'Positive' start for wool-trading platform

Photo / File

Independent online wool-trading platform, the Natural Fibre Exchange, has made its trading debut this week, selling 41 of 44 lots on offer.

NFX, whose shareholders are Wools of New Zealand and Alliance Group, has been modelled on the GlobalDairyTrade Events platform.

The first fortnightly trading event was held on Tuesday. It attracted a good cross-section of New Zealand's major wool buyers while six sellers offered lots, WNZ chief executive Rosstan Mazey said.

''It's a new platform for wool buyers and sellers, but it's intuitive and initial feedback has been very positive.

WNZ chief executive Rosstan Mazey. Photo / Supplied

''We are excited about the potential for adding efficiency and value to the buying and selling process. We look forward to additional industry support as we progress.''

CRA International, which designed and managed the GDT platform, has developed and is managing the NFX platform.

Vice-president Brad Miller said the first live event had gone smoothly with people bidding actively round-by-round.

Federated Farmers meat and wool chairman Miles Anderson, from South Canterbury, said NFX could potentially streamline the selling-buying process, raise awareness of wool and reach a wider buyer market.

Buyers could use their digital devices to participate and did not need to physically attend an auction.

It could work in a very similar way to the Trade Me online trading site, increasing the chance of greater competition among buyers, Mr Anderson said.

It was only natural there would be some initial scepticism around how it would work and whether it would last.

Other brokers and major players would likely be keeping a close eye on how the first few trading events went, he said.