PMEX Signs MoU with BUCE
Pakistan Mercantile Exchange (PMEX), country’s first and only multi-commodity futures exchange, signed Memorandum of Understanding (MoU) with Belarusian Universal Commodity Exchange (BUCE). The signing ceremony was hosted by BUCE in Minsk on May 11, 2018 and Mr. Ejaz Ali Shah, Managing Director, PMEX, and Mr. Arkady Salikov, Chairman of BUCE, were the signatories. The MoU is designed to facilitate closer cooperation in areas such as market development, business cooperation and experience sharing.
In the past, MoUs have been signed with five exchanges namely; Borsa Istanbul, Izmir Commodity Exchange (ICE), Dubai Gold & Commodities Exchange (DGCX), Iran Mercantile Exchange (IME) and Dalian Commodity Exchange.
Commenting on the occasion of MoU signing, Mr. Ejaz Ali Shah, Managing Director of PMEX, said, “PMEX is pleased to sign the MoU with BUCE. This strategic alliance lays the groundwork for future cooperation between both the Exchanges to facilitate trade. We strongly believe that by working together, the two exchanges can benefit from each other’s strengths in creating synergies and developing an efficient platform for trading. The prime objective of the Exchange is to create a mechanism to showcase local agriculture commodities to global buyers enabling them to purchase and have the commodity delivered at their doorstep with utmost convenience and reduced cost. In line with this objective, the Exchange is striving to explore collaboration opportunities with regional commodity exchanges for enhancing trade among the countries”.
Mr. Arkady Salikov, Chairman of BUCE, speaking on the occasion said, “We are very excited to cooperate with PMEX and it’s important that both our exchanges have something to offer to each other. For example, you specialize in futures trading and your vast experience and expertise in hedging and clearing are extremely valuable to us as we are developing a commodity futures and options market in Belarus. On the other hand, many countries across the globe are now switching their focus to the spot market since it is the one that provides for the needs of the real economy. Ensuring free flow of commodities domestically and abroad is one of BUCE’s priority objectives and we have indeed made some headway in this area. I think the key to success lies not so much in high technologies, although they are essential, but rather in support rendered by market participants and the government. It would otherwise be impossible to move forward and evolve”.