SPIMEX Announces 2017 Performance Results

In 2017, overall turnover at the Saint Petersburg International Mercantile Exchange (SPIMEX) as well as turnover in key SPIMEX markets grew year-on-year. The Exchange launched new products and broadened the list of asset classes traded.

The overall annual turnover at SPIMEX grew year-on-year by RUB 152.725 bn (+25 %) and amounted to RUB 763.670 bn. Over the year the number of Trading Participants grew fr om 1,940 up to 2,169.

The volume traded in SPIMEX Refined Products Section (refined products and petrochemicals) was equal to 18.725 metric tonnes (+9.1%) in the amount of RUB 675.818 bn. The volume traded by product was as follows: Gasoline Premium-95 – 2.684 million metric tonnes (MMT); Gasoline Regular-92 – 5.227 MMT; diesel – 6.003 MMT; jet fuel – 2.018 MMT; fuel oil – 1.737 MMT and LPG – 0.748 MMT (+ 81.6 % YoY).

Total number of trades effected in SPIMEX Refined Products Section was equal to 145,420 (+ 19 % YoY). The average trade size stood at 129 metric tonnes (-8.0 % YoY) meaning that it became easier for market participant to get access to the trades.

The volume traded in SPIMEX Natural Gas Section amounted to 20.346 bcm (+21.0 % YoY) with the turnover amounting to RUB 60.472 bcm. The Month-Ahead market amounted for 16.478 bcm while Day-Ahead deals (including those for delivery on national holidays and weekends) – for 3.868 bcm.

The volume traded in SPIMEX Crude Oil Section stood at 0.406 million metric tonnes with the turnover amounting to RUB 6.581 bn. The volume of procurement procedures held over the year at the TORG-i electronic trading platform operated by SPIMEX was equal to 0.915 million metric tonnes of exported crude oil.

Volume of round timber traded in SPIMEX Timber and Construction Materials Section was equal to 88,455 cubic meters with the turnover amounting to RUB 239 mn. For processed timber products the number reached 1,480 cubic meters (RUB 9.0 mn). The volume traded over the year on TORG-i electronic trading platform stood at 842,435 cubic meters and RUB 622 mn.

On 19 December 2017, SPIMEX launched trading in mineral fertilizers. The volume of trades in December was equal to 20 metric tonnes (RUB 322,000).

The volume traded in SPIMEX Derivatives Section tripled and amounted to 195,000 futures contracts in the total amount of RUB 19.93 bn (seven times more than in 2016), including approximately 4,000 SPIMEX Urals Crude Futures (FOB, Primorsk) contracts (more than RUB 12 bn or USD 208 mn). The remainder was cash-settled futures for indices and physically-settled futures on refined products traded in the domestic market.

SPIMEX is authorized to register OTC transactions for a number of exchange-traded commodities. In 2017, volumes set in the relevant contacts and the number of such OTC transactions (primary and secondary markets together) were broken down by product as follows*: refined products: 434,000 transactions with the total volume of 313.6 million metric tonnes (MMT) (including LPG – 62.800 transactions and 12.2 MMT); crude oil: 15,800 transactions and 510 MMT; natural gas: 19,500 transactions and 3,800 bcm; coal: 34,300 transactions and 652.4 MMT; grain: 39 transactions and 6.0 MMT. In 2017, the number of companies which registered their OTC transactions with SPIMEX grew fr om 270 up to 317.

Over the year TEK-Torg electronic trading platform - a subsidiary of SPIMEX - conducted approximately 33 thousand procurement procedures in the total amount of RUB 1.9 trillion with participation of more than 300 tendering authorities and more than 26,500 suppliers. Total number of procurement procedures and tendering authorities more than doubled while the number of registered suppliers (SMEs account for 82 % of the total) grew 56%. The average number of potential suppliers competing under each tendering procedure exceeded four.

Commenting the 2017 results SPIMEX President Alexey Rybnikov highlights the following key events of the year:

  • the launch by the SPIMEX Refined Products Section of the trades which are physically settled with the participation of the Russian pipeline company Transneft acting as the Commodity Supplies Operator. The Exchange, Transneft, Anti-Monopoly Service of Russia (FAS) and the Bank of Russia have worked on the project for more than a year;
  • further development by the SPIMEX Refined Products Section of the market infrastructure which allows execution of low-volume trades;
  • sophistication of the SPIMEX indices for exchange-traded and OTC-traded commodities; registration by SPIMEX of increasing volume of OTC transactions effected in the domestic commodity market;
  • a strong growth in volumes traded at the SPIMEX Natural Gas Section which resulted in the situation wh ere Gasprom, the dominant market participant, reached the upper lim it set for the company by applicable regulations;
  • a rise in liquidity in the SPIMEX Urals Crude Futures market; joining by Gazprom Neft and members of the Lukoil Group and the Zarubezhneft Group to the list of relevant market makers;
  • the launch of new SPIMEX physically and cash-settled futures;
  • the launch of trades in fertilizers never traded before at SPIMEX;
  • getting by SPIMEX of a clearing license in addition to the exchange license; SPIMEX the launch of clearing of trades in refined products; steps towards a switch of all other SPIMEX commodity sections to the in-house clearing.

The SPIMEX President also said: ‘Impressive achievements of the last twelve months strengthened positions of SPIMEX as a national price discovery center for key commodities. In 2018 the Exchange will mark the tenth anniversary of its incorporation and the 2017 results will provide a fresh stimulus for further development of domestic on-exchange market. We will work persistently to attain the objectives of the 2018-2010 National Competiveness Promotion Plan set out in the Decree signed by President of Russia Vladimir Putin on 21 December 2017. Further development of organized trading in the core commodity markets is designated in the document in its own right. In all segments SPIMEX will work on boosting liquidity, launching new and developing already traded products.’

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.

* Data on OTC transactions is given as of 12 January 2018 reflecting the time required for registration of the deals made at the very end of 2017.


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