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14 May 2018

BUCE, PMEX agree to implement joint projects

MINSK, 14 May (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) and the Pakistan Mercantile Exchange Limited (PMEX) will begin to implement joint projects, spokesman for the BUCE Roman Yaniv told BelTA.

Chairman of the Board of the Belarusian Universal Commodity Exchange Arkady Salikov and Managing Director of the Pakistan Mercantile Exchange Limited (PMEX) Ejaz Ali Shah signed a memorandum of understanding during an official visit of the PMEX delegation to Belarus.

“According to the document, the parties undertake to promote cooperation in such areas as exchange of information and experience, joint activities, training of specialists, promoting business ties between Belarusian and Pakistani companies. Plans are in place to consider cross-listing of items traded at the BUCE and PMEX and using the BUCE software in the organization of spot exchange trade in agricultural products in Pakistan,” Roman Yaniv said.

According to the PMEX head, BUCE’s practices and technologies in the commodities exchange trade are of considerable interest to Pakistan where the process of developing a spot market with physical delivery of the goods is only just beginning.

“In this regard, we are ready to consider any options of cooperation with the Belarusian stock exchange, including the use of BUCE’s software products finalized taking into account the specifics of the Pakistani market. I am sure this will considerably accelerate the implementation of our plans,” Ejaz Ali Shah said.

For his part, Chairman of the BUCE Board Arkady Salikov noted that the signing of the memorandum of understanding will be the starting point for a long-term cooperation between the exchanges.

“It is important that we have something to offer each other. For example, you specialize in futures contracts. Your experience will be useful to us in terms of the development of the forward market in Belarus. On the other hand, the interest in the spot market is growing throughout the world as it provides the needs of the real sector of the economy. It is a priority task of our exchange. Here we really have achieved some success thanks not so much to the cutting-edge technology but to the support of the market participants and the state. Without this it would be impossible to move forward,” Arkady Salikov noted.

It is expected that further interaction between BUCE and PMEX will be carried out within the framework of the memorandum of understanding.

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