SPIMEX Announces 2016 Performance Results

In 2016, the overall turnover at the Saint-Petersburg International Mercantile Exchange (SPIMEX) as well as turnover in key SPIMEX Sections grew year-on-year. The Exchange launched new products, broadened the spectrum of its price indices and further improved OTC transactions registration practices. The November launch of the physically-settled SPIMEX Urals Crude Futures (FOB, Primorsk) laid a foundation for a new pricing mechanism for exported Russian crude oil.

The overall annual turnover at SPIMEX grew year-on-year by RUB 78.419 bn (+14.7%) and amounted to RUB 610.945 bn. Over the year the number of Trading Participants grew from 1911 up to 1940.

The volume traded at the SPIMEX Refined Products Section (refined products and petrochemicals) was equal to 17.164 metric tonnes (+7.8%) in the amount of RUB 555.546 bn while the number of trades stood at 122,189.

The volume traded by product was as follows: Gasoline Premium-95 – 2.286 million metric tonnes (MT); Gasoline Regular-92 – 4.960 MT; diesel – 5.822 MT; jet fuel – 1.829 MT; fuel oil – 1.829 MT and LPG – 0.412 MT (+ 72.9 % YoY).

The growth witnessed at the SPIMEX Refined Products Section was due to further improvement of the trading tools offered by the Exchange, ongoing and active interaction with market participants, regulators and industry organizations, including the Russian Exchange Committee set by the Federal Antimonopoly Service of Russia (FAS), the Federal Tax Service of Russia and the Bank of Russia.

The average trade size in the SPIMEX Refined Products Section was equal to 140 metric tonnes (-10.5% YoY) meaning that it became easier for market participant to get access to the trades.

The volume traded at the SPIMEX Natural Gas Section amounted to 16.812 bcm (+119.8 % YoY) with the turnover amounting to RUB 46.532 bcm and the number of trades equal to 6,036. The SPIMEX more than doubled the volume of trades in natural gas thanks to improvements to the trading mechanism, a rise of interest to organized trading on the part of market participants, more active ‘next day’ trades and the launch of trades for delivery on national holidays and weekends.

The volume traded at the SPIMEX Crude Oil Section stood at 0.481 million metric tonnes with the turnover amounting to RUB 6.341 bn. The volume of procurement procedures held over the year at the TORG-i electronic trading platform operated by SPIMEX reached 2.11 million metric tonnes of exported crude oil.

The volume traded at the SPIMEX Derivatives Section amounted to 48,631 futures contracts in the total amount of RUB 2.475 bn.

On 29 November 2016, the SPIMEX Urals Crude Futures (FOB, Primorsk) was launched. New trading and risk management tools offered by the new product have been used by the market participants from the very start of trades in it. The turnover and volume under 112 trades made at the Exchange in the new futures contract by the end of 2016 amounted to USD 10.996 mn and 220,000 barrels.

The volume traded at the SPIMEX Timber and Construction Materials Section was equal to 32,250 cubic meters with the turnover amounting to RUB 51 mn. The number of trades made stood at 108. The volume traded over the year at the TORG-i electronic trading platform reached 605,530 cubic meters and RUB 324.8 mn.

In 2016, SPIMEX broadened the spectrum of its price indices. The Vladimir-based Indices gave place to the SPIMEX Reginal Indices (the average price for refined products at 9 large demand centers). The SPIMEX Territorial Netback Indices for key refined products were launched in cooperation with Agrus Media. The SPIMEX LPG Indices were launched in 2016 while the SPIMEX Natural Gas Indices – at the very beginning of 2017. All SPIMEX Indices are calculated both for exchange-traded and OTC-traded commodities.

SPIMEX is authorized to register OTC transactions for a number of exchange-traded commodities. In 2016, volumes set in the relevant contacts and the number of such OTC transactions were broken down by product as follows: refined products: 397,700 transactions with the total volume of 252.7 million metric tonnes (MT); LPG – 48,000 transactions and 6.8 MT; crude oil: 13,600 transactions and 581.9 MT; natural gas: 9,800 transactions and 265.5 bcm; coal: 189,300 transactions and 663,0 MT. In 2016, the number of companies which registered their OTC transactions with SPIMEX grew from 152 up to 270.

Over the year the TEK-Torg electronic trading platform - a subsidiary of SPIMEX - held 13,936 procurement procedures in the total amount of RUB 1.2 trillion with participation of 150 tendering authorities and more than 17,000 suppliers (SMEs account for 38 % of total). As a result TEK-Torg turned into one of the leaders both in the field of corporate procurement of the Russian government-owned corporations and among all domestic electronic trading platforms in general.

SPIMEX President Alexey Rybnikov said: ‘The 2016 results demonstrate that SPIMEX steadfastly develops as a national price discovery center for key commodities. The launch of the SPIMEX Urals Crude Futures for the Russian exported oil is an important step forward, this time, in the global perspective. In all our core segments – crude oil, refined products, natural gas, electronic trading, etc. – we will offer new products to market participants, do our best to boost liquidity and develop national-wide independent price indicators which will ensure transparent and fair pricing.’


SPIMEX
Refined Products Section
2016 volume, MT Change (compared to 2015) 2016 turnover, RUB bn Change (compared to 2015)
MT%RUB bn%
Total 17,164+1,241+7,8 555,546+59,626+12,0
Gasoline, total 7,350+0,715+10,8
    Gasoline Premium-95 2,286+0,360+18,7
    Gasoline Regular-92 4,960+0,370+8,1
Diesel, total 5,822+0,735+14,4
Jet Fuel 1,829-0,074-3,9
Fuel Oil 1,490-0,307-17,1
LPG, total 0,412+0,174+72,9
SPIMEX
Natural Gas Section
2016 volume, bcm Change (compared to 2015) 2016 turnover, RUB bn Change (compared to 2015)
bcm%RUB bn%
Natural Gas 16,812+9,162+119,8 46,532+25,490+121,1
SPIMEX
Crude Oil Section
2016 volume, MT Change (compared to 2015) 2016 turnover, RUB bn Change (compared to 2015)
MT%RUB bn%
Crude Oil 0,481-0,170-26,1 6,341-2,837-30,9
SPIMEX
Derivatives Section
2016 volume, futures contracts Change (compared to 2015) 2016 turnover, RUB bn Change (compared to 2015)
futures contracts%RUB bn%
Total 48 631-128 868-72,6 2,475-3,858-60,9
Cash-settled SPIMEX Futures on Indices for Refined Products 48 411-129 088-72,7 1,774-4,559-72,0
Physically-settled SPIMEX Urals Crude Futures 220 0,701
SPIMEX Timber and Construction Materials Section Volume, 000’m3 Change (compared to 2015) 2016 turnover, RUB bn Change (compared to 2015)
000’m3%RUB bn%
Round Timber 32,250+7,075+28,1% 0,051-0,002-4,5%

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. Its exchange license is available at the SPIMEX web-site.


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