Business news
BUCE to step up cooperation with exchange brokers in Belarus, abroad
An archive photo
MINSK, 21 December (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) intends to establish tighter interaction with Belarusian and foreign brokerage firms, which are accredited with the Belarusian commodity exchange. BUCE Chairman of the Board Aleksandr Osmolovsky made the statement at a meeting with professional participants of the commodity exchange market, BelTA has learned.
Tighter interaction will increase the effectiveness of encouraging new commercial entities to trade via the commodity exchange. It will open up additional opportunities for expanding the choice of traded goods and the geography of sales. It will also contribute to the growth of deals on the home market and foreign ones.
According to Aleksandr Osmolovsky, BUCE is extremely interested in encouraging brokerage and expanding the network of brokers in Belarus and abroad. At present 58 brokerage firms from eight countries cooperate with the commodity exchange. Taking into account the importance of the tasks they accomplish, brokers are not simply partners of the commodity exchange. They are official representatives, who help promote the idea of exchange-facilitated trade and expand the sphere of application of exchange tools in various branches of economy and on various markets. “This is why I expect that next year we will advance our cooperation to a brand new level thanks to a constructive dialogue, coordinated work, and joint projects aimed at achieving common goals,” the BUCE head stressed.
In 2023 the Belarusian Universal Commodity Exchange already made certain steps to meet professional market participants half-way by simplifying the registration of broker clients, by introducing remote attestation of traders, and by granting preferences with regard to exchange deposits. These changes are expected to have a stimulating effect on brokerage firms and will have a positive effect on their performance.
Participants of the meeting discussed not only topical issues of brokerage but also the product niches that hold the most promise for brokers. In particular, in agribusiness segment there is a significant untapped potential for purchasing oilseed meals of oil-bearing-crops, grain, seeds for sowing and food raw materials as well as for exporting meat and dairy products and sugar. In the timber industry brokers were encouraged to focus efforts on exporting woodworking products, including via exchange-facilitated two-sided deals, which account for 30% of BUCE-facilitated sawn timber export sales at present. As far as metal products are concerned, brokers were encouraged to think about selling metals and ferrous alloys using formula-based pricing. This line of business grew fast throughout 2023, with the sum of deals already in excess of Br95 million.
The meeting with BUCE brokers ended with a solemn ceremony to present commemorative awards to the most active partners of the Belarusian Universal Commodity Exchange in nine nominations depending on the sum and the number of deals, which were signed in 2023, and the number of clients, who regularly participate in exchange-facilitated trade.
The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.
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