Foreign currency trade pit
UZEX foreign currency trade pit
The Uzbek Commodity Exchange is a leading exchange of the Republic of Uzbekistan. The Exchange plays an important role in providing the exchange regulation of the republican commodity market by definition of objectively forming quotation for all kinds of highly liquid commodity and raw material resources, sold through the Exchange’s commodity trade platforms.
Presently, the share of the trade turnover of the Uzbek Commodity Exchange amounts to 98 % in the whole exchange commodity turnover of the country.
According to the results of 2004, the commodity turnover of the Uzbek Commodity Exchange amounted to 450 billion soums.
The wide range of highly liquid commodity and raw material resources, such as cotton fiber, ferrous and nonferrous metals, oil products, liquefied gas, polyethylene, sugar, wheat flour and others are sold at the exchange commodity trades.
In order to create favorable conditions for the domestic and foreign participants of the foreign-economic activity, starting from March 4, 2005 on the Uzbek Commodity Exchange was opened the foreign currency trade pit, at which any volume of highly liquid products put for the commodity exchange trades can be purchased for the convertible currency.
The trades at UZEX’s foreign currency trade pit are held twice a week from 9:30 to 17:00 (Tashkent time) in real-time operation mode with using program-technical complex of the electronic exchange trades.
To participate at the trade you should purchase a brokers place ($50 a year) on the Uzbek Commodity Exchange or at one of its branches that enables to carry out the exchange trade operations or hire an accredited broker and conclude a contract with him for carrying out the exchange operations on behalf and on the instructions of a client.
Fulfillment of the exchange purchase and sale transactions for sellers and buyers is guaranteed through the mechanism of UZEX’s Clearing Chamber. The deals at UZEX are done on delivery against payment terms. Commodity shipment is made after the 100% payment for goods under the contract from the authorized UZEX’s warehouses located within the Republic of Uzbekistan. Shipment base – EX WORKS (EXW), port Uzbekistan.
The rules of carrying out of the export operations at the foreign currency commodity trade pit stipulate the following:
· The exchange transactions at the foreign currency trade pit are made only in US Dollars. The buyers can be only non-residents of the Republic of Uzbekistan. The sellers can be the Uzbek resident companies of all property forms.
· To open an account on the Uzbek Commodity Exchange’s Clearing Chamber and deposit at least 2% of the sum of the prospective deal (in US dollars). In case of breach of contract obligations between participants of trades at the foreign currency trade pit concerning prepayment terms and time of delivery of goods, the advance payments can be used by Clearing Chamber for payment of penalties in nonacceptance order.
Complete information about the rules of currying out of trades on the Uzbek Commodity Exchange, documents regulating the exchange trade in the Republic of Uzbekistan you can find on the official website of the exchange www.uzex.com. If you have any questions concerning carrying out of trade operations at UZEX’s foreign currency trade pit please call at (+998 71) 113-3305, 120-3167 UZEX’s information and analytical department , or e-mail the Exchange at info@uzex.com. |
