The Ministry of Industry and Trade and the Ministry of Agriculture joined the work of the Exchange Committee

05-09-2017 | 06:45

An additional agreement is signed for the Ministry of Industry and Trade and the Ministry of Agriculture joining the Agreement on Cooperation between FAS, the Bank of Russia and the Federal Tax Service to work on the Exchange Committee.

To execute the decision made by the Commission at the President of the Russian Federation of the Fuel-and-Energy Complex, for several years FAS has been undertaking measures to develop and improve mechanisms of on-exchange trading with oil, oil products, natural gas, petrochemicals, agrochemicals, ferrous and non-ferrous metals, construction materials (cement market) and introduction of the institution of registering off-exchange contracts with exchange goods. One of the measures to execute the instructions of the RF President is the Exchange Committee that is formed and has been operating successfully since the beginning of 2015. It is a platform for discussions and implementing measures designed to develop on-exchange trade.

To further develop on-exchange trade with physical commodity, Additional Agreement No. 1 to Agreement on Cooperation of 10 December 2015 No. BR-D-55/786/09-66/ММV-23-13/83 was signed, adding the Ministry of Industry and Trade and the Ministry of Agriculture to the Exchange Committee.

Head of FAS Department for Regulating Fuel-and-Energy Complex, Dmitry Makhonin emphasized: “Further development of on-exchange trading involving the ministries created market indicator, which, in their turn, would help develop financial tools and increase capitalization of Russian companies”. He pointed out that FAS continues efforts to draft an Additional Agreement to put the Ministry of Economic Development on the Exchange Committee.