A pilot project on futures trading launched
Tashkent, Uzbekistan (UzDaily.com) -- On 21 December 2021, the Uzbek Commodity Exchange (UZEX) together with the Moscow Exchange (Russian Federation) launched test electronic exchange trading in settlement futures contracts for liquefied gas and cement using exchange technologies of the Moscow Exchange.
Trading in derivatives, the underlying assets of which are the prices of goods circulating on the exchange commodity market of Uzbekistan, are organized within the framework of a memorandum of cooperation between the Uzbek Commodity Exchange and the Moscow Exchange, the signing of which is aimed at implementing the Resolution of the President of the Republic of Uzbekistan from 17 March 2021 "On measures for the further introduction of market mechanisms in the sale of highly liquid and monopoly goods”.
The code of the futures contract for the price of liquefied gas - LG, for the price of cement - CM. Bidders have access to contracts with two deadlines - in January and February 2022. Estimated prices for underlying assets are determined based on the results of weekly trading on the spot market of the Uzbek Republican Commodity and Raw Materials Exchange.
As a result of futures trading for the period from 21 to 24 December 2021, 36 transactions for the purchase and sale of 115 contracts were concluded. 7 active brokerage firms of the Uzbek Republican Commodity and Raw Materials Exchange took part in the futures trading.
In the course of trading with these instruments, specialists and brokers of the Uzbek Republican Commodity and Raw Materials Exchange were able to study and master in detail the mechanism and principles of the derivatives market based on the technologies of the Moscow Exchange.
At the next stages of the implementation of this project, UZEX plans to determine the target configuration of the exchange system of the commodity derivatives market, clearing and settlement systems, introduce technologies and expand the circle of participants in futures trading and organize special training courses and trainings for local traders.