Commodity exchange gets license to conduct trading

business and economy

Commodity exchange gets license to conduct trading

By SRI ⋅ February 4, 2010 ⋅

(SRI) - The Eurasian Trading System (ETS), an Almaty-based commodity exchange, has received a license to conduct commodity trading operations from the Ministry of Industry and Trade, ETS said in a statement.

Trading on the commodity exchange has been halted since January, when a new law on commodity trading activities came into effect requiring all participants to have licenses issued by the Ministry of Industry and Trade. According to ETS, trading will resume when participating broker/dealers receive licenses allowing them to take part in the trading activities on the exchange.

“The obtaining of the license confirms not only compliance with state standards for the organization and implementation of commodity trading, but also the professionalism of ETS staff, as well as the use of trading technologies in Kazakhstan,” ETS said in its statement.

ETS had been jointly launched by the Russian Trading System (RTS) and Regional Financial Center of Almaty (RFCA) last year, with the goal to become a major regional player. The RTS has a 60% stake in the new exchange, while its partner the RFCA holds the remaining 40%.