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» » The theses of the presentation of Head of the Moscow Representative of the Universal Commodity Exchange (UCEX) Egor Ivankon

The theses of the presentation of Head of the Moscow Representative of the Universal Commodity Exchange (UCEX) Egor Ivankon

The Eurasian Economic Union (the EAEU) has been established to promote the comprehensive modernization, cooperation, increasing the competitiveness of the national economies of member-states aimed at creating the conditions for sustainable development and improvement of population’s living standards. The “pilot project” of a system of financial calculation during export-import operations involving Commodity Exchanges was launched on the initiative of Financial and Banking Association of Euro-Asian Cooperation in 2015 on the territory of EAEU countries. The project lies in the system of interaction of participants of foreign economic activity of EAEU countries with financial institutions of these countries.The Commodity Exchange served as a mediator in this interaction. The Exchange allows performing transactions without restrictions by jurisdiction of participants and types of stock products. The calculations are held on behalf of “participant of Clearing” under conditions as specified in contracts with the Exchange. All trades are open, the information is updated online daily on the site of the Exchange. There is also a bidding statistic that allows forming a procurement plan for lengthy periods. At the Commodity Exchange “Demand” and “Offer” are formed from economic entities of EAEU member-states as well as are accessible for the urgent market. The “pilot project” was seriously discussed at the meeting of the Coordinating Council of FBA EAC on July 5, 2016. During the meeting the participants of the project agreed that the project has a good prospect despite some challenges. At the meeting of the Supervisory Board of FBA EAC Timur Suleimenov, Chairman of the Supervisory Board of Financial and Banking Association of Euro-Asian Cooperation, Member of the Board – Minister in charge of Economy and Financial Policy of the Eurasian Economic Commission, confirmed the relevance and importance of this project as a mechanism to convergence and integration of economic entities on the united economic space of the EAEU. It must be said that in connection with a difficult political and economic situation on the EAEU territory, the member-states have to defendtheir domestic markets. But own interests don’t always coincide with a common cause and development strategy of the EAEU that making the integration process even more difficult. In our view, one of the mitigation frameworks is the development a new system of monetary relations on the EAEU territory.

For 2016, in the implementation of the “pilot project”, the volume of conducted trade amounted more 1 billion rubles.

Large-scale implementation of this project will allow:

-          to take the distinction off in a monetary regulation;

-           to develop a single system and technology in exchange trading;

-           to reduce the risks of volatility of national currencies;

-          to develop a single tariff policy for payment in national currencies;

-           to speed up the process of development the market of payment services in national currencies;

-           to increase a turnover between member-states of various associations, and as a consequence – to expand the scope of a market

-           to create new production;

-           to develop long-term programmes of the economic development;

-           to create a favourable environment for business;

-            to promote inter-exchange cooperation;

-            to create a favorable investment climate.

Today FBA EAC consists of financial and banking associations, banks and commercial structures more than 30 countries. This allows it to enter new markets and reach any business goals.