diff --git a/freqtrade/rpc/external_message_consumer.py b/freqtrade/rpc/external_message_consumer.py
index 59064c90b..122863987 100644
--- a/freqtrade/rpc/external_message_consumer.py
+++ b/freqtrade/rpc/external_message_consumer.py
@@ -15,6 +15,7 @@ from pydantic import ValidationError
 
 from freqtrade.data.dataprovider import DataProvider
 from freqtrade.enums import RPCMessageType
+from freqtrade.exceptions import OperationalException
 from freqtrade.misc import remove_entry_exit_signals
 from freqtrade.rpc.api_server.ws.channel import WebSocketChannel
 from freqtrade.rpc.api_server.ws_schemas import (WSAnalyzedDFMessage, WSAnalyzedDFRequest,
@@ -57,7 +58,7 @@ class ExternalMessageConsumer:
         self.producers = self._emc_config.get('producers', [])
 
         if self.enabled and len(self.producers) < 1:
-            raise ValueError("You must specify at least 1 Producer to connect to.")
+            raise OperationalException("You must specify at least 1 Producer to connect to.")
 
         self.wait_timeout = self._emc_config.get('wait_timeout', 300)  # in seconds
         self.ping_timeout = self._emc_config.get('ping_timeout', 10)  # in seconds
@@ -97,9 +98,8 @@ class ExternalMessageConsumer:
 
         self._loop = asyncio.new_event_loop()
         self._thread = Thread(target=self._loop.run_forever)
-        self._thread.start()
-
         self._running = True
+        self._thread.start()
 
         self._main_task = asyncio.run_coroutine_threadsafe(self._main(), loop=self._loop)
 
diff --git a/tests/rpc/test_rpc_emc.py b/tests/rpc/test_rpc_emc.py
index b3f6fdc4d..94635810c 100644
--- a/tests/rpc/test_rpc_emc.py
+++ b/tests/rpc/test_rpc_emc.py
@@ -11,6 +11,7 @@ import pytest
 import websockets
 
 from freqtrade.data.dataprovider import DataProvider
+from freqtrade.exceptions import OperationalException
 from freqtrade.rpc.external_message_consumer import ExternalMessageConsumer
 from tests.conftest import log_has, log_has_re, log_has_when
 
@@ -71,7 +72,7 @@ def test_emc_shutdown(patched_emc, caplog):
     assert not log_has("Stopping ExternalMessageConsumer", caplog)
 
 
-def test_emc_init(patched_emc, default_conf, mocker, caplog):
+def test_emc_init(patched_emc, default_conf):
     # Test the settings were set correctly
     assert patched_emc.initial_candle_limit <= 1500
     assert patched_emc.wait_timeout > 0
@@ -84,12 +85,10 @@ def test_emc_init(patched_emc, default_conf, mocker, caplog):
         }
     })
     dataprovider = DataProvider(default_conf, None, None, None)
-    with pytest.raises(ValueError) as exc:
+    with pytest.raises(OperationalException,
+                       match="You must specify at least 1 Producer to connect to."):
         ExternalMessageConsumer(default_conf, dataprovider)
 
-    # Make sure we failed because of no producers
-    assert str(exc.value) == "You must specify at least 1 Producer to connect to."
-
 
 # Parametrize this?
 def test_emc_handle_producer_message(patched_emc, caplog, ohlcv_history):