At SPIEF, a decision was made to create a unified information exchange space of the EAEU countries
On 06 June, as part of the Saint Petersburg International Economic Forum, a session of the Saint Petersburg International Mercantile Exchange (SPIMEX) “The EAEU Exchange Commodity Market: Price Indicators as a Driver of Integration” was held.
The session participants discussed the prospects for organizing a unified information exchange space in the EAEU format and creating a system of international indicators. This project is a joint initiative of the exchanges of Belarus, Kazakhstan, Kyrgyzstan, Russia and Uzbekistan.
“Given the market needs for broad coverage of data in various industries and the need for import substitution of strategic information, intercountry cooperation today is extremely important,” emphasized the moderator of the session, SPIMEX CEO Igor Artemiev.
The technological basis of the system of international indicators of commodity markets will be the information and analytical platform SPX – SPIMEX’s own development, created on the basis of the best international practices in order to import substitution of strategic information and achieve technological sovereignty in the field of information technology.
“The broad technological capabilities of SPX allow it to become the basis for digital transformation and unified access to market data, which will help government authorities make the necessary decisions in the field of economic, financial and tax policies, and commercial organizations – decisions to develop their business, including in international markets,” noted Igor Artemiev.
Continuing the discussion, Maksim Ermolovich, member of the Board (Minister) for Competition and Antimonopoly Regulation of the Eurasian Economic Commission, noted the importance of the development of the exchange market in the EAEU format: “The creation of interstate institutions, including the development of exchanges as an integration infrastructure, will catalyze the formation of a common market for crude oil and natural gas, agricultural products and food, as well as payment systems and the wider use of regional currencies in settlements.”
“We pay great attention to the formation of price indicators. We still use data from foreign agencies, we are actively working on import substitution in this area – this is a matter of economic security and technological sovereignty. We have sent to the government a list of commodities for which indices will be formed, and the methodology for their calculation is being verified. In terms of intercountry cooperation, we hope that we will form common indices for gasoline, natural gas, sugar and grain in the EurAsEC space by 2026,” Deputy Head of the Federal Antimonopoly Service Vitalii Korolev.
Deputy Minister of Energy of the Russian Federation Sergei Mochalnikov spoke about the integration processes in the EAEU space in the energy sector and the role of the Exchange in it: “The Ministry of Energy supports the Exchange in scaling trading in energy resources. I would especially note the high dynamics of development of coal trading. The expansion of inter-exchange partnership in the EAEU space and the formation of energy price indicators will help strengthen the energy security of countries included in the Eurasian economic space.”
Representatives of foreign exchanges also shared their experience in developing national indicators.
President of the Kyrgyz Stock Exchange CJSC Medetbek Nazaraliev: “In matters of integration, mutual understanding and development of all national platforms are important. We are a stock exchange, but we are also tasked with developing the commodity market to create indices at the national level. To do this, it is necessary to skillfully develop the exchange and OTC commodity markets. Combining prices and indicators in a single window will help to effectively insure risks. We are encouraged by the development of our integration process and are ready to take a more active part in it. Our agreement will help balance the development levels of all participating exchanges.”
Chairman of the Board of the Eurasian Trade System Commodity Exchange Kurmet Orazaev: “We are focused on developing national indicators, they are very important, especially in the context of geopolitical changes. Indicators of Western agencies are formed in other legal fields; there are currency, logistics and other risks. All our countries bear these risks. It is difficult to overestimate for our regional community the importance of creating commodity indicators as a source of information for regulatory practices. We are working on issues of calculating cross-country indicators.”
Chairman of the Board of Belarusian Universal Commodity Exchange OJSC Aleksandr Osmolovskii: “We have been discussing the topic of integrating commodity market indicators in the inter-exchange space for several years and are glad that it was unanimously supported by all exchanges participating in today’s session. The ongoing work on integration will help to abandon the unrepresentative indicators of Western agencies, and the more we expand the system of our indices to friendly countries, the more valuable and authoritative this data will become.”
As part of SPIEF-2024, an agreement will be signed on the interaction of SPIMEX with the exchanges of Belarus, Kazakhstan, Uzbekistan and Kyrgyzstan. The first step in implementing the agreement will be the integration of exchange indicators into the SPX platform. Then a unified methodology for working with indicators will be formed in order to harmonize and ensure comparability of data.
