Registered
By the Ministry of Justice of Turkmenistan
No 908 dated September 14, 2015
Authorized
By the Order of the Chairman
of the State Commodity and Raw Materials
Exchange of Turkmenistan
No. 01/05-19 dated August 14, 2015
THE ORDER
of carrying out of the exchange auctions
At the State Commodity and Raw Materials
Exchange of Turkmenistan
- The present Order of carrying out of the exchange auctions at the State Commodity and Raw Materials Exchange of Turkmenistan (hereinafter referred to as the "Order") is developed according to Rules of exchange trade at the State Commodity and Raw Materials Exchange of Turkmenistan (hereinafter referred to as the "Rules"), registered by the Ministry of Justice of Turkmenistan No. 897 dated August 12, 2015 and authorized by the order of the Chairman of the State Commodity and Raw Materials Exchange of Turkmenistan No 01/05-16 dated July 14, 2015, and regulates an order of carrying out of the exchange auctions at the State Commodity and Raw Materials Exchange of Turkmenistan (hereinafter referred to as the «Stock Exchange»).
- In case of declaration the intention by several buyers to purchase the same commodity of the same lot in the course of exchange auctions with the same terms and conditions of export, with the same payment terms as well as their consent to participate in the auction, the person carrying out the auction in accordance with the methods under this Order holds auction.
- Buyers are not entitled to refuse participation in the auctions after announcement by person carrying out the auctions.
- The seller of the goods determines the initial price of the commodity lot and the step-by-step offer of the price for the goods and reports to the leader of the auctions.
- The auction trade begins from announcement by the person carrying out the auctions about methods of tendering, the starting price of the lot (goods), the step of increasing of the price of the lot (goods) and conditions of offering of the goods.
- The person carrying out the auctionsis entitled to change the step-by-step size during the auctionsfrom the consent of the seller of the goods.
- During the auctionsthe participants increase the goods price, not below the declared step of the starting price by raising numbers directed to the seller and the person carrying out the auctions (at carrying out in the electronic form by pressing the appropriate button of the program).
- The person carrying out the auctions under the permission of the seller of the goods (the seller of the goods for the auctionsshall press the appropriate button on the monitor) declares numbers of participants of the auctions under the lot, charges the price and offers its increasing. The participant of the auctions after the offer of the price for the goods has not the right to leave the auctionsbefore the offer of the price of the goods by the other participant.
- The auctions under the lotscontinued up to the offer of the highest price. The person carrying out the auctions declares the participant who has offered the highest price for the lot, declares the final price three times, in a case not raising by other participants of their numbers (at tendering in the electronic form - in a case not increasing of the price during time, previously determined by the the person carrying out the auctions), by hammer knock declares the winner of the auctions the participant which number is declared the last (the participant, who has pressed the appropriate button of the program the last), and declares about conclusion of the auctions under the specified lot. The auctions are considered conducted if not less than two participants raise the cost of the lot at a rate of not less than one-step.
- Participants of the exchange auctions are not entitled to influence the course of the auctions and to break the positions established in the present Order. The participant of the exchange auctions, who have admitted infringement of positions of the present Order, is removed from the hall of the auctions and in relation to it the exacting measures, determined by the Rules of the exchange auctions are applied.