BUCE and St. Petersburg Currency Exchange identified promising areas of cooperation

March 9, Minsk. Promising areas of cooperation between the two stock exchanges were determined following the visit of the management of the St. Petersburg Currency Exchange (SPCE) to the central office of the Belarusian Universal Commodity Exchange, BelTA learned from the press service of the BUCE.

In addition to exchanging information, experience and technologies in the field of exchange trading, the parties expressed interest in establishing strategic partnerships aimed at enhancing the role of the exchange mechanism in the development of trade and economic cooperation between Belarus and the regions of Russia - primarily the Leningrad Region and directly St. Petersburg.

“According to the results of last year, the Leningrad Region came second among the regions of Russia in terms of the amount of completed transactions and third in terms of the number of accredited companies. Of course, we do not intend to rest on our laurels and will continue to work to attract participants from St. Petersburg and Leningrad region as a whole.We will focus on buyers of dairy products, who actively purchased Belarusian powdered milk in 2021and butter, as well as suppliers of oilseed meal and feed additives in demand in the livestock industry. In other words, we are extremely interested in increasing the volume of exchange trading with the regions of the Russian Federation, and, in my opinion, it is in this area that we will be able to cooperate most effectively,” said Alexander Osmolovsky, Chairman of the Board of BUCE, during negotiations with the SPCE delegation.

This proposal was fully supported by the Russian side. At the same time, according to SPCE manager Boris Yaryshevsky, at this stage it is important to decide on the format of cooperation that would take into account the interests of both exchanges and their long-term goals to the maximum.

“Now we work only on the money and stock markets, but in the future we would like to become a universal exchange and trade both financial and commodity instruments. Moreover, spot transactions with the physical delivery of goods are of particular interest to us. one step ahead of Russia, where the derivatives market occupies the lion's share in the total volume of exchange trading.Therefore, the experience accumulated by your exchange is extremely valuable to us.We, in turn, are ready to share our experience in the field of clearing and settlement, as well as provide to your order our network of business contacts. So our interaction will be mutually beneficial in any case, the main thing is to decide on a format that would suit both parties," the head of the SPCE stressed.

As a result of the meeting, an agreement was reached on the development of possible schemes for interaction between BUCE and SPCE, taking into account the development strategies of both exchanges, their technical capabilities and the specifics of the legislation governing the activities of stock exchanges in Belarus and Russia.

JSC "Belarusian Universal Commodity Exchange" was established in 2004. The first auction took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. The main function of the exchange is to assist Belarusian enterprises in exporting products and to help foreign companies enter the Belarusian market. The exchange sells metal, timber, agricultural products, industrial and consumer goods of a wide range.