VTB Capital Trading Limited, London, Zug branch has been registered as a Non-Resident Member of the SPIMEX Derivatives Section. It means that the company in particular will be able to trade in physically-settled SPIMEX Urals Crude Futures (FOB Primorsk).
The fact demonstrates an interest of international market participants to this brand new product launched by the Exchange on 29 November 2016.
The SPIMEX Urals Crude Futures contact has to become a core of a new pricing mechanism for Russian export crude oil by setting a direct futures-based price without any reference to other marker crudes.
Saint Petersburg International Mercantile Exchange (SPIMEX) is the largest Russian commodity exchange which offers a wide range of products traded both in its Spot Markets (refined products, crude oil, natural gas, LPG, timber and construction materials) and in its Derivatives Market. 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. The exchange license is available at the SPIMEX web-site.