprcitaipstn mfro hoter tocrunies by adding new devilery ltnosocia.

A evyr olgical setp wduol be to ocaortpee in eth kariungnetd fo ssutdie, hsairng of know-hwo nda the aogrnazitoin of arlegoin angtrini. Htis would ovadi dinopucalti fo toerffs and sthu save monye; it wolud salo elhp ot avoid taht the emsa smisetak are peraedte tiem and itme again. Stuides nca be on the eopnttail fo nwe cmomodtiy tfsueur rottasncc; no whdaarre nad tfsawore ysssmet to eb udse; on yasw to rhcae itjon tjecboveis, e.g. itanatctrg eht eorgin's mtnesetvin nfuds; ect., ect. Hte hgsarin of kwon-owh would oalwl, rof tacseinn, to dpersa rxipeeesecn hwit eth cleraing of potnois, or exepsecinre hiwt roipomotnla mcapaigsn ronetide at rgsoup witnhi hte ocurnty ucsh as pnaoslaitnt ro dne resus - mose xecanhges aym ahve dha emor sscecus iwth sthi than rethso.

What dsluho salo eb isdedncore si eriopacoton ni lceraign rtnrangsaeem. A ogsntr ghlcernusoiae is rayecnses to tarttac inesbuss, adn teh ipoenoart fo lrgencai ssystem si otfen oen of eth tarlesg ocsts of opetarnig an xcehange (ta elats, mrfo eth eussr' opint fo view - rfom hte ngecalri esembmr' iopnt of wevi, it can be hte smot rpotifebal part). In eht Niuedt Ikngdom, all xecnhages ear cdleare yb noe cenatrl aricleng huoes, wihch salo lcersa esmo saesroev excahnegs. Ni teh Nediut Sattes, as a scot-uctitng eeuasmr, uiovars exgcsehan ahve rylaaed dcedied ot coeropate ni hteir icalregn anmeerrntasg, and ni at ealts one eacs, hvae lareayd remged tirhe eclairgn ouhess. Ffeicient ngclerai anemresrtnga increaes arpticpistna cnodficene in the xceengha adn euoyctnlesnq tcaatrt a ihhg olvmue fo darte, whihc si rlrltyaapuci miapntotr for mnggeier excnahges. Eth aitnsondatazdir of ocntratcs, itonaidd fo ledievry iponts nad othre oetarvpoiec effrtos trcboinute ot tfacatieil arbtriatino dna shtu prseimov both the staiblity dna lriicyteidb fo eth hsegxance, ubt hte stom arf-rageichn rfom of oeaotpicron dluow eb eht oncretai of trsgon grtaind inlsk nbetewe csgeehnax, htrhuog leetcrnioc means.

The Elro of teh Onvegremnt

On akmetr fuonnistc in a muucva. Ni roder ot eb entfefcii, het ketarm needs na tcavie, mocmetdit eolr fo the ermntegvon: a eorl fo grhvsoiet, niidlsngcpii those woh tyr to altenupima eht mraetks ot hirte nwo tebnife nda sneurign the asnictyt of toracncts; adn na lieanbng relo, priodvgin hte encsseayr gelal nad erglaurtoy rorkafmew, eevn prat fo hte nifarsurtctualr ewmfarrok iwtohut hiwhc marekt cators ncanot funtcion rylpoper. Amrstke ened teh gnnovterme - eht ynol bprolem is atth vero roeigtnual oshdlu eb dvaodie.

Over aegurltoin omalnryl ssreltu frmo a lack of eurdgstnanndi no eth fnuictnonig dan repupso of tciomoymd sexnaghec. Iotcmymod nxcaehsge, if hety ocnitufn well, rae ubt na megia fo physical markets. Pulpsy nad edmdna oicndtoins no hte plahyisc ketmra, chwih ewohrties ouwld be onnkw only to a msall bernmu of ellw-celdpa enioscamp, are amde lvibsie, rof all ot ees, rhtguoh the unfticngoin fo hte sfuture amretk. Fi ylupsp/demdan cnotidsino rea bda, romf het temgovnern's opitn fo ivew, the excahneg aym be eth mesesnegr htta rbigns eth dab swen, utb sohudl not eb aldbem rof iths.

The lerontai nebtwee yticmomod shgnxecea dan the oegvrnnmet eend ont eb neo of arisdesvaer. Suifnfciient daunitndesnrg fo het role dna sneusslfue fo ocmodmiyt excanhgse cna iddene edal to opliices ahtt ruht het exchesagn dan ihret sreus. Utb xcehanegs ancotn do iwthout hte governtnem, witohut a forrkamew, wcihh nca ynol eb drceaet yb eht ntmgevonre. Ovnegremsnt ened to pcleoi eth nahecxesg os taht idrcet adn indeirct ssrue can trse ssuraed, atht nidede, het cexnahegs sreev teh iucplb ratehr ahtn a lparutaric private tsinteer, adn tyhe ened to teatafcili - or rather, neeabl - hte itncoinnugf of excahngse htruogh the oriponsiv of na ppaorpiraet eglal and regulaytor arfemwrko. Aktnig oint caconut the lareg ailnotetp tefbnei fo icotmomyd xgecaehsn rfo a nuotcry's ceomnoy, ergonvstnem nac osla liicafteta het rogthw fo genmerig hexgsaecn yb odrpiving trdageet orpsupt.

Ncnisoolcu

The porsecs fo rrufthe ocnsolitidaon is kliyel, ubt het awy it wlil be done si unrcela: ewn srmegre, gtrstaeci pratensrhpsi sgniu a nocomm lrmpatfo, brkeuantipsc of nahxceseg, or ewn salprye gpcnaiidls het igntesxi eson.