SPIMEX and Argus deal to support trade in SPIMEX Urals Crude Futures

Leading global energy and commodity news and price reporting agency Argus and the Saint Petersburg International Mercantile Exchange (SPIMEX) have entered into an agreement that provides SPIMEX with access to Argus’ Urals fob Primorsk forward curve data.
Argus added the Urals fob Primorsk forward curve to its existing service specifically to be used by the exchange and its clearing house for daily marking-to-market of participants' positions, internal margin calculation and as an auxiliary tool for adjustment of settlement prices of contract months with low liquidity and the calculation of discounts/premiums to the settlement price for each day during the delivery month.
SPIMEX president Alexey Rybnikov said: “This agreement made between SPIMEX and Argus is yet another step toward greater transparency of the Urals futures market and toward setting a new pricing mechanism for Russian hydrocarbons. The new product will serve as an anchor reference point for the market, will raise liquidity in longer-term contract months of the SPIMEX Urals Crude Futures and attract new trading participants to the contract.”
For reference
The agreement opens a new stage in business contacts between the exchange and the price reporting agency. Argus and SPIMEX launched the Territorial Netback Indices for key domestically traded refined products in April 2016, as recommended by the Federal Antimonopoly Service of Russia (FAS). The indices cover three super-regions of Russia: European Russia, Siberia and the Russian Far East. Volume-weighted averages are calculated based on the netbacks at specific refineries, taking into account the volume of refined products sold by these refineries on SPIMEX. 
Saint Petersburg International Mercantile Exchange (SPIMEX) is the largest Russian commodity exchange and 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.
Argus is an independent media organisation with more than 850 staff. It is headquartered in London and has 20 offices in the world’s principal commodity trading and production centres. Argus produces price assessments and analysis of international energy and other commodity markets, and offers bespoke consulting services and industry-leading conferences.


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