Alexey Rybnikov Took the Stage at the Global Crude Oil Summit 2018


On 6 June 2018, Alexey Rybnikov, President of SPIMEX, addressed the Global Crude Oil Summit held in London by S&P Global Platts.
Mr Rybnikov made a report entitled ‘SPIMEX: Russian crude futures contract’ on the derivatives market of the Russia’s largest commodity exchange and focused on the SPIMEX Urals Crude Futures (FOB Primorsk). He also announced plans to launch two new products: SPIMEX ULSD Futures (FOB Primorsk) and SPIMEX ESPO Crude Futures (FOB Kozmino). 
Mr Rybnikov stressed that the key objective of the projects implemented by the exchange in the derivatives market is creation of a new pricing mechanism for exported Russian crude oil based on the futures contracts traded on SPIMEX. 
Since the launch in 2016, the turnover of SPIMEX Urals Crude Futures amounted to USD 261 mn and the total volume traded was approximately 4.9 million barrels. The liquidity is rising, as is the number of Russian and overseas trading participants. 
In January 2018, SPIMEX signed MoUs with the Shanghai Petroleum and Natural Gas Exchange (SHPGX) and the Shanghai OTC Commodity Derivatives Association (SOCDA). The documents make it easier for Chinese market participants and market infrastructure organizations to get access to trading arranged by SPIMEX. 

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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