Annual meeting of the Council of the International Association of Exchanges of the CIS was held on 1-4 June in Tashkent, UzReport.com reported.  

 

International Association of Exchanges of the Commonwealth of Independent States countries was established in Moscow in April, 2000 in order to coordinate the efforts of its members in the formation of a common exchange space employing advanced exchange trading techniques, ensure mutual admittance of non-residents to participation in exchange trades, and support effective solution of other professional issues and thereby develop CIS organized financial markets in accordance with international standards.  

 

More than 20 stock, currency, and commodity exchanges of Russia, Ukraine, Belarus, Uzbekistan, Kazakhstan, Azerbaijan, Armenia and Georgia are now members of the Association. The higher administrative body of the Association is the General Assembly of the Association members, which gathers at least once a year.  

 

The rest of the time the Association’s work is coordinated by the collegial administrative body – the Council of the Association.  

 

On 19 June 2006 the following people were elected to the Council for the period of two years: Farhat Amirbekov (Head of Baku Interbank Currency Exchange), Oleg Andronov (Chairman of the Board of Directors of Ukraine Interbank Currency Exchange), Azamat Joldasbekov (President of Kazakhstan Stock Exchange); Alexander Potemkin (President of Moscow Intebank Currency Exchange), Tohir Tohtabaev (Chairman of the Board of the Uzbek Republican Commodity Exchange); Pavel Tsehanovich (Director-General of the Belarusian Currency-Stock Exchange).  

 

Uzbek Republican Commodity Exchange, whose head Tahir Tohtabayev is also a member of the Council, is hosting the Council meeting in Tashkent.  

 

In the course of work sessions, the members of the Council discussed a number of topical issues concerning the current condition and future development prospects of the national exchange markets of the CIS. Reports were delivered on the technical and functional possibilities of the program-technical bases of the member-exchanges, as well as the prospects of developing cooperation in ensuring proper functioning of trade, clearing and depositary systems. Besides, report was delivered by the Executive Director, Alexey Kurpin on the financial-economic activity of the Association in 2006, and the conclusions reached by the revision commission to be discussed at the General meeting this year.  

 

On 2 June the delegation of the Council met Deputy Prime Minister, Minister of Finance of Uzbekistan Rustam Azimov. In the course of the meeting, the parties shared opinions on the prospects of developing exchange markets of the Commonwealth countries.