Turkmenistan, Ashgabat, June 17 / Trend H.Hasanov /
The Turkmen State National Commodity Exchange (TSNCE), which serves as the principal organ of state regulation of export-import operations in the country, announced about the amendments to the exchange trade rules.
The amendments affected the two points bidding and exchange arbitration.
The amendments to the bidding article are followings:
31. Admission of bidders in the stock trading floor begins 15 minutes before the auction. In the absence of a broker-seller at the auction, his application for the sale will be withdrawn from the auction.
33. Person leading trade conducts auctions in order of product groups in exchange bulletin.
44. Broker-Seller has no right to raise the price of its goods in the bidding process. Price can only be increased if there are several Brokers-buyers. Broker-Seller has no right to withdraw the goods before the end of the auction, if there are interested during the bidding for the goods.
36. If after three trading brokerage application for sale is not realized, and the price is not reduced, the application may be withdrawn from the auction. In the absence of demand in goods Broker-Seller has the right to change the original terms of the application, as well as the price of the goods.
38. If several buyers claim to purchase merchandise Lot, person leading trade the holds an auction among them.
44. Price of goods sold on the stock exchange and fixed in registration and signing the ticket transaction is unchanged during the term of payment by the buyer. If buyer fails to pay until deadline, the seller can unilaterally raise the issue of cancellation of the transaction.
45. Based on the ticket seller and buyer must make an exchange agreement (not less than 3 copies), and to register it on the Exchange within five working days. In some cases, this period may be extended by agreeing with the exchange leadership.
49. Exchange as required may request a report on the execution of the parties' obligations under registered contracts.
The amendments to the exchange arbitration article are followings:
50. Disputes arising from exchange transactions and other matters of trading shall be settled by the Exchange's Arbitration Commission.
51. Competence of the Arbitration Commission shall include:
Cancellation of deals concluded at the TSNCE at the request of the Exchange;
- Cancellation of contracts registered and unclaimed at the Stock Exchange;
- Consideration of disputes arising from exchange transactions and other matters of trading;
- Consideration of disputes on the listed contracts arising in their negotiation, modification,
termination and performance.
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