Uzbek Commodity Exchange plays an important role in providing equal access of national and foreign companies to highly liquid commodity actives produced in the country, such as ferrous and nonferrous metals, oil products, cotton fiber and cotton products, mineral fertilizers, sugar, wheat flour, grain and others. Uzbek Commodity Exchange is situated in Tashkent, the capital of the Republic of Uzbekistan. 12 branches in all regional centers of the country are included in the structure of the exchange. Presently more than 1200 brokers are the members of the exchange.
The exchange gradually carries out the work on expansion of trade infrastructure by organizing the remote trading platforms (trading places) connected to UzEx uniform electronic trading system that allows the brokers working at the remote platforms not only to receive the on-line listing information about the parameters of production put for sale, but also to participate in the trades. It is necessary to emphasize that the brokers from the remote trading platforms have the opportunity to participate in the exchange trades in the real-time operation mode, being located in this case practically in any spot on the globe.
The process of creation of the remote trading platforms is characterized by the high dynamics, including outside the country. By the present 72 remote trading platforms practically in all regional centers of the country have been created. Besides, the remote trading platforms in a number of the countries of CIS, Europe and Asia are actively being opened.
The exchange trades on Uzbek Commodity Exchange are held daily from 9:30 to 17:00 (Tashkent time), except for Saturday and Sunday. Sale transactions under both the internal and foreign contracts are made through the brokers accredited on the exchange. The exchange transactions on Uzbek Commodity Exchange are made on delivery against payment terms, moreover both spot and forward contracts are made. Clearing Chamber acting on the exchange allows the participants of the trades to guarantee the absolute fulfillment of contract obligations taken by the participants of the transaction. Taking into account that the exchange transactions on Uzbek Commodity Exchange are carried out on delivery against payment terms, Clearing Chamber uses the accredited form of payment. Payments under the exchange transactions are made not directly between its parties, but through the settlement center of Clearing Chamber, which makes them only after receipt of guarantees of quality, the actual availability of goods and its readiness for shipment.
Besides, the exchange rules provide for transferring the advance payments at the rate of under 2% of the prospective amount of the transactions by participants of the transactions to the accounts specially opened at Clearing Chamber. These funds can be written off in nonacceptance order by Clearing Chamber from the account of one of the parties of the transaction and entered in the account of the other party as the performance of penalty provision in case of breach of one of the assumed contract obligations under the fulfilled exchange transaction.
