Board of directors of the “Silk Way” Universal commodity exchange” Joint-stock company
On January 18, 2019 the meeting of the shareholders of the “Silk Way” Universal commodity exchange” Joint-stock company was held. The meeting re-elected the Board of Directors which now consists of:
B. Bayseitov – President of FBA EAC, President of the Association of Banks of the Republic of Kazakhstan,
O. Berezovoy – General Director of FBA EAC, Member of the Management Board of RSPP,
A. Kazakov – Chairman of the Coordination Council of FBC CIS,
A. Murychev- Chairman of the Coordinating Council of FBA EAC, Executive Vice-President of RSPP,
A. Tkachyuk – Chairman of the Board of Directors of OJSC “Russian Mineral Resources”, Member of the Board of RSPP.
The Board of Directors settled upon a number of key issues and decided to develop the Exchange in the next three years, i.e.:
- To enlarge the volume of commodities
- To create an electronic platform for the OTC-trades
- To raise the number of clients up to 100
- To open representative offices in Belarus, Armenia as well as to organize the trade with Europe, India, China and Africa
- To enhance the base of own logistic centers
- To obtain the clearing license, to launch the trades of futures and options
- To widen the range of service, to open a section for individuals
The main goal and aim of the Exchange “Silk Way” is to create an exchange market on the territory of the single economic space. It’s no coincidence that the location of the exchange is Astana, which is the geographical center of Eurasian continent and the main commodity flows from Asia to Europe go through Kazakhstan. Moreover Kazakhstan offers low taxes and most preferable conditions for business development.
Single Economic Space (SES) established on January 1, 2012 (participants – Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan) is a form of interstate cooperation aimed at liberalization of foreign economic relations inside the organization and at joint protectionism beyond it. The goal of SES is to ensure the so called “four freedoms” among member-states: freedom of commodity, capital, services and labor force flows. The establishment of SES was decided at the governmental level, however its formation is very slow with administrative, technical and economic barriers.
At the same time commodity exchanges are in fact, a market mechanism of pricing. Moreover the exchange can cover most part of risks arising between sales persons and buyers without additional expenses from counterparts. Exchange mechanisms of trades allow to set equilibrium price as well as to guarantee the shipment of goods to the buyer and the receipt of money by sales person, ensuring equal rights to all participants of the trades. Thus the development of exchange trading on the territory of SES is supposed to unite the markets of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, and to complete the soonest interstate integration within the Single Economic Space.