Tehran, YJC. -- The 2nd international forum of CIS commodity exchanges of CIS region and Eastern Europe in the form of union which is known as Interexchange Electronic Union (IEU) will be held on 15 and 16 of Nov 2014 in Tehran with the hostage of Iran Mercantile Exchange.
According to the report from IME international affairs and PR, Dr. Hossein Panahian the managing director of IME uttered: after the negotiations of the two exchanges top managers of Iran Mercantile Exchange (IME) and Belarus Commodity Exchange (BUCE) which led to signing of MOU and after the visit of the delegation from IEU and visit of Islamic Republic of Iran Ambassador in Belarus, the issue of joining IME as a well-known and active exchange is raised and beside this in the session IME accepted to be the host for the 2nd annual forum of IEU in Tehran.
Panahian added, 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.
IEU is an international Union which attempts to connect CIS region and Eastern Europe commodity exchanges. IEU has requested the membership of IME to this union, therefore the agents from the union has traveled to Iran to have sessions regarding this issue.
IME managing director added: IEU is an Interexchange Union which has 7 commodity exchange members from 5 countries: Commodity Exchange of Armenia (Yercomex), Belarusian Universal Commodity Exchange (BUCE), Kazakhstan Commodity Exchanges ICEX and CEX, Kyrgyzstan Commodity Exchange (KUCEX), Ukraine Commodity Exchange (UCEX) and Agricultural commodity Exchange of Ukraine and two commodity distribution systems from Armenia and Belarus.
Panahian added: Beside the members of the members of Union agents from 2 Russian commodity exchange will take part in the forum.
Pointing to developing free trade in the territory of participating countries of the IEU in Europe-Asian Union and other beneficiaries as primary goals he mentioned; realizing economic plans and projects in the raw materials and finished products trade area most be known as other priorities of the Interexchange Electronic Union.
Interexchange Electronic Union is a non-commercial electronic union by the participation of exchanges as legal entities and acts in an electronic infrastructure.
He mentioned: Developing level of cooperation with the interested countries via presentation and expansion of electronic beds and methods for member exchanges can be enumerated as the principal duties of this union and added, facilitation of interexchange cooperation, direct linkage of market participants, managers and decision makers of member exchanges, helping to establishment of commodity distribution systems in order to improve the level of efficiency in the distribution chain from Supplier to Consumer, being in the same direction of international market for derivatives market and future contracts for agro products, raw materials, food and providing counselor services and legal support of the members are other duties of the IEU.
Managing Director of IME mentioned, considering joining of Euro-Asia economic union as principal targets of IEU, this union has categorized the commodity groups in its electronic system with no-doubt could provide a secure trading platform for Iran market participants. The groups can be named as follows: Agro Products, heavy and light industries, iron, wood, electronic products, oil-based products, equipments and specialized gadgets, construction materials, chemical products, precious metals and precious stones.
Panahian added, one of the favorable grounds of this cooperation, is using the potential of the member exchanges to facilitate import and export of the commodities between our countries and countries which have their own commodity exchange as the member of IEU.
Starting brokers trading floor of IME in Bandar Anzali free economic and industrial zone paved the way for the member countries of IEU and membership to this electronic union, will count as a real step for Iran national economy and internationalization of IME.
Finally IME managing director told: IEU has established in 2010 with the idea of Yercomex and joining of BUCE and Ukraine. The first annual forum of the IEU was held in 2013 in Yerevan of Armenia while the 2nd annual meeting and forum of the union will be held in Tehran by the presence of the agents from Armenia, Kazakhstan, Ukraine, Belarus, Kirghizstan and Russia in Tehran and by the acceptance of IME to join IEU, Iran Capital market will be internationalized. Based on this report, beside IME, Securities and Exchange Organization, Iran Energy Exchange and CSD Iran will be present in this forum in Tehran.
Based on this report, in the august 2012 a MOU signed between two exchanges of IME and BUCE. Regarding the BUCE as a member of IEU, discussion of MOU in the background of this forum will be profitable to both sides. Many of the golas of MOU are similar to the items from IEU.
BUCE hosts quite various different types of commodities which may only bring the group names in brief: steel sections, non-ferrous metals, scrap metal, coal, metallurgical coke, electronic devices, wood, paper, Rapeseed oil, oilseeds, butter, meat, milk, leather and industrial equipment.
Studying the goals of IEU and the signed MOU between IME and BUCE, shows various grounds of cooperation with member exchanges of this union.
Furthermore, cotton and textile fibers, strip or the like of polyethylene or polypropylene forms are the commodities which are exported to Armenia from Anzali Free Economic and Industrial Zone .
Kazakhstan is the other export target of Iran which imports White cement, even artificially colored, all kinds of building and constructing materials, Mazafati and Kabkab dates , pistachios, fiberglass, raisins, watermelon, Poly Vinyl Chloride and this country exports Mixed non-ferrous metals and hard wheat to Iran. Belarus also as other member of the IEU exports paper roles or sheets and imports Milking machines, components and parts, machinery and equipment