MINSK, 26 May (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) intends introduce a new algorithm for trading in forestry services, BUCE's spokesman Roman Yaniv told BelTA.
“From 7 June 2021, the Belarusian Universal Commodity Exchange will use a new algorithm for trading sessions in forestry services. BUCE will amend the appropriate regulations and the template of the exchange contract for services. In line with the new algorithm, buyers will be able to offer a higher price for services during a trading session, if their purchase bid attracts no sellers. The price for services can also be raised in response to an offer from the seller,” Roman Yaniv said.
BUCE is introducing the new algorithm at the suggestion of the Belarusian Forestry Ministry and market participants with the aim to ensure more effective pricing in the field of forestry services. “After the amendments to regulations on exchange trading in the field of forestry and logging come into force, buyers will be able to offer a higher price for services than stated in their purchase bid initially, if it does not attract interest from any sellers. This will give forestry enterprises an opportunity to buy the necessary services without having to wait for the next trading session. As for sellers, they will be able to extend a counter offer to raise the price for services and, as a result, get more profit,” Roman Yaniv explained.
“This means that the new algorithm will benefit both parties: forestry enterprises and the private sector,” Roman Yaniv added.
Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.
