U.S. Markets closed

Global Commodity Tech Association Aims To Reduce Industry Costs, Increase Efficiency

Renato Capelj

The Global Commodity Technology Association said Tuesday it's brought on new leadership in support of modernization efforts aimed at enhancing trading processes and standardizing post-trade execution in the physical commodities space.

GCTA has named financial services industry veteran David Lehman as managing director. Lehman previously worked in research and commodity roles at the CME Group Inc (NASDAQ: CME), Chicago Board of Trade and the Commodity Futures Trading Commission.

"Commodity trading remains a manual industry that is nearly completely reliant on paper processes for contracting, invoicing and payments. To remedy this, we need stakeholders from across the supply chain to collaborate on priorities and solutions to bring the physical tradie into the digital age," Lehman said in a statement. 

“We’re excited about the GCTA’s potential to accelerate some of the existing initiatives underway and ultimately work to reduce costs and increase efficiency.” 

You can see dozens of companies looking to take over the fintech space at the Benzinga Global Fintech Awards in New York City on Nov. 19.

Related Links:

University of Michigan Partnership Advances 'Infratech' Innovation

Apex Clearing Spearheads Tech Innovation In Trading, Wealth Management Space

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.