BAKU, Azerbaijan, June 15
By Klavdiya Romakayeva - Trend:
The United States will provide comprehensive assistance in the implementation of futures trading in the Uzbek market, Trend reports with reference to the Uzbek Republican Commodity and Raw Materials Exchange (UZEX).
According to UZEX, the main purpose of the visit of representatives of UZEX on June 3-10, 2021 to the US was to cooperate with the US exchanges, government regulators, brokerage houses, software and IT companies to organize futures trading on UZEX in order to ensure the implementation of the presidential decree of Uzbekistan on measures for the further introduction of market mechanisms in the processes of selling highly liquid and monopoly goods.
In the first part of the visit, representatives of the Uzbek Exchange met with the heads of the US Commodity Futures Trading Commission (CFTC) and Connomara systems LLC.
In particular, with the support of the Embassy of Uzbekistan in the US, a trilateral meeting was held with the adviser of the Commercial Law Development Program of the US Department of Commerce (CLDP), Michael Cofield and the Deputy Director of the Commodity Futures Trading Commission, Kevin Picolley.
As a result of the negotiations, an agreement was reached that the US will provide regulations on futures trading with translation, consultations on controlling the futures market, engaging industry experts, as well as comprehensive assistance in the implementation of futures trading in the Uzbek market.
The second meeting was with the founder and CEO of Connomara systems LLC (Chicago) James Downes and his team, as a result of which the parties reached a number of agreements, including the signing of a memorandum of understanding between the exchange and a foreign company.
According to the memorandum, the parties will cooperate in the development of software for trading futures for the Uzbek Exchange and the introduction of modern IT technologies. Also, following the negotiations, the foreign company made specific proposals on organizing and conducting futures trading at the Uzbek Republican Commodity and Raw Materials Exchange.
In particular, Connomara systems LLC is ready to provide ready-made software products for trading futures based on the license of the Uzbek Republican Commodity Exchange or write and implement separate programs for the exchange, depending on the requirements.
According to the proposals, the foreign company will introduce electronic systems for trading futures contracts on the Uzbek Exchange, as well as ensure the integration of these systems into the local clearing system, testing of trading systems and their technical support.
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