SMU set up the International Trading Institute (ITI) in collaboration with IE Singapore and industry partners in 2007 to encourage students to enter the physical commodity trade. The institute, aimed at developing talent in the arena of international trading, has produced more than 300 graduates thus far under its international trading concentration, which is offered to students majoring in finance. SMU Professor of Finance (Practice) and ITI Academic Director, Annie Koh, said that education gives Singapore's physical commodity trade a competitive edge “as local talent is a very sticky factor in building comparative advantage for any country”. Prof Koh said that when ITI was established seven years ago, “most of the trading talent were not home-grown but recruited from head offices as far away as the US, Europe, Africa and other parts of the world where there are commodities and resources”. However, this landscape has changed as many of these firms are setting up their Asian headquarters in Singapore.