From July 2021, the provisions of the Law of Ukraine on Commodity Exchanges, as amended by the Law №738-IX dated 19.06.2020, came into force. They provide new rules of the game for professional activities in the market.
Current legislation introduces international standards of commodity exchange trading that work perfectly all over the world. After all, only a licensed commodity exchange, which meets high quality standards of its activities and has an excellent organizational structure, will be able to provide a working trading model for its customers and their commodities.
Our financial system obtained the opportunity to create reliable and transparent trading platforms where there will be a fair supply and demand for any standardized commodity in the basket.
Now quality, guarantee of settlements, risk hedging, high standards and requirements for trading on commodity exchanges are important. Healthy competition has the right to exist not between trading exchanges, but on their platforms. The NSSMC, in turn, will monitor non-discriminatory conditions for all participants in trading on exchange.
At the same time, the current legislation stipulates all standardized commodities to be traded on exchanges that have passed the licensing procedure with the NSSMC, if they wish to continue operating the commodity exchange.
Today the NSSMC has already issued licenses to the Ukrainian Energy Exchange, which has undergone a process of reorganization of its structure and has been preparing for this event for about six months. In addition, packages of documents of other exchanges have been submitted to the NSSMC for approval, which decided to stay on the market and undergo the licensing procedure under the new rules.
The NSSMC is actively working with all stakeholders to establish effective cooperation between all participants in the process of developming the right vectors of commodity markets.
Recently, representatives of the NSSMC held a meeting with experts from the Ministry of Environmental Protection and Natural Resources of Ukraine. In particular, the practical aspects of timber trade on the commodity exchange, opportunities to provide raw materials to large processors, improving the interaction of the two government agencies to bring trade relations in the timber market in line with current legislation were discussed.
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