Commodity exchanges of five countries agreed to create an international system of indicators at SPIEF-2024
The cooperation agreement was signed by: the Saint Petersburg International Mercantile Exchange CEO Igor Artemiev, Chairman of the Board of Belarusian Universal Commodity Exchange Aleksandr Osmolovskii, Chairman of the Board of the Eurasian Trade System Commodity Exchange (Kazakhstan) Kurmet Orazaev, Chairman of the Board of the Uzbek Republican Commodity Exchange Zieviddin Badriddinov and President of the Kyrgyz Stock Exchange CJSC Medetbek Nazaraliev.
The agreement is aimed at developing the strategic partnership and further mutually beneficial cooperation established by the parties in recent years.
The creation of a unified information space in the exchange commodity market of the countries participating in the agreement and, in the future, a system of international indicators is intended to help strengthen integration processes between countries, increase the economic potential and competitiveness of national commodity markets.
The technological basis of the system of international indicators will be the information and analytical platform SPX – SPIMEX’s own development, the purpose of which was the need for import substitution of strategic information and the preservation of state sovereignty in the field of information technology.
“The signing of our agreement is taking place within the framework of SPIEF, which traditionally acts as a center of attraction for the largest Russian companies and friendly countries. Price indicators are inextricably linked with trading in real physical commodities, where SPIMEX is one of the world leaders. With this agreement, we and our partners are taking another important step towards integration, which we plan to extend further – to the BRICS format and other friendly countries. Such a partnership will serve to strengthen our economies, increase transparency and competition in markets and ensure technological sovereignty,” said SPIMEX CEO Igor Artemiev.
Chairman of the Board of Belarusian Universal Commodity Exchange Aleksandr Osmolovskii: “Formation of own price indicators that would serve as a reliable guide for trading participants is one of the most important tasks of the EAEU commodity exchanges. Therefore, we are now accumulating data on key commodity items in order to create a single inter-exchange resource with transparent and objective information on prices in the future. I am confident that the agreement we signed will become a good basis for fruitful work in this direction and will give additional impetus to interaction between exchange platforms.”
Chairman of the Board of the Eurasian Trade System Commodity Exchange (Kazakhstan) Kurmet Orazaev noted: “As part of the agreement signed today, we need to direct joint efforts to create fair price indicators, as well as achieve their recognition at the international level, which will allow us to move away from the use of price information generated on other foreign platforms and strengthen the independence of the economies of our states.”
“In the current conditions, it is important to form and promote new initiatives to develop cooperation between the exchanges of our countries. The signed agreement will allow us to take our interaction to a new level, expand the format of exchange trading and move to the use of a system of price indicators for commodities,” Chairman of the Board of the Uzbek Republican Commodity Exchange Zieviddin Badriddinov.
President of the Kyrgyz Stock Exchange CJSC Medetbek Nazaraliev emphasized: “It is gratifying to see that integration processes in the EAEU space are developing and leading us to such significant decisions as the creation of a common system of indicators. This partnership is extremely relevant, and we are ready to provide the most serious support in the development of a unified information resource.”
