Commodities and Raw Materials Exchange to appear in Saint Petersburg by the end of 2007- Kirill Androsov

Commodities and Raw Materials Exchange to appear in Saint Petersburg by the end of 2007, Deputy Economics Minister Kirill Androsov reported according to RIA Novosti. It is to become the forth largest oil trading floor after Singapore, London and New York, Androsov informed the reporters. According to him, Saint Petersburg is a convenient place to form round-the-clock global trading floor considering the difference of time zones- Saint Petersburg is to become the center between Singapore and London. According to Androsov Russia needs to develop regulatory framework as basis for the first Russia’s Commodities and Raw Materials Exchange. He also says Russian Government may create this exchange with partnership of NYMEХ being one of the first-priority partners of Saint Petersburg Exchange. We do not need money but we need technologies and clearing, he explained. Androsov also underlined that partnership with NYMEХ would make Saint Petersburg project more attractive. According to Androsov, the form Saint Petersburg exchange has not been developed yet - "We have not decided what way we are to follow ", Deputy Economics Minister said.