Russia's SPIMEX, Iran Mercantile Exchange sign memorandum of understanding

MOSCOW. Sept 27 (Interfax) - St. Petersburg International Mercantile Exchange (SPIMEX) and Iran Mercantile Exchange (IME) have signed a memorandum of understanding, the Russian bourse said in a statement.

The document was signed on the sidelines of the Russian Energy Week by SPIMEX President Igor Artemyev and IME CEO Seyed Javad Jahromi.

The purpose of the agreement is to organize trading in key commodities on exchange platforms and strengthen trade and economic relations between the countries.

"The parties intend to develop a common commodity and financial markets infrastructure, including mutual recognition of brokers, provision of a range of warehouse services and exchange of market information. Joint research projects and consultations on technology development and government regulation are also planned," the statement said.