Caspian Sea commodity exchange (iTender)

Elnar Nadyrgaliyev, the Chairman of the board of directors of JSC Caspian Sea Commodity Exchange about project deliverables:

My task is in developing the innovation directions of our exchange, to pursue lobbist policy regarding bills in the territory of the Republic of Kazakhstan and also to develop international relations. Creation of new electronic marketplace which would meet all current demands of our clients became one of such tasks.

We created the first platform using internal IT department of our company. At the current stage of development of TB "Caspian Sea" we needed more perfect tool — the qualitative, stable, functional and simple software solution in use. Due to setting of such major problem, we purposefully began to be engaged in search of the best software solution in the market created by professional developers. Our Ukrainian colleagues recommended to pay attention to the Fogsoft company which started more than seventy electronic marketplaces. This is the authoritative Russian developer specializing in electronic biddings.

As a result we selected Fogsoft. But the decision on the choice of this developer was made not at once. At first decided to check carefully as far as what is "told" is true. We printed all letters of recommendation from clients posted on the website of Fogsoft and rang round everyone. Unfortunately, it was succeeded to phone not to all (only to a half). All clients of this developer confirmed that they successfully cooperate with Fogsoft throughout a progressive tense.

The next stage, checks my departure to the wonderful Russian city of Yaroslavl where there is a head office "Fogsoft" became so-called. Wanted to see really that there is a company, there is a big office, there are many employees. Everything met, and together with Fogsoft we began development of the program for our commodity exchange. Our developer quickly reacted to requests and offers, at the same time to most of them (for which it was possible to demand considerable surcharge!), understood. We like price policy of Fogsoft, the fact that, our developer always makes a compromise is pleasant, and we always find solutions of all questions.

We consider that the universal exchange should have at least two electronic marketplaces which accompany the different sections differing in specifics of goods. Respectively, and settings on these platforms should be different. For example, the electric power is such goods which cannot be returned back. It should be surely considered in the software products automating biddings on these or those sections.

Now we implemented solving of tasks of the first stage - it is creation of electronic marketplace for trade in quotas for emissions of greenhouse gases. So today our exchange has two electronic marketplaces: old (developed by own IT department) and new ETP — the specialized platform for implementation of quotas of CO2 created by Fogsoft on the iTender platform. Shortly there will be substitution of sections, and the remained sections of exchange biddings will be transferred to the new platform. In turn, quotas for emissions of greenhouse gases and the electric power will pass to the system of the Leipzig commodity exchange. Over time we implement also other plans, on development of our commodity exchange. For example, we will connect on ETP a possibility of participation of robots in biddings and many other things that optimizes work of our clients and partners at our commodity exchange.

The Caspian Sea commodity exchange in Kazakhstan had a specialized electronic marketplace caspy.kz for implementation of quotas for emission of greenhouse gases. The software solution is developed by Fogsoft company on the iTender platform and meets all requirements of the legislation of the country about commodity exchanges.

The Caspian Sea commodity exchange is the universal exchange where regular trade on sections of industrial and consumer goods, agricultural products, oil and oil products, metals and hardware is performed. Besides, on August 30, 2013 this exchange became only in Kazakhstan, accredited for trade in quotas for emission of greenhouse gases (CO2).

"At the first stage our new electronic marketplace temporarily will be used only for section on implementation of quotas for emission of CO2 — the chairman of the board of directors of TB "Caspian Sea" Elnar Nadyrgaliyev told. — At the second stage (within one or two years) quotas for emission of greenhouse gases will pass to the software solution of 'The Leipzig commodity exchange', and all other sections of our exchange will be transferred to the ETP developed by Fogsoft company".

According to Fogsoft, since 2012 biddings on TB "Caspian Sea" on all exchange sections were performed using the electronic marketplace created by forces of internal IT department of the exchange. As explained in the company, TB "Caspian Sea" was required more perfect tool — the qualitative, stable, functional and simple software solution in use created by professional developers. The choice as a result was stopped on the Fogsoft company which started more than 70 trade purchasing systems on the iTender platform in Russia and abroad.

Development and deployment of ETP for Caspian Sea commodity exchange took about two months Fogsoft. On electronic marketplace the automated submission of all documents necessary for organizers and participants of exchange biddings is implemented. At the same time there is a system of notifications via e-mail and a personal account of the user, access to whom is got by all brokers registered on ETP. Besides, the personal account of JSC Zhasyl damu — authorized organization from the Ministry of environmental protection of the Republic of Kazakhstan of management and distribution of a reserve of quotas for emissions of greenhouse gases is realized in a system.

One of features of tovarnoy birzhi «kaspy ETP is the possibility of holding "double counter auction" — the trade procedure which is meaning anonymity of organizers and bidders and almost excluding the corruption moments at transactions noted in Fogsoft. Also on Caspian Sea ETP holding auctions on increase and on lowering is available.