«Making the ruble genuinely convertible depends in great part on its attractiveness as an instrument for settlements and savings. In this respect, we still have a great deal of work to do. In particular, the ruble must become a more universal means for carrying out international settlements and should gradually expand its zone of influence.
To this end we need to organise markets on Russian territory for trading oil, gas and other goods, markets that carry out their transactions in rubles. Our goods are traded on world markets, but why are they not traded here in Russia?»
Russian President Vladimir Putin
Annual Address to the Federal Assembly, May 10, 2006
The Marble Hall, the Kremlin, Moscow
The Federal Government’s decision to launch a modern exchange platform is aimed at establishing a regulated commodity market in Russia in conjunction with providing fair market indicators for the most important commodities, and to further promote market pricing principles.
In May 2008, the Closed Joint Stock Company Saint-Petersburg International Mercantile Exchange was registered, and a month later, in June 2008, it received a licence from the Federal Service for Financial Markets to launch exchange trading (licence No.153 as of June 5, 2008).
September 23, 2008 saw the first trades in diesel and jet fuel on the Exchange’s Petroleum Products Section.
Today, the Saint-Petersburg International Mercantile Exchange (or SPIMEX) is the largest commodity exchange in Russia
SPIMEX harnesses cutting-edge software solutions to offer a convenient, reliable and transparent trading experience. The SPIMEX Electronic Trading System gives buyers and sellers easy-to-use, remote online access to all the Exchange’s markets and services. Modern risk management and settlement procedures, developed in line with international standards, ensure financial oversight over contract execution and physical delivery.
SPIMEX offers trading both in spot and derivatives contracts.
SPIMEX makes spot trading available for the main categories of petroleum products, operating a wide-ranging network of delivery points and enforcing common rules and procedures for all stakeholders.
SPIMEX registers futures contracts for summer diesel fuel, with delivery ex works from the oil refineries located within the Central Federal District.
On October 19, 2012 SPIMEX opened trading for non-deliverable futures contracts that are used in calculating the Exchange’s indices for the underlying petroleum products – summer diesel, gasoline, fuel oil and jet fuel. The Exchange is working to expand the number of delivery points and offer new deliverable and non-deliverable contracts for the main categories of petroleum products and other commodities.
SPIMEX processes the data of contracts closed on the trading floor to calculate and publish the values of indices for the full range of petroleum products on a daily basis, including: Gasoline Regular 92, Gasoline Premium 95; Summer Diesel, Autumn/Spring Diesel; Winter Diesel; Jet Fuel; and Fuel Oil.
SPIMEX also registers OTC contracts closed on Russia’s domestic market. The information on OTC prices for the main categories of petroleum products is publicly available on the Exchange’s website and includes aggregate data on nine main commodity groups: Gasoline Normal 80, Gasoline Regular 92, Gasoline Premium 95, Autumn/Spring Diesel; Winter Diesel, Summer Diesel, Fuel Oil, Jet Fuel; and Low-Viscosity Marine Fuel.
SPIMEX has played a key role in establishing nationally accepted indicators and developing a commodities futures marketplace, where producers and consumers can effectively hedge against price risks and execute their long-term operational and sales strategies. Shaped at the liquid and transparent exchange, SPIMEX quotes comply with the definition of a fair market price set forth in the tax, antitrust and exchange laws and regulations.