IME Head unveils launch of workgroups on trading regulation revision, market

TEHRAN (ISNA)- Managing Director of Iranian Mercantile Exchange (IME) unveiled launching of 3 work groups on trading regulation revision and market study on some listed products: cumin seed has been listed as underlying asset in the futures market; soybean and soybean meal are under further study.

According to the report from IME international affairs and PR, Hossein Panahian referred to the latest measures taken for boosting agricultural transactions in IME and said, “IME from inception tried to strengthen and revitalize trading of agricultural products through incentives like granting permission to individual clients to trade in this market and it has doubled efforts from last year by taking various measures including close contacts and interaction with stakeholders, unions and organizations and relevant authorities like ministry of agriculture, chamber of commerce, agricultural unions, market participants and major importers of agricultural products.”

He briefed on the trading volume of agricultural products from the beginning of 1392(Iranian calendar year beginning from March 20) as 17,730 MT of maize, sugar, wheat, feed barley and oilseed meals, traded in the value of 165 billion IRR.

He reiterated that expansion of agricultural products trading is a priority for IME and the exchange has embarked on measures like developing futures contracts on agricultural underlying assets with recent listings of the maize, soybean meal and cumin seed for the purpose of hedging and risk management, making coordination and required propagation with the stakeholders and market participants of these products like relevant associations and unions including poultry unions, chamber of commerce and members of the securities and Exchange Brokers Association as well as traders of green cumin seed market in order to give a momentum to the trading of such products in IME at their inception.

In his remarks, Panahian pointed to deployment of warehousing system high on IME agenda and said in order for the bylaw of the article no.33 of the law for raising productivity in agricultural sector, being operational and to launch offering and trading of nominated products through licensed warehouses, a large number of warehouses owned by the Central Union of Agricultural and Rural Cooperatives, Oil seed Growing Expansion company and Central Organization of Rural Cooperatives have been selected and evaluated in terms of standards for listed agricultural products and they are going to be listed in the exchange.



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