AWEX Reviews Operations after Elders Walks
October 21, 2005
October 21, 2005 -- The Australian Wool Exchange (AWEX) is reviewing its operations after the nation's largest wool broker withdrew its membership.
Elders contributes hundreds of thousands of dollars to AWEX, which manages reporting of wool auctions.
Elders teamed up with Landmark 18-months ago to form a rival auction selling system called the Australian Wool Handlers.
General Manager of Elders, Stephen Read, says AWEX no longer adds value to his business.
"Well, a lot of the belief that (AWEX) is providing guarantees and protecting buyers and sellers and so forth isn't quite right," he said.
"The brokers, and there's quite a few brokers in this country, more than 35, actually stand guarantee between buyers and sellers, so it's probably appropriate for brokers to not fall underneath some association, and the charge for that association, but to really step forward and say, 'well that's the job they're doing, put your front foot forward and do it yourself'."
AWEX chief executive Mark Grave believes the company is financially efficient and says any concerns will be addressed with its members in a six-week review.
Reprinted from ABC Australia