The study suggests that a commodity exchange – and specific commodity contracts – can be successfully established under a broad range of market conditions. Exchanges have functioned in economies that are open, but also in economies that are restricted. They have been established in the context of economic reform, political transition, and as a function of ongoing market development.
Exchanges have developed in countries where smallholder production is the predominant mode, and in others where there is a duality between smallholder and commercial production. Contracts have been developed for commodities that are grown mainly for consumption in the domestic market, and also for commodities that are mainly exported to international markets. While many exchanges operate in countries where market infrastructure, institutions and procedures are highly developed and national markets are integrated, the study shows that they have also been successfully established in countries where markets are in need of substantial further development and integration.