"Two years ago a bilateral contract was signed with the head of Iran's Mercantile Exchange. There was a problem with payments there which we are trying to raise by launching the new interexchange center. I believe that no country can prevent us from doing that.”
In a meeting between Chairman of the IEU Grigor P. Vardikyan and Deputy Head of the IME Panahi in Tehran, the two officials stressed the need for both sides to pave the ground for enhancement of their interaction, Fars news agency reported on October 18.
The IEU unites seven commodity exchanges of five countries, including Armenia (YERCOMEX), Belarus (BUCEX), Kazakhstan (ICEX "Kazakhstan”, CEX "Kaspiy”), Kyrgyzstan (KUCEX), Ukraine (UCEX, "Agrarian Commodity Exchange” Cabinet of Ministers of Ukraine) and two commodity distribution systems from Armenia (Clearing House UCDLE) and from Belarus (the Certification center BUCEX).
On November 8, Head of Iran Mercantile Exchange Hossein Panahian said that the IME will follow the issue of joining IEU in the Tehran forum as well as the professional and expert discussion panels will be held focusing on clearing and settlements, listing and ICT as well as there will be potential of IME to become the member of this union if all the agreements will be shaped which this could regarded as a milestone in the Iran Capital Market because it will make IME and in fact the whole capital market of Iran, International.