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It will soon be 3 years since the reform of the wood market took place in Ukraine, and sellers must sell all raw materials exclusively on licensed commodity exchanges. This was done in order to regulate the market, which for decades functioned chaotically and with a considerable number of corruption schemes. As of June 2024, the market is transparent and fair; buyers can purchase the desired products regardless of geographic location; thanks to auctions, a fair market price for raw materials is formed. In addition, Ukrainian Universal Exchange, which was one of the first to receive a license to organize and conduct trades in the direction of "Unprocessed wood and lumber", provides post-trade service and monitors the level of execution of exchange transactions. That is why the Team of the Ukrainian Universal Exchange held a meeting with the employees of the Slobozhan Forestry Office and its branches.
At the meeting, they discussed the sequence of effective execution of exchange contracts for the purchase and sale of raw wood by sellers and compliance with regulatory documents of the exchange. Also, those present were familiarized with the typical form of the stock exchange contract, the sequence of its execution and the corresponding preparation of documents under the contract. UUB representatives provided step-by-step instructions for compliance with the terms of the contract and recommended forms of documents, namely: invitation to wood selection, notification of the readiness of the batch of goods, certificate of non-conformity of the goods, notice of loss of right to the purchased goods, etc.
A new functionality of the exchange was considered as a separate issue - setting the delivery schedule in ETS. The representatives demonstrated on an example the automatic formation of a standard delivery schedule, its editing, approval and signing.
"The goal of the meeting is ambitious - to make maximum efforts to make the wood market even more accessible and understandable for bidders, and contractual relations between sellers and buyers to be orderly and safe. The representatives of the exchange and branches discussed and agreed on ways to increase the level of contract execution, improve communication between auction organizers and their participants, as well as future strategies for the positive development of the wood market as a whole.", - says Kateryna Kuzmina, chief legal advisor for monitoring the execution of exchange agreements at UUB.
Soon Ukrainian Universal Exchange plans to hold a corresponding event with representatives of the Metropolitan Forest Office, and in the future with other forest offices of Ukraine and their branches.
