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EEC to create Eurasian electronic commodity exchange

by June 7, 2017 Fun

“The process of linking the initiative of the Silk Road and the EAEU is increasingly entering the stage of accelerated development, creating new opportunities for synergy between these large-scale projects. Undoubtedly, support of financial structures and associations will help to move forward on the way to economic development of all countries of the EAEU”, T. Zhaksylykov said.

He recalled that in February this year in Bishkek the International Silk Road Chamber of Commerce and the EAEU Business Council have signed an agreement on the creation of the Eurasian electronic commodity exchange of the Silk Road.

According to head of Association’s representation in Kazakhstan, adviser to the president of the FBA EAC Alexei Smolyakov, the peculiar feature of the Joint Stock Company “Universal Commodity Exchange Eurasian Cooperation” is that in this case the exchange mechanism and the mechanism for conducting clearing settlements in the multicurrency regime are combined. Connection of the banks of Russia and Kazakhstan ensured uninterrupted service of exchange transactions.

Alexei Smolyakov noted that all participants of the Eurasian market are interested in creating a single electronic exchange platform. At the same time, the volume of transactions on the Joint Stock Company “Universal Commodity Exchange Eurasian Cooperation” has recently grown significantly. Today, deals are concluded mainly between the subjects of Russia and Kazakhstan.

The financial and banking association of the Euro-Asian cooperation (FBA EAC) was registered on September 11, 2013. The association has representative offices in China, Singapore, the United Arab Emirates, Bulgaria, Belarus, Kazakhstan, and regions of Russia. The members and partners of the FBA EAC are more than 40 financial sector structures.

The purpose of the association is to organize favorable conditions for the effective operation of participants in the national financial markets – members of the association in the SCO, BRICS, EAEU, EU countries by establishing interbank cooperation in the selection and implementation of business projects, the creation of the Eurasian Bank for investment projects.

JSC “Universal Commodity Exchange of Eurasian Cooperation” was founded on December 10, 2013, the head office is in Kazakhstan.

Source: Kazakhstan 2050