MINSK, 23 December (BelTA) - A single commodity exchange database can be set up in the CIS, Chairman of the Board of Belarusian Universal Commodity Exchange (BUCE) Aleksandr Osmolovsky said at the session of the Committee on Commodity Markets at the International Association of Exchanges of the Commonwealth of Independent States (CIS IAE) in Saint Petersburg, BelTA learned from the BUCE press service.
“The processes of de-globalization and regionalization continue to have a tangible influence on the development of exchange commodity markets worldwide, including contributing to the widening ‘information gap' between the Western and CIS countries. In these conditions the urgent task for CIS exchanges is to form their own price benchmarks, which will serve as a basis for making balanced decisions and developing an optimal pricing policy by participants of exchange trading. In order to move forward on this issue it is necessary to start accumulating price data on key commodity items at CIS exchanges. In the future this will help us create a single commodity exchange information resource, needed on the CIS space,” said Aleksandr Osmolovsky.
In his words, certain practical steps to set up a single commodity exchange database have already been made jointly with the Saint Petersburg International Mercantile Exchange. “We are working in a bilateral format: analyzing commodity positions represented on our platforms, looking for points of contact, trying to develop a common methodology and approaches to the calculation of quotations, and other price indicators. Of course, everything is not as easy as we would like it to be, but we are certainly on the right track. Therefore we invite all interested parties to join this project and make a contribution to its implementation. The success of this initiative directly depends on the degree of involvement of each exchange in the IAE. Let us unite our efforts,” the BUCE head emphasized.
CIS IAE is an international non-profit organization headquartered in Moscow. It unites commodity and currency exchanges from 10 countries. The BUCE is a full member of the CIS IAE and initiator of the Committee on Commodity Markets. Heads of the largest commodity exchanges of Belarus, Russia, Kazakhstan and Uzbekistan took part in the recent meeting of the Committee.
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.