OREANDA-NEWS. On 04 May 2008 was announced, that a foundation meeting of the CJSC “Saint Petersburg International Mercantile Exchange” has been held on April 28.

CJSC “Saint Petersburg International Mercantile Exchange” founders’ agreement has been signed in course of the meeting, exchange’s charter, registered capital, location and management board – board of directors and president for the exchange have been approved, audit committee founded. 

The primary target for the exchange foundation is transfer the global price setting centers to Russian resources on the territory of Russia.

The Saint Petersburg Exchange increase the competitive edges of the Russian companies, speed up the transition to the Russian ruble convertibility and provide the basis for development of the Russian international finance center. Head of Russian government Victor Zubkov has recently said: “establishment of such organization is the circumspect and we believe well-timed step. And what is more important it is based on the macroeconomic stability of the country”. According to specialists’ research the exchange will allow to make oil, oil products, raw and energy materials trade more transparent.

The operational principles of the Exchange have been proposed by the shareholders with “Transneft” among them and approved with all engaged executive bodies. It is planned to create a vertically-integrated holding in terms of the closed joint stock company with the initial budget of 750 million rubles. The structure of the exchange will provide: the alignment of financial and commodity clearing, transport logistics, producers and clients cover on risks.

The exchange is planned to be located at the Spit of Vasilievsky Island where it has been formerly situated. A full-scale presentation of the exchange is planned in June during the Saint Petersburg’s economic forum which will be held in the middle of the month