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A new version of the Timber Market Trading Regulations was approved

A new version of the Timber Market Trading Regulations was approved

We would like to inform you that by the decision of the Exchange Board of URX LLC (Minutes No. 3 dated 26.02.2024), amendments were made to the Regulations on the organization and conduction of the exchange trading auctions in the field of «Untreated timber and timber products» at the Commodity Exchange – Limited Liability Company «UKRAINIAN RESOURCE EXCHANGE» (hereinafter – the Regulations) by setting out the Regulations in a new version.

The amendments to the Regulations relate to:

  1. introduction of a rule that all legally significant actions in the ETS (submission of an auction application/application for participation in an auction, withdrawal of bidders’ applications/cancellation of registration for participation in trading, submission of an order to write off margin from the clearing account, signing/certification of a stock certificate/exchange agreement) may be performed exclusively within the trading day (from 9:00 to 18:00 Kyiv time). Outside of the trading day, the ETS may be used exclusively in viewing mode;
  2. the possibility for the initiator of the auction to set the start time of the trading session – not earlier than 9:15 a.m. and not later than 5:15 p.m. of the trading day;
  3. establishing the rule that in case of automatic extension of the trading day after 18:00 (the trading session is not completed before the end of the trading day), such trading day shall end after 30 (thirty) minutes from the moment of determining the winner of the last lot in respect of which trading took place in a particular auction (the moment of the end of the trading session);
  4. establishing an obligation for the parties to an exchange contract that is not automatically generated in the ETS to use only the number of the purchase and sale contract generated by the ETS automatically;
  5. regulation of the ETS user’s liability for the validity (relevance) of the QES, which is used by such a user to perform legally significant actions in the ETS;
  6. supplementing the Regulations with Appendix No. 20, which defines the list of qualified providers of electronic trust services whose keys can be used in the exchange’s ETS.
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