Mercantile Exchange

What Mercantile Exchange does

Mercantile Exchange of Madagascar SA (MEXM), incorporated in 2011 and operational since 2012, is the only regulated commodity derivatives exchange in Madagascar, regulated by the Government of Madagascar. The company operates an electronic trading platform built from the ground up in partnership with Kapp Software Private Limited (India), modeled after the Chicago Mercantile Exchange (CME). The platform facilitates trading across over 25 commodities spanning agricultural products (vanilla, cloves, coffee, cocoa, rice, cashew, pepper, cinnamon), metals (nickel, cobalt, chromium, gold, silver), and energy (petroleum, biofuels). Core products include standardized Futures Contracts, Spot Contracts, E-Contracts (hybrid electronic instruments), and a Warehouse Receipt System enabling collateralized bank financing against stored commodities.

MEXM's customer base is segmented into six verticals: Agricultural Producers, Metals Sector, Energy Sector, Livestock Sector, Importers/Exporters, and Trading Members/Brokers. The exchange operates a five-tier membership model (Clearing, Market Maker, Broker, Institutional, Individual) with due diligence and AML verification required for admission. Mobile-first distribution is enabled via the AX1 trading app (iOS, Android, Windows) and the MEXM Option Trader app supporting options on Gold, Silver, Bitcoin, and Ethereum. Revenue is generated through membership fees (one-time plus 15% annual subscription), trading commissions (5–10%+TVA depending on asset class), warehouse receipt financing fees, and delivery/settlement fees. The company is described as zero-debt with all pricing denominated in Malagasy Ariary (MGA), and operates exclusively within Madagascar despite claims of technology enabling global participant access.

Name

Mercantile Exchange

Legal name

Mercantile Exchange of Madagascar SA (MEXM)

Website

https://mexmadagascar.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Mercantile Exchange of Madagascar (MEXM) operates the only regulated commodity derivatives exchange in Madagascar, offering electronic futures, spot, and option trading across agricultural, metals, and energy products via its proprietary AX1 platform.

Ownership category

akta.pro rank

Product category

Commodity Derivatives Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Commodity Derivatives Exchanges (Futures & Options on Commodities) (FSAFAMAG)

akta.pro secondary industry

Crypto Derivatives Exchanges (Futures, Options & Perpetuals) (FSADAAAD)

Keywords

• Commodity derivatives exchange
• Futures trading platform
• Agricultural commodities trading
• Electronic trading system
• Warehouse receipt financing

Headquarters

HQ city

Antananarivo

HQ country

Madagascar

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Membership Fees: One-time membership fees ranging from MGA 8,000,000 (Introductory Broker) to MGA 225,000,000 (Clearing Membership). Additional 25% application fee and 15% annual subscription.
2. Trading Commissions: Commission charged on traded amount: 5%+TVA for Gold & Silver options, 10%+TVA for cryptocurrency options. Commission on futures trading also applicable.
3. Warehouse Receipt Finance: Revenue from facilitating warehouse receipt-based financing for agricultural commodities, enabling farmers to raise finance against stored goods.
4. Delivery and Settlement Fees: Fees collected for delivery mechanism including warehouse charges, governmental duties, and taxes during physical delivery settlement.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

MEXM operates Madagascar's only regulated commodity derivatives exchange, providing electronic trading of futures, spot, and e-contracts across more than 25 agricultural, metal, and energy commodities. The exchange offers the proprietary AX1 mobile trading platform and MEXM Option Trader app, supported by a central clearing house with central counterparty guarantee, daily mark-to-market settlement, and warehouse receipt financing for collateralized lending.

Product overview

Mercantile Exchange of Madagascar (MEXM) operates as a commodity futures and derivatives exchange offering a multi-product platform. The core offering includes the AX1 mobile trading platform and the MEXM Option Trader app, both built atop the exchange's electronic trading platform with real-time price discovery and order-matching capabilities. Trading products encompass Futures Contracts, Spot Contracts, and E-Contracts covering agricultural commodities, metals, and energy. The ecosystem is supported by complementary modules including a Warehouse Receipt System for physical delivery and a Pivot Calculator for technical analysis.

Differentiator

Problem solved

Functional benefit

Brands

• AX1: State-of-the-art electronic trading platform built for speed and minimal slippage, with intuitive UI and sophisticated market analysis tools. Available on iOS, Android, and Windows.

Products and services

• AX1 Trading Platform A state-of-the-art mobile trading application built for speed and minimal slippage, providing access to technical analysis tools, real-time market data, and trading functionality for commodities and derivatives. Available on Android, iOS, and Windows.
• MEXM Option Trader A mobile application enabling traders to forecast commodity price direction within specified time frames using call or put contracts with defined risk and return parameters. Supports GOLD, SILVER, BITCOIN, and ETHEREUM options with various time intervals (1, 5, 10, 30, 60 minutes).
• Futures Contracts Standardized agreements to buy or sell commodities at a specified future date at a pre-agreed price, based on metals, soft and agricultural commodities. Contracts have standard delivery dates, trading units, and terms and conditions.
• Spot Contracts Immediate delivery contracts facilitating day-to-day market patterns and centralized price discovery for commodities, enabling price transparency and serving as investment vehicles.
• E-Contracts Hybrid electronic contracts developed from warrants, depository instruments, baskets of commodities, or single commodities, serving as alternative investment vehicles for small-level market participants.

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Kapp Software Private Limited IndiacoreTechnology or IntegrationTechnology partnership for trading platform development. Kappsoft provides global standard data server technology, client trading platform, and related trade technology requirements for MEXM's electronic trading infrastructure.
• ACEEM UniversityminorStrategic or Co-development PartnerNational affiliation with ACEEM University for academic collaboration, knowledge sharing, and talent development in Madagascar's commodity trading sector.
• Mercantile Exchange Nepal LimitedminorStrategic or Co-development PartnerInternational MoU partnership for knowledge exchange and collaboration between commodity exchanges in developing markets.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Multi Commodity Exchange of India (MCX): MCX is India's leading commodity derivatives exchange, offering futures and options across agricultural, metals, and energy products. Like MEXM, it is a developing-market commodity exchange built around physical delivery and warehouse receipt infrastructure, making it the closest functional analogue.
• Nairobi Securities Exchange: NSE operates East Africa's leading exchange and has explored commodity derivatives alongside securities. As a fellow Eastern African exchange serving a similar geographic and economic profile, it is comparable in client base and regulatory regime.
• Ethiopian Commodity Exchange (ECX): ECX is Africa's pioneering agricultural commodity exchange, providing centralized trading for coffee, sesame, and other soft commodities. It is the most direct African peer to MEXM in terms of agricultural focus and emerging-market context.
• Mercantile Exchange Nepal Limited: MEX Nepal is a Nepalese commodity derivatives exchange that has a formal MoU partnership with MEXM for knowledge exchange. It is a near-identical peer in product offering, governance structure, and emerging-market positioning.
• JSE Commodity Derivatives (South Africa): JSE operates the most established African derivatives exchange with commodity futures on grains, oilseeds, and precious metals. It is a regional peer offering similar futures/options products to a comparable African emerging-market client base.

Broad incumbents

• Intercontinental Exchange (ICE): ICE operates global commodity derivatives exchanges including futures on soft commodities, energy, and metals. It is a broad incumbent providing the global benchmark infrastructure against which MEXM's emerging-market exchange must compete for international participation.
• CME Group: CME Group is the world's largest derivatives exchange and the explicit business model inspiration for MEXM. While it operates at vastly greater scale, the CME model — central clearing, standardized contracts, electronic trading — directly informs MEXM's structure and product design.
• Dalian Commodity Exchange (DCE): DCE is one of the world's largest agricultural and industrial commodity derivatives exchanges, trading soybeans, corn,铁矿石 (iron ore), and other commodities. It is a broad incumbent providing benchmarks that influence pricing on smaller emerging-market exchanges like MEXM.

Regional players

• Bursa Malaysia Derivatives: Bursa Malaysia operates a derivatives arm trading crude palm oil, crude oil, and other commodities relevant to emerging-market producers. It is comparable in product mix but operates in a more developed Southeast Asian market, not directly competing with MEXM in Madagascar.

Emerging players

• Africa Exchange (AFEX): AFEX operates commodity exchange and warehouse receipt financing infrastructure across multiple African countries. It is an emerging pan-African player in the same theme of agricultural commodity market development and warehouse receipt finance that MEXM pursues.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mexmadagascar
• Facebookfacebook.com/MEX-Madagascar-100063553841369
• LinkedInlinkedin.com/company/mercantile-exchange-of-madagascar-sarl

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mercantile Exchange