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Romanian Foresters Association, Romanian Commodities Exchange launch Timber Exchange
The Romanian Foresters Association (ASFOR) and the Romanian Commodities Exchange (BRM) launched on Friday the Timber Exchange, which also saw the first timber transaction on a Romanian independent exchange platform performed on this occasion.
"Free, safe and transparent trade in timber and timber products is a prerequisite for the correct development of this sector that contributes 3.5 percent of Romania's GDP every year. Exchange market transactions benefit both sellers and buyers. Price negotiation is done electronically or by open-cry auction. Customers have quotations and reference prices at their disposal, the contracts are guaranteed, invoicing and debiting are electronic, and orders are scheduled for trading within seven days of issuance. Moreover, in order to support market participants, BRM can provide specialized consulting services," ASFOR officials said.
BRM has extensive expertise with organizing construction materials markets (boards, shaped wood, standing timber etc.) and has a high-performance infrastructure for the sale and purchase of commodities.
"The parties are convinced that this action will take trading on BRM's timber and timber products exchange to a higher level from a commercial and ethical point of view, as is the case on western exchanges. BRM transactions will be transparent, efficient, competitive and fair. Information about the BRM-managed markets is public and the fairness and observance of the ethical norms are pledged under the internal regulations of the exchange," ASFOR said in a release on Friday.
"The establishment of the Timber Exchange will take trade in timber and timber products to another level from all commercial and ethical perspectives. The signatories of this memorandum have undertaken a construction that will also simplify and clarify trade in timber and timber products. There are timber exchanges in western states, we hope to render the Romanian Timber Exchange operational in the first quarter of 2022," ASFOR representatives said.