Bolsas de Comercio y Cereales de Argentina
They have developed the Confirma system through which they register cereal purchase and sale contracts and have a complete system of electronic documents and Digital Signature.
This service is used by the main exchanges in the country (Rosario Stock Exchange, Buenos Aires Cereal Stock Exchange, Santa Fe Stock Exchange, Cordoba Cereal Stock Exchange, Bahia Blanca Cereal Stock Exchange, Entre Rios Cereal Stock Exchange ) and transact more than 90% of the grain trade of Argentina.
The Grain Exchange and the Rosario Stock Exchange proposed in the year 2000 to change their traditional role of Registration Authorities of paper purchase and sale contracts by an electronic model that would totally replace the exchange of those contracts.
The new model also included the Registration Book that the Stock Exchanges are obliged to have in order to give faith to commercial transactions.
The challenge posed was the migration of the traditional paper model to an electronic model keeping equal conditions of legal protection for all participants.
They conceived a Web site specially dedicated for the transactions of the contracts of purchase-sale of cereals of exclusive use for the operators : buyers, sellers and brokers.
Each of the Stock Exchanges were established as Electronic Signature Certifying Authorities. This has made it possible to issue digital certificates to the people representing each of the parties involved in such a way as to provide the Web system with contractual and legal conditions similar to those used in the traditional paper system.
The electronic system has been in operation since 2001 and since then has had a sustained growth based on:
- The comfort for the users since the process times happened to be of two or three weeks in the system of contracts in paper to two or three days in the electronic system.
- Substantial improvement of the quality of service for users.
- Significant cost savings for all participants originating in the elimination of paper handling, control, filing and registration