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Sunday, 15 November 2015 17:26

Iran Mercantile Exchange, Armenian counterpart discuss expansion of cooperation

Iran Mercantile Exchange, Armenian counterpart discuss expansion of cooperation

Iran Mercantile Exchange (IME) and Yerevan Commodity Exchange agreed to expand their cooperation within the framework of the Interexchange Electronic Union (IEU).

 

IME Managing Director Hamed Soltaninejad, a group of IME top managers as well as the IEU chairman and the managing director of the Armenian Yercomex in the IME, in a meeting in Tehran, exchanged views over the possible grounds for the expansion of cooperation within the IEU.

"Based on the primary agreement on preparing the proposal for launching the Interexchange Information Center in IME, we could expect for having a better development and use of synergies and potential of this cooperation through member commodity exchanges," Soltaninejad said in the meeting. 

Launching multi–lateral common exchanges and special commodities exchanges in the member countries of IEU were among other issues which were discussed during the session.

The IEU includes 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.
Interexchange Electronic Union is a non-commercial electronic union by the participation of exchanges as legal entities and acts in an electronic infrastructure.

The IME was established on September 20, 2007 in accordance with article 95 of the new law of the Securities Market of the Islamic Republic of Iran and following the merger of the agricultural and metal exchanges of Tehran. The merger marked a new chapter in Iran capital market providing endless trading opportunities for the clients in and out of the country.

Various sectors of economy and national industry benefit from the exchange operation. The IME currently offers various services, including:

Performing as the first market providing access to the initial offering of the listed commodities in the IME,

Price discovery and price making for Iran's Over the Counter (OTC), secondary markets and the end users,

Providing venue for government sales and procurement purchases,

Providing Trading platform and user interface,

Providing Clearing & Settlement services,

Risk management,

Technology services,

Training and education of the market participants.
EA

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