First commodity exchange in Vietnam to be introduced
The SME Securities Joint Stock Co (SMES) and Trieu Phong Gold International Joint Stock Co (TPG) officially held the ceremony to introduce Trieu Phong Commodity Exchange (TPE) in HCM City yesterday October 20.
The TPE has chartered capital of 150 billion dong. It was expected to raise chartered capital to 300 billion dong after one year of operation. TPE was established with the participation of SMES, TPG and other founding members with the purposes of bringing in a new investment channel in Vietnam’s commodity markets.
Accordingly, the new commodity exchange will list the standard domestic prices for commodities such as coffee, rubber and steel products based on the consecutive matching order mechanism via modern software supplied by Patsystem – the large partner in supporting technical solution package and transaction system management software for many organisations.
TPE will set up, manage and operate the transaction network, supervise the transactions and make sure the transactions running smoothly and check the quality of the commodities and delivery services following the transaction contracts.
In addition, TPE also provide, analyse and update information about the domestic and foreign commodities for the members and other participants in the market, as well as establish the transactions with other commodity exchanges nationwide and worldwide.
At the same day, SMES and TPG inked the strategic partner agreement, under which SMES was not only the founding member, transaction member but also the partner to develop the brokerage member network and transaction member network.
The two parties will also cooperate in distributing the financial products and services, other added services in the commodity exchange.
Bank of Investment and Development of Vietnam (Bidv) also signed the cooperation contract with TPE in introducing the customers to provide services, supporting financial services, payment services and capital arrangement ones.
Category: Economy
