Trade Discovery Platform
The Comdex platform facilitates trade discovery by linking prospective commodity buyers to active 'sell' listings. Utilizing the reputation system of Comdex, traders can effectively conduct due-diligence on potentially new partners.
The method that physical commodity traders use for cross-border trade discovery in
today's world predominantly relies on the utilization of a trader’s already
established network of co-traders. Despite the industry's monolithic size, it is yet
to incorporate scalable software based solutions as trades are typically matched
over the phone or via email. A major reason behind the reliance on age-old practices
is the lack of trust among counter-parties involved in a trade. Without much
information about the credibility of their counterparties, traders have no other
alternative but to continue trading with the partners within their networks.
The Comdex settlement platform aggregates verified commodity 'sell offers' in a clear structure enabling a trader to make the best decision. Suppliers who initially go through AML/KYC checks, will have to submit scans of 'documents of trade' using their Comdex trader account, these scans will then be reviewed by the regional Comdex office. The participants of a trade can connect with each other on the Comdex platform and make a decision regardless of any prior trade experience with Comdex or otherwise.
When the 'sell listing' request is authorized , the order is available on the public orderbook if the seller does not already have a buyer planned in the pre-shipment phase. All traders and suppliers on Comdex hold a reputation score which is calculated by feedback on their past trades.