The St. Petersburg international commodity exchange's initial capital is to amount to RUB 750m (approx. USD 32.09m), Russian Prime Minister Viktor Zubkov told a meeting with the exchange's founders today. He said that a vertically integrated holding in the form of a closed joint-stock company was expected to be set up. The holding is projected to deal with commodity and financial clearing, transportation logistics, and producers and consumers' risks insurance. The creation of such an organization is a reasonable and timely step, as the project will develop Russian companies' competitive advantages, pave the way for a fully convertible ruble, and provide a basis for the creation of a global financial center in Russia, Zubkov noted.

News source: RBCnews.com
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