Sunday, April 27, 2008

Electronic trading for tea auctions

The New York Times has a story on the use of electronics in tea auctions. In it, they say:

In 2005, the Tea Board mandated that all tea auctions be conducted electronically, but the trading platform the board purchased from I.B.M. was plagued by software failures and within a year the entire system was abandoned. I.B.M. did not return calls seeking comment over several weeks.

An Internet start-up called teauction.com also tried to offer online auctions earlier this decade, but it never gained much trading volume and shut down.

Indian authorities say this time will be different. The latest exchange is being designed by NSE-IT, a branch of India’s national stock exchange that specializes in designing trading platforms. The Tea Board plans to roll out the system in Calcutta, where the first Indian tea auctions began, by December, with the software being introduced to other auction centers over the following three months.

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