Cotton association launches ‘safe trading’ tool
31/05/2013
The ‘safe trading zone’ will be managed by the ICA’s business intelligence team (BIT), which was established last October to gather trade information and search for trade links used by defaulters and associated firms to buy or supply cotton.
“The BIT regularly identifies and receives information indicating that a defaulter is linked to or used by other companies, enabling them to continue to trade,” said Kai Hughes, ICA managing director. “The safe trading zone gives us a new platform to share this vital information with our members at the touch of a button. We are confident that it will become an essential trading tool and will add even more value to being an ICA member.”
Tom Lowndes, ICA business intelligence analyst, said the new facility is easy to use. “It uses a traffic light system – green for an ICA member and therefore ‘safe to trade’, amber for firms with an advisory notice and red for a defaulter.”
Established in 1841, the ICA is a not-for-profit trade association and arbitral body representing all sectors of the cotton industry.
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