OREANDA-NEWS. On May 19, 2008 the integrated network of electronic auction markets of Uzbek Republican Commodity Exchange (UzRCE), one of the largest in CIS, has finished transfer to fibre optic data communications system, reported the Official website www.investuzbekistan.uz.

The director of Electronic Auction Markets Center (EAMC) of UzRCE, Shoira Makhmudova informed that it allowed increasing the speed of electronic data transmission thousand times between trade fields of the Uzbek Commodity Exchange inside the Republic and other countries’.“If earlier the data transmission speed was counted at megabits, now it is counted at gigabits,” marked Sh. Makhmudova.

The decision to transfer to the fibre optic data communications of the integrated network of electronic auction markets of UzRCE was adopted at a shareholders meeting. First, the request for a dedicated line was sent to the Agency of Communication and Information of Uzbekistan, and after its approval the UzRCE advertised a tender on wiring the dedicated line, and then the winner of the tender carried out all the installation and testing work, which finished in April this year.

Now the technical equipment of UzRCE is one of the best among commodity exchanges of near countries and the leading trade fields of the world.

The OSC “UzRCE” was founded in April, 1994 and currently has 260 trade fields, including in Europe and Asia. They offer more than 100 of such world demanded commodity items as petrochamicals, liquid gas, polyethylene, black ferrous and nonferrous materials, construction materials, cotton fibre, yarn, mineral fertilizers.

In March, 2005 the management of the exchange approved the realization order of commodity production for hard currency, according to which foreign purchasers can participate in auctions on their own by registering their broker or hiring an Uzbek broker. The registration of export contracts, based on bargains is conducted in the Calculating and Clearing Chamber of UzRCE, are registered in customs, which is a basis for cargo and customs declaration.