First Vice President of SPIMEX Addressed a Meeting Held by the Federal Antimonopoly Service of Russia on the Progress of the SPIMEX Urals Crude Futures

Mikhail Temnichenko, First Vice President of SPIMEX, addressed a meeting held by the Federal Antimonopoly Service of Russia (FAS) on the progress of the SPIMEX Urals Crude Futures. 

The project’s progress was reviewed at the joint meeting of the Exchange Committee and the FAS Financial Markets Expert Advisory Board. The list of attendees included the Federal Antimonopoly Service of Russia, the Bank of Russia, the Saint-Petersburg International Mercantile Exchange (SPIMEX), SDCO clearing organization, Russian petroleum companies, large domestic banks and subsidiaries of overseas banking groups, brokers and investment companies. 

The meeting was chaired by Anatoly Golomolzin, Chairman of the Exchange Committee and Deputy Head of the Federal Antimonopoly Service of Russia. Mr. Golomolzin highly appreciated the launch of the physically-settled SPIMEX Urals Crude Futures and the results of the first months of trading in the new product. In his opinion, it is now important to provide liquidity to the market and to attract both Russian and overseas companies and financial institutions.   

Mr. Temnichenko made a presentation of SPIMEX Urals Crude Futures (FOB Primorsk) and emphasized the advantages of this physically-settled Urals futures contract traded at SPIMEX as a core of a new pricing mechanism for exported Russian crude oil. 

Mr. Temnichenko pointed out that the volume traded in the new product and liquidity of the market have been growing ever since its launch. Importantly, all largest Russian petroleum companies, key domestic brokers and several overseas market participants have already gained access to trading in SPIMEX Urals futures. 

In his presentation Mr. Temnichenko listed essential targets for the year 2017, which, in particular, include: attraction to the new market of the heavyweights of the international crude and paper oil markets, trial physical deliveries of crude oil (FOB Primorsk) under the SPIMEX Urals futures, practical implementation of currency control, taxation, exports and customs clearing procedures applicable to such physical deliveries. Another task is finalization of the relevant physical crude oil price assessment methodologies on the basis of SPIMEX futures prices.

Larisa Selyutina, Head of Securities and Commodities Market of the Bank of Russia, paid special attention to the close cooperation between the Bank of Russia and SPIMEX in the run-up to the launch of the SPIMEX Urals Crude Futures contract and after the launch. 

Larisa Azimova, General Director of SDCO, focused on the clearing services offered to the Trading Participants of the SPIMEX Derivatives Market and the role of SDCO as a central counterparty. 

Representatives of both Russian and overseas banks and investment companies took part in an exchange of opinions. They demonstrated keen interest in joining trading SPIMEX Urals Crude Futures (FOB Primorsk), stressed the importance of efforts to set up the relevant clearing services for overseas trading participants as well as significance of international marketing efforts with the goal to promote trading in SPIMEX’s brand-new product. 

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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