A cooperation agreement between Tatarstan and the St. Petersburg International Commodity Exchange signed

On July 28, at their meeting in the Government House of the republic, the Rais (Head) of Tatarstan Rustam Minnikhanov and the President of St Petersburg International Commodity Exchange Igor Artemyev discussed the pressing issues of interaction and signed a cooperation agreement between the Government of Tatarstan and St Petersburg International Commodity Exchange.

The document envisages active interaction of parties to develop stock exchange and over-the-counter trading of goods on the territory of Tatarstan, which should contribute to the development of competition and the formation of fair market prices for goods produced and purchased in the republic.

The use of exchange infrastructure will allow local companies to significantly digitalize trading procedures and eliminate paper document flow. The agreement also provides for the possibility of commercial enterprises and government bodies of the subject using exchange and over-the-counter indices of the St. Petersburg Exchange.

Igor Artemyev and Rustam Minnikhanov also discussed the introduction of regional producers to the Exchange, the possibility of regional organizations purchasing goods on the Exchange under the framework of No. 223-FZ "On the purchase of goods, works, services by certain types of legal entities", as well as the purchase of goods by producers of Tatarstan for their own needs. A separate topic of the meeting was the creation of instruments for partner financing on the commodity exchange. This includes the introduction of standards for Islamic exchange contracts to launch commodity brokerage, which is the closest possible product of Islamic financing to a traditional loan.

“It is gratifying that our fruitful cooperation with the St. Petersburg International Commodity Exchange continues. The Cooperation Agreement signed today will help create the necessary conditions for the formation of a competitive environment, and most importantly, for transparent and fair trade. The document is also aimed at improving the knowledge of specialists in the exchange trading, and this is an important step towards creating highly qualified personnel. The St. Petersburg Exchange is introducing Islamic principles into its work, and such a modern approach will help strengthen our relations with Islamic countries," Minnikhanov said.