Frequently Asked Questions
I’m interested in GCTA, but how will I know that you’re able to get a quorum of qualified participants?
We wouldn’t be proceeding without the overwhelming industry interest we’ve received thus far and are very confident that the organization will succeed in its important mission. Nonetheless, we will hold each entity’s fees in escrow until we have a quorum of 10 top-tier members. This entity is truly a demand-driven, community effort, and we fully expect that the community will be supportive of the effort.
What are the other benefits of joining?
Beyond what’s noted on the site, participants will play a large role in ushering the commodity trading industry into the digital age. Beyond the obvious business value that comes with this, there are significant PR and marketing benefits that come from being a leader in our industry. Finally, participants will have a safe and neutral setting in which they can discuss concerns about sensitive issues such as making sure the new procedures remain reasonable and attainable for smaller players and addressing policy-related matters that may not be productive to discuss elsewhere.
My company wants to join GCTA. Who are the ideal participants?
Heads of trading desks, trade operations, freight forwarding divisions and digitization leads are all ideal members. Each member benefits the most with a combination of voices from front office, back office and tech development.
Where are meetings held and what kind of time commitment?
To get things moving quickly, we will aim for one two-hour meeting per month via Webex or Zoom, and we will expect members to be available to participate in or lead research on various matters between the sessions. As the organization evolves, we will plan for in-person meetings in the US, Geneva and Singapore.
How do I apply?
Members interested in applying should contact us here. Prospective members must submit payment in conjunction with their application. PanXchange, Inc. will hold these fees in escrow until a quorum of no less than 10 leading industry players apply. If no quorum is reached, funds will be returned by year-end.
Is GCTA trying to compete with other trade organizations like NGFA or GAFTA?
No. There would be no GCTA if a global agricultural trade association were already actively and effectively addressing these issues.
Is the GCTA willing to collaborate with other trade associations?
Yes and no. Especially in the early days, GCTA will function as a working group focused on the priorities of the traders and freight forwarders and the challenges they face in their day-to-day duties (i.e., how much can we push those at the ends of the supply chain to change?). If the group supports an effort by another entity, such as the UN e-phyto program, it will collaborate to assist where it can to develop and implement. Similarly, if the GCTA forms a new post trade procedure or works with the shipping industry to create a universal e-BL, it will work with other trade orgs to have the new procedures adopted into their respective rule sets. GCTA will not try to co-develop any program with these associations; instead we will help facilitate change when inroads are being made by others.
Is GCTA a marketing arm of BEAT?
No. BEAT (a cooperative initiative among Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, COFCO International and Louis Dreyfus Company) is a new technology coming to market and as such, GCTA members will address it along with the many other long-term issues of digitizing post-deal trade flow.
Is GCTA going to build a DLT system for the industry?
No. GCTA has no plans to build, buy or license any technology. The goal is to harmonize practices and procedures among members, not “sell” new procedures via a DLT system or any other post-trade software.