The International Financial Services Commission (IFSC) of Belizehas authorized Mercantile Exchange of Belize, Ltd. (MercBelize), to open Representative Offices in a number of cities around the world. MercBelize has been approved to open offices in Chicago, USA; Kuala Lumpur, Malaysia; London, England; Jakarta, Indonesia; Bangalore, India; Alexandria, Egypt; Dubai, United Arab Emirates; and Panama City, Panama.

Mercantile Exchange of Belize, Ltd., was granted a license by the IFSC to operate a futures exchange, based in Belize, in February 2011. The exchange will trade financial and commodity-based derivative instruments and other securities, including futures, options, interest rates, foreign exchange instruments, shares, and contracts for difference.

The Representative Offices will market the Mercantile Exchange of Belize to prospective members in their respective countries. The offices will conduct seminars for both prospective members and for the general public, as well as maintain ongoing education in commodity futures.

Merc Belize has begun opening the offices and plans to have all eight in operation by the end of the year.

Pride Group is now ready to establish a commodity futures exchange in Swaziland.

Pride Group received the no objection letter (dated 26th May 2011) from the Ministry of Finance, Swaziland, for Pride’s proposal of setting up a commodity futures exchange in Swaziland.  Work on establishing the exchange is expected to start immediately.

The commodity futures exchange will be regulated as a non-banking entity by the Financial Services Regulatory Authority (FSRA) of Swaziland, which is currently being set up in the country. Upon completion of its implementation stage, the commodity futures exchange may begin its operation until such time as the FSRA is ready to regulate it.

When the commodity futures exchange decides to begin trading futures contracts of primary interest to the local Swaziland economy, discussions will be held with the appropriate groups before the launch of such products.

The Ministry of Finance, Swaziland, also thanked Pride Group for showing interest in investing in Swaziland.

Pride Group signed a MOU with Khartoum Stock Exchange (KSE) of Sudan on 19th of May 2011, to establish Sudan Commodity Exchange (SCE).

The Memorandum of Understanding (MOU) was signed between Mr. Osman Hamad M. Khair, the general manager of KSE and Her Excellency Shaikha Moaza Obaid Suhail Al Maktoom, Chair person, Pride Group.

The MOU was signed after the two parties conducted extensive discussions at the KSE with the view to promote positive cooperation for the establishment of SCE.

The agreement between the two parties to help start the SCE; which is vital policy instrument that will greatly help in the development of Sudanese Agriculture and raise the level of the majority of producers in Sudan as well as ensuring the high quality of Sudanese cash crops to the outside buyers.