ICBC Enters the List of Settlement Banks of SDCO which Effect Clearing in the SPIMEX Derivatives Market


ICBC Bank (JSC), a Moscow branch of the ICBC group, has become a settlement bank of SDCO (JSC), the clearing house of the SPIMEX group. The bank opened a clearing account to be used for effecting transactions in the SPIMEX derivatives market.

Expansion of the list of settlements banks of SDCO (JSC) and SPIMEX will contribute to creation of the most comfortable conditions for foreign trading participants: they will get an opportunity to work with familiar settlement institutions. ICBC Bank (JSC) will interact with counterparties operating in the futures market for Russian exported crude oil.

Expansion of the list of currencies accepted as collateral by the SDCO (JSC) is a promising area for developing cooperation with partner banks in the field of clearing services.

In addition, SPIMEX, SDCO (JSC) and ICBC Group are planning to negotiate a possibility of providing foreign trading participants with a full range of brokerage and clearing services. It is expected that such an option will be popular among our partners fr om Asia-Pacific keeping in mind the fact that SPIMEX plans to widen the range of exchange-traded futures contracts.

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.

Settlement depository company (Joint Stock Company) is the leading clearing organization in the Russian commodity markets. Since September 2008, SDCO (JSC) has been a clearing organization of SPIMEX, and at the beginning of 2018 it became a member of the SPIMEX group. SDCO (JSC) clears transactions effected in the SPIMEX Natural Gas section and the SPIMEX Derivatives Market section where it acts as a central counterparty.

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