World Federation of Exchanges admits Iran Mercantile Exchange as its member
Baku, Azerbaijan, June 30
By Khalid Kazimov – Trend:
Iran Mercantile Exchange (IME) has been admitted as a member of the World Federation of Exchanges, an IME official said.
Mohammad Fetanat, the IME chairman, said IME’s admission became possible following the implementation of the Joint Comprehensive Plan of Action (JCPOA) Jan. 16, IRNA news agency reported June 30.
He made the remarks during a ceremony in Tehran for inking a memorandum of understanding (MOU) with Pakistan for cooperation between the two countries’ mercantile exchanges.
Fetanat said Iran was not earlier eligible to become a member of the federation due to the Western sanctions.
Petrochemicals and oil based products, alongside with a range of agricultural products, as well as metals and minerals are traded in the Iran Mercantile Exchange (IME).
The Iran Mercantile Exchange was established in September 2007, following the merger of the agricultural and metal exchanges of Tehran. Trades in the IME are carried out in the spot, derivatives and secondary markets.
Last December, 1.42 million tons of different commodities were traded on the IME’s domestic and export trading floors.