The National Mercantile Exchange And The Uzbek Commodity Exchange Sign A Memorandum Of Cooperation

The National Mercantile Exchange (NAMEX) and the Uzbek Commodity Exchange (UZEX) have agreed to cooperate in developing the exchange infrastructure. To focus the common efforts of the two exchanges on developing the commodity market in Russia and Uzbekistan, Director of the NAMEX Sergei Naumov and Chairman of the Board of the UZEX Takhir Tokhtabayev have signed the Memorandum of Cooperation.

Under the Memorandum, the National Mercantile Exchange and the Uzbek Commodity Exchange will cooperate in the following areas:

• exchange of information on the state of markets, including information on the course of trading;
• assistance in the implementation of projects in the commodity market, including the provision of soft- and hardware;
• assistance in training Russian and Uzbek participants in trading held on the NAMEX and the UZEX;
• exchange of experience in organizing trading in the commodity market; use of advanced technologies, including the Internet, in trading.

At the signing ceremony, the parties expressed their belief that cooperation under the Memorandum, which took effect on 10 February, will promote the development of the infrastructure of commodity markets in Russia and Uzbekistan. This, in its turn, will help to increase the trade turnover between the two countries and strengthen economic links between Russia and Uzbekistan.

According to the MICEX President Alexander Potemkin, who attended the signing ceremony, the conclusion of the Memorandum between the NAMEX and the UZEX is in full agreement with the MICEX Group’s program of promoting interaction with exchanges of the CIS with the aim of forming an integrated exchange area of the Commonwealth. This work is being performed under the aegis of the International Association of Exchanges of the CIS Countries, established in 2000. The Association is comprised of 20 leading exchanges and depositaries from 9 countries of the Commonwealth, which play the key role in serving the mutual financial turnover as well as operations in foreign exchange, government securities and stocks.