Micex | News Room | The National Mercantile Exchange and the Uzbek Commodity Exchange sign a memorandum of cooperation

The National Mercantile Exchange and the Uzbek Commodity Exchange sign a memorandum of cooperation

February 13, 2006

SAMARKAND, 10 February 2006. — 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.

the National Mercantile Exchange (NAMEX) was established on 3 July 2002. Its stockholders are the MICEX, the SCIEX, the NNCSEX, the SICEX, the URCEX, the RCSEX, the SPCEX, the Russian Grain Association, the Association of Sugar Producers of Russia as well as operators in the grain market and other commodity markets. The NAMEX holds the License of the Commission for Commodity Exchanges of the Russian Antimonopoly Ministry #129 of 26.09.02.

In 2002 √2005, the NAMEX took part in organizing trading in the framework of state purchase and commodity interventions in the grain market.

Brief information: the Uzbek Commodity Exchange was established as a public company. On 8 April 1994, it was registered at the Ministry of Justice of Uzbekistan. Its stockholders are 371 organizations, including largest manufacturing and trade companies. The UZEX▓s charter capital is 2.5 million dollars. In 2004, the UZEX launched a new electronic trading system, enabling to carry out dozens of thousands of operations per second. Today, the UZEX is Uzbekistan▓s largest commodity exchange, accounting for over 80% of the exchange market and about 18% of the country▓s wholesale trade turnover. The UZEX organizes trading in cotton and cotton products, diesel oil, petrol, fuel (black) oil, rolled ferrous metal, copper and mineral fertilizers. In 2005, the total value of transactions on the UZEX amounted to 771 million dollars.