Portrait of the Exchange
Russia’s Largest Commodities Exchange
Joint Stock Company Saint-Petersburg International Mercantile Exchange (JSC SPIMEX) was established in May 2008 by the decision of President of the Russian Federation V.V. Putin and the Government of the Russian Federation.
SPIMEX is the largest commodities exchange in Russia that hosts 99% of organized trading in crude oil and refined products, natural gas, timber and mineral fertilizers in our country.
The leading position of the Exchange is based on:
- 12 years of experience working with real commodities in the commodity market, deep understanding of specifics of its operation, a well-established mechanism for making contracts, settlements and deliveries, as well as support for traders;
- availability of a fully-functional electronic exchange trading system operating on a single IT platform and providing real-time trading and processing of its results;
- multilevel exchange infrastructure that includes a clearing organization with a system of 9 settlement agents and 30 guaranteeing banks, as well as the system of delivery operators.
Effective Trading Platform
The Exchange is an open and accessible trading platform that provides financial guarantees and guarantees of delivery of commodities with a reliable world-class trading platform. This is an effective channel for selling and a place for buying real commodities at the established market price. Trading is conducted remotely on the basis of a specialized IT platform, through personal accounts of traders.
More than 2,300 organizations — trading participants are registered in the SPIMEX sections.
The SPIMEX line includes more than 2,000 traded instruments in the commodity and derivatives markets. The Exchange’s spot market for refined products offers organized trading in all major groups of refined products with a wide geography of delivery points and uniform operating standards for all participants. In addition, liquefied petroleum gases, crude oil, natural gas, timber, mineral fertilizers, thermal coal and products of the petrochemical market are traded on the Exchange.
The Exchange’s derivatives market offers trading in cash settled futures for price indices of exchange-traded refined products and physically settled futures for refined products. The Exchange is implementing a project for changing the pricing system for export flows of Russian fossil fuels, primarily, crude oil. The project provides for overcoming dependence of the price of Russian oil on external price standards and transition to direct quotes.
United Exchange Holding
SPIMEX is developing as an exchange holding that provides a wide range of financial services, which is in line with the world practice of the largest exchanges.
Clearing services are provided by SPIMEX both independently and through its subsidiary clearing organization — SDCO (JSC).
Combination within SPIMEX of organization of trading and clearing activities creates conditions for high quality servicing of trading participants through development of clearing and information services, easement of access to the market and attractions of major suppliers.
The trading and clearing system at SPIMEX ensures performance of obligations under exchange contracts, transparent pricing and protection against manipulations.
Information and Analytics Center
SPIMEX is a modern high-tech exchange that is actively developing as the main analytical center of the exchange commodity market and a “single window” for providing a wide range of financial and information services, including:
- calculation of price indicators on the basis of information on exchange transactions;
- registration of OTC contracts and calculation of OTC price indicators;
- training for trading participants.
Development of market pricing mechanisms and creation of price indicators is one of the main achievements of SPIMEX. The price indicators of the Exchange formed on the liquid and transparent exchange market are recognized as market by tax, antitrust and exchange legislation.
Based on transactions concluded in the exchange trading, SPIMEX on a daily basis calculates and publishes indices covering the entire spectrum of refined products: Regular-92 and Premium-95 gasolines; summer, autumn/spring and winter diesel fuel; jet fuel (aviation kerosene) TS (RT); fuel oil. Indices are also calculated for the market of natural gas, LPG, DO (Delivery Operator); efforts are underway to develop indicators of crude oil, timber and wood products markets.
In compliance with the legislation of the Russian Federation the Exchange on an annual basis registers more than 600 thousand OTC transactions with crude oil, refined products, LPG, natural gas, coal, and grain. All major manufacturing companies and their distribution companies provide SPIMEX with information on OTC contracts made with respect to these commodities.
This unique mechanism allows the Exchange to build the most transparent pricing system and calculate OTC price indices. Together with the data on SPIMEX exchange transactions, they almost completely reflect the volumes of production and supplies to the domestic market and characterize the objective state of the market based on the information on the actually concluded transactions.