The Saint Petersburg Exchange and the State Commodity and Raw Materials Exchange of Turkmenistan (SCRMET) have identified five key areas of cooperation, ranging from the technological modernization of software products to the creation of joint exchange-traded products and the organization of inter-exchange trading. The Saint Petersburg Exchange press service provided details of the agreement, signed following a meeting of the intergovernmental commission.

Technological Modernization and Development Sharing

The exchanges agreed to technically modernize their trading software and share technological research results. This involves implementing cutting-edge IT solutions and creating a unified technological platform for organizing trading.

The parties will also develop modern forms and methods of trading, adapting the best practices of both platforms to the needs of market participants.

Marketing Research and Product Promotion

The St. Petersburg Exchange and the State Commodity and Raw Materials Exchange (SCRMET) intend to conduct joint marketing research in the Russian and Turkmen markets and subsequently exchange the resulting data. This will allow trading participants to receive up-to-date information on the market conditions in both markets.

A separate focus will be the joint promotion of trading in specific exchange-traded commodities. Given the platforms' specializations, this could include oil products, cotton fiber, chemicals, and textiles.

Creation of inter-exchange products

A key element of the partnership will be joint projects to organize trading and create new exchange products. As Batyr Volsakhatov, Chairman of the Board of the State Commodity and Raw Materials Exchange (SCRMET), explained, mutual visits between delegations are planned in the near future to exchange experiences and best practices in exchange technologies.

"We have ambitious plans for marketing research and information exchange about the products traded on our markets. Based on this, we will begin organizing direct inter-exchange trading," Volsakhatov noted.

Strategic prospects

According to Igor Artemyev, President of the St. Petersburg Exchange, the document is of strategic importance in terms of logistics and the development of cross-border trade on the Eurasian continent.

"Cooperation with the State Commodity and Raw Materials Exchange of Turkmenistan will strengthen interactions between the businesses of our countries. Ultimately, our work will form the basis for the formation of a unified market and information space," Artemyev emphasized.