IEU to consolidate cooperation with Iran Mercantile Exchange regardless of sanctions

TEHRAN (FNA)- Managing Director of the Interexchange Electronic Union (IEU) Gregory Vardikian voiced the IEU member states’ willingness to strengthen their cooperation with Iran Mercantile Exchange (IME) in spite of sanctions on Tehran.

The IME hosted the 2nd annual meeting of the IEU on November 15-16.

The IEU is an international Union which attempts to connect CIS (Commonwealth of Independent States, a regional organization whose participating countries are former Soviet Republics) and Eastern Europe commodity exchanges. The IEU has requested the membership of the IME in the union.

Speaking to reporters in a press conference in Tehran on the second day of IEU meeting in Tehran on Sunday, Vardikian, who is also the managing-director of Armenia’s Stock Exchange,  played down the effectiveness of sanction on the progressive trend of establishment and reinvigoration of ties between the IME and the IEU, and said, “Incorrect policies have never been supported by any Armenian official, and meantime, the IEU members are not faced any restriction to trade their commodities with Iran, so no government or person can prevent Tehran and international mercantile exchanges to conclude mutual contracts.”

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.

By Fars News Agency


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