Egyptian Mercantile Exchange to study BUCE best practices
The Egyptian Mercantile Exchange (EMX) is going to study BUCE’s experience of developing and running an electronic trading platform for import substitution. BUCE and EMX senior officials and technical staff discussed this matter during an online meeting on June 15, 2022.
Besides the technological aspect, EMX was eager to learn how trading sessions were organized and held on the exchange platform, the structure of participants, pricing mechanism, goods cataloguing principles and tools employed by BUCE to ensure proper fulfillment of transactions.
“We would like to study in detail the your best practices in exchange trading and, possibly, adopt some technological and organizational solutions that will help improve the efficiency of our trading platform. We are particularly interested in agricultural products, metals and petrochemicals, as these commodity groups are currently available in our trading system. No less valuable will be information about your import substitution platform. Electronic B2B trading is a completely new area for us, and your automatic search and notification mechanisms, along with the possibility to order the production of goods, would certainly make the Egyptian platform more user friendly and versatile,” EMX Managing Director Karim Mekky said.
Responding to the questions of Egyptian counterparts, Eduard Belsky, BUCE Senior Vice Chairman, confirmed the readiness to share experience and technologies. However, the practical result of such interaction should be an increase in the exchange commodity turnover between Belarus and Egypt.
“Any inter-exchange cooperation should have practical results, and namely – strengthening of business contacts and intensification of trade relations between producers and consumers from different countries. Therefore, if necessary, we are ready to adapt our technological solutions for the Egyptian market and deploy them on the basis of your trading platform. This will help you save time and human resources and achieve the main goal of your exchange – create an organized wholesale commodity market in Egypt,” Eduard Belsky stressed.