SPIMEX and Pakistan Mercantile Exchange sign the Memorandum of Understanding

The memorandum was signed by SPIMEX CEO Igor Artemiev and Executive and Financial Director of Pakistan Mercantile Exchange Limited Farhan Tahir.

The main goal of the agreement is to develop long-term cooperation and strengthen trade and economic relations between Russia and Pakistan.

The parties intend to exchange best practices in organized trading, as well as market information and analytical data. In addition, it is planned to develop promising areas of joint turnover of commodities, organize educational events and mutual consultations on issues of state regulation and exchange trading procedures.

SPIMEX CEO Igor Artemiev noted, “The creation of business relations between the two exchanges will contribute to strengthening the friendly relations between our countries and increasing inter-exchange trading in physical commodity. Joint work will also become the basis for the formation of a unified information environment in the markets of strategic resources. I am sure that the agreement signed today is the starting point for long-term and effective cooperation.”

The Memorandum is intended to facilitate the organization of an inter-exchange space with a state friendly to Russia. This will provide access to organized trading in commodities to a wide range of economic entities and will help eliminate trading barriers. And for the trading participants, this will be an opportunity to enter new promising sales markets.

Pakistan Mercantile Exchange Limited is the country’s first and only commodity futures exchange regulated by the Securities and Exchange Commission of Pakistan (SECP). The main commodities traded on the exchange are metals, agricultural products, as well as natural gas and crude oil.

The Saint Petersburg International Mercantile Exchange (SPIMEX) is Russia’s largest commodity exchange offering a wide range of products traded both in its Commodities Section (refined products, crude oil, petrochemicals, natural gas, LPG, metals, timber and construction materials, fertilizers and agricultural products) and in its Derivatives Section. Over one fourth of main refined products delivered to the Russian domestic market is traded on the Exchange. SPIMEX is creating a transparent mechanism for determining fair prices for Russian commodities. SPIMEX was founded in May 2008. The exchange license and the license for clearing activities are available on the website. The central office of the Exchange is located in Moscow.