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Commodity exchanges of Belarus, Russia to deepen cooperation

Commodity exchanges of Belarus, Russia to deepen cooperation

28 March the Belarusian Universal Commodity Exchange (BUCE) and the St. Petersburg International Mercantile Exchange (SPIMEX) have signed a cooperation agreement. The document was signed during the Exchange Commodity Market 2024 forum in Moscow.

The document, signed by SPIMEX President Igor Artemiev and Chairman of the Board of the BUCE Aleksandr Osmolovsky, envisages deepening of cooperation on improving forms, methods and technologies in exchange trading, as well as modernization of software. Plans are in place to focus on further expansion of the geography and number of exchange trading participants. For this purpose, the BUCE and SPIMEX are set to conduct regular industry events to cover topical issues concerning the development of the exchange commodity market of the Eurasian Economic Union.

One of the key areas of joint work will be cooperation in exchange analytics, within the framework of which analytical data and price information of the BUCE will be placed on the SPX information and analytical platform developed by SPIMEX as an alternative to similar foreign resources. Thus, users of the SPX platform from the Russian Federation and other EAEU countries will be able to get a picture of the pricing environment and current trends in the Belarusian market.

“Stock exchange indices calculated on the basis of data from our trading system, fully correlates with price trends in the world market. This testifies to the reliability of the BUCE analytical tools and makes their application possible for companies from Russia and other countries involved in trade with the Republic of Belarus,” Chairman of the Board of the BUCE Aleksandr Osmolovsky said.

The agreement between the BUCE and SPIMEX is an important step towards a common inter-exchange space for states which are friendly to Belarus and Russia. This will open access to organized trading in goods to a wide range of economic entities and will contribute to the elimination of trade barriers. Cooperation between the exchanges will also provide trading participants, including exporters, with additional opportunities to enter new promising markets and ensure more efficient implementation of the foreign trade potential of the two countries.