MINSK, 26 March (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) and the London Metal Exchange (LME) are keen to expand cooperation, BUCE spokesman Roman Yaniv told BelTA.
“The two exchanges reached a relevant agreement following a working visit of a Belarusian delegation led by Deputy Chairperson of the BUCE Board Irina Narkevich to the LME headquarters in London,” Roman Yaniv said.
BUCE representatives learned more about the principles of operation of exchange marketplaces, attended an afternoon trading session, and held talks with Jamie Turner, head of business and development, and Emily Rash head of client marketing and education.
“The BUCE can use the LME's experience in organizing trading in futures and options to form a forward market in Belarus. We also view the clearing system adoptedby the LME as quite promising. It is reasonable to introduce some of its elements at the BUCE to improve the mechanism of settlements,” Irina Narkevich noted.
The sides also touched upon prospects of cooperation in information exchange, data analysis, and staff training. In particular, they agreed to consider sending BUCE specialists to the LME to explore the methods the UK exchange uses to collect market data, update price bands, and reduce volatility on the commodity market.
The London Metal Exchange is one of the largest and oldest exchanges in the world with an annual turnover of over $14 trillion. The LME specializes in the forward market and is the world center for industrial metals trading. The prices discovered on the LME's three trading platforms are used as the global reference price. The exchange also enables an opportunity of hedging with futures and options by executing futures and options contracts.
