A Member of the Lukoil Group Joined the Pool of Market Makers in the SPIMEX Urals Crude Futures Market

On 1 September 2017, Lukoil RNP Trading (a member of the Lukoil Group) joined the list of market makers at the SPIMEX Urals Crude Futures (FOB Primorsk) market as a member of the Minimum Offer Size Market Maker Program. 
From now on the company will on a daily basis maintain continuous quoting for the Urals Crude Futures in the SPIMEX trading system in specified minimum offer quantities. 
This decision became a new step in implementing the 2017 Roadmap for development of trading in physically-settled futures for exported Russian crude oil. It will be essential for providing liquidity in the Urals crude futures market currently supported by financial institutions that are members of the Maximum Bid-Offer Spread Market Maker Program. 
Considering  the fact that the SPIMEX Urals Crude Futures (FOB Primorsk) are settled by physical delivery of the Urals crude from the Baltic Sea port of Primorsk, stable supply by Russian petroleum companies will be a significant stimulus for key international buyers of Russian crude oil to join trading in the SPIMEX brand new product and will also boost the domestic commodity derivatives market. SPIMEX is confident that other Russian petroleum companies will join the group of market makers in the said market in the near future. 
Trading in the SPIMEX Urals Crude Futures was launched on 29 November 2016. Since then the volume of trades exceeded 3.5 million barrels. 
The new physically-settled futures contract has to become a core of a new pricing mechanism for exported Russian crude oil by setting a direct market price. It was launched under the assignment of President of Russia Vladimir Putin, a decision of the Presidential Commission for Strategic Development of the Fuel and Energy Sector and Environmental Security and the relevant Action Plan adopted by the Russian Government.
Saint Petersburg International Mercantile Exchange (SPIMEX) is the largest Russian commodity exchange which offers a wide range of products traded both in its Commodities Sections (refined products, crude oil, natural gas, LPG, timber and construction materials) and in its Derivatives Section. The Exchange’s key task is operating a transparent price formation mechanism to ensure fair prices for the commodities produced in Russia. SPIMEX was incorporated in 2008.



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