Wool industry participants have come together to develop and launch an independent online trading platform.
Modelled after the Global Dairy Trade Events (GDT) platform, the Natural Fibre Exchange (NFX) is scheduled to go live with its first trading event on 22 May 2018.
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With the current wool sale process it takes multiple days to get offers out, bids back in, and then confirm the sales to the buyer.
Wools of NZ chief executive and NFX spokesman Rosstan Mazey says there needs to be a more convenient way to make these sales.
"We're really trying to foster competitive tension and discover what the real market price is for the wool," Mr Mazey says.
Watch the full interview with Rosstan Mazey above.