Market Volume Total (since SPIMEX launch)
|Volume (tonnes)||40 575 524|
|Turnover (rubles)||1 019 691 457 905|
Annual Trade Volumes
|Year||Turnover (rubles)||Volume (tonnes)||Number of contracts|
|2008||367 116 080||26 544||52|
|2009||13 238 109 950||845 702||1 192|
|2010||90 097 727 030||4 920 955||8 717|
|2011||272 507 201 570||11 568 128||12 553|
|2012||254 463 613 380||9 577 455||16 949|
|2013||389 017 689 895||13 636 740||53 893|
Following the Federal Government’s order on March 26, 2008 to launch an exchange in St. Petersburg, a constituent meeting was held on April 28, 2008 where it was decided to establish CJSC St. Petersburg International Mercantile Exchange (SPIMEX) and where the Exchange’s management was elected. In June 2008, SPIMEX received a licence to launch exchange trading and managed to set up a world class trading platform in just over three months. September 23, 2008 saw the first trades on the Exchange’s Petroleum Products Section.
- Creating a vertically integrated exchange infrastructure that ensures fair and transparent pricing mechanisms for petroleum products and meets the basic needs of the Russian commodities market in terms of trading, settlement and clearing services.
- Cost optimization and reduction for commodities market participants.
- Consistent establishment of trading, settlement and clearing infrastructure for the physical and derivatives markets.
- Creating an environment for stronger competition on the domestic market of petroleum products, demonopolisation of the industry.
- Launching commodities trading to foreign participants with transactions conducted in Russian rubles.
In 2011, SPIMEX came up with an online service enabling market participants to register OTC contracts, in compliance with the Federal Law on Commodities Exchanges and Exchange Trading, dated February 20, 1992 No. 2383-1, as revised on July 27, 2010, and with the Order of the Government of the Russian Federation dated February 10, 2011 No. 65 approving Regulations on registering OTC transactions for Exchange Traded Commodities by a commodities exchange, including long-term supply contracts, as well as keeping a Registrar of such transactions and providing data from the Registrar. Currently, all Russia’s major oil companies supply data on OTC contracts to SPIMEX, including Rosneft, LUKOIL, Gazprom Neft, TNK-BP Holding, Alliance Oil, Surgutneftegas, TAIF-NK, Gazprom Neftekhim Salavat and Bashneft.