SPIMEX Announces its 2023 Performance Results

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The present English version of the User Agreement is a translation of the official Russian version. In case of any discrepancies between English and Russian versions of the User Agreement, the official Russian version shall prevail.

Section 1. Terms and Definitions

The following terms and definitions are used in this User Agreement (hereinafter, the Agreement):

The Company The Saint Petersburg International Mercantile Exchange, which is the organizer of trading and the clearing organization.
Website Official website of the Company on the Internet, which is accessed at https://spimex.glabal, including all pages of the specified website containing s-pimex.ru, spimex.ru, spimex.com or spimex.glabal designations in their domain name.
Exchange Information Information related to the course and results of organized trading held in the commodity sections and the Derivatives Section of the Company, which shall be disclosed as required by the laws, regulatory acts of the Bank of Russia and other regulations of the Russian Federation, or which the Company discloses at its discretion by posting on the Website.
Indices Price indicators calculated by the Company on the basis of information on the course and results of organized trading held in the commodity sections and the Derivatives Section of the Company, information on OTC contracts registered with the Company, as well as other information provided to the Company by the third parties.
Derived Information Indices, as well as other indicators calculated by the Company on the basis of the Exchange Information, data obtained following the results of clearing of obligations under contracts made in organized trading held in the commodity sections and the Derivatives Section of the Company, Indices and information provided to the Company by the third parties.
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User Person using the Website.
Distribution Actions aimed at acquisition of information by the general public or making information available to the general public.

Section 2. General Provisions

2.1 This Agreement defines the terms and conditions for using the Information, as well as the rights and obligations of the User that arise upon gaining access to the Information and Information Services through the Website.

Content of the Information available on the Website is determined by the Company at its sole discretion with consideration for the requirements of laws, regulatory acts of the Bank of Russia and other regulations of the Russian Federation.

Procedure and conditions for obtaining free access to the Information through the Website are determined by the Agreement. Procedure and conditions for accessing the Information Services and using the Information are determined by the Agreement, as well as by contract made between the Company and the Users.

2.2 The Agreement is a public offer in accordance with Article 437 of the Civil Code of the Russian Federation (hereinafter, the CCRF). The Agreement is published on the Website and comes into effect upon its publication.

The User that started using the Website is considered to have accepted the terms and conditions of the Agreement in the manner prescribed by Article 434, clause 3 of the CCRF.

2.3 In accordance with the legislation of the Russian Federation and concluded agreements the Company is the holder of copyright to the Information, including, but not limited to, the Exchange Information, Indices and other Derived Information posted on the Website.

Section 3. Procedure and Conditions for Access to the Information

3.1 In accordance with Article 6, part 3, clause 1 of Federal Law No. 149-FZ of 27 July 2006 On Information, Information Technologies and Information Protection the Company determines the procedure and conditions for the User’s access to the Information posted on the Website.

3.2 The Company provides free of charge access to the Exchange Information, Indices and other Derived Information to be posted on the Website in accordance with the requirements of laws, regulatory acts of the Bank of Russia and other regulations of the Russian Federation. Exchange Information, Indices and other Derived Information may be used under the terms and conditions set forth in Section 4 hereof.

3.3 All Indices are calculated by the Company using the methods published on the Website. Values of additional parameters used in the calculation of Indices (factors, rates) are disclosed on the Website in the public domain.

3.4 Exchange Information, as well as any Materials posted on the Website, do not constitute advertising and cannot be regarded as recommendations or offers aimed at encouraging the User to make contracts with any exchange-traded commodities (instruments) admitted to organized trading held in the commodity sections and the Derivatives Section of the Company.

3.5 Information posted on the Website may contain links to third-party sites. When following hyperlinks posted on the Website to information resources external to the Website the User leaves the Website.

The Company is not responsible for inaccuracy of information posted on information resources external to the Website, as well as for untimely actualization and updating of the respective information contained therein.

3.6 The Company does not act as a representative of the third parties specified in clause 3.5 of this section of the Agreement. The said links are posted for informational purposes only and shall not be considered as advice, advertising of products, recommendations, offers provided by any third parties.

3.7 Information Services are provided to the User on the basis of an agreement for provision of Information Services concluded between the User and the Company. Procedure and conditions for granting access to the Information provided in accordance with the agreement for provision of Information Services are determined by the said agreement.

Section 4. Terms and Conditions of Using the Information

4.1 The User has the right to use the Information posted on the Website under the terms and subject to the restrictions provided for herein.

4.2 The Information may be used by the User subject to the following terms and restrictions:

4.2.1 Any actions with the Information, except for Distribution, performed by the User for personal/business purposes not related to making profit are allowed.

4.2.2 Distribution of the Exchange Information by the User is allowed only subject to conclusion of an agreement provided for in clause 3.7 hereof.

4.2.3 Distribution by the User of the Derived Information, including Indices, is allowed subject to prior written permission from the Company and mandatory reference to the source of such information, specifically, the Website.

4.2.4 Distribution of the Materials by the User is allowed subject to mandatory reference to the source of such information, specifically, the Website.

4.2.5 When Distributing the Information no processing of its original text is allowed. Abridgement or relocation of constituent parts of the Information, adding illustrations, comments or any explanations whatsoever is allowed only to the extent that it doesn’t result in misrepresentation of the Information.

4.2.6 The User may not perform any actions aimed at technological retrieval or copying of information from the Website bypassing the means of access directly provided to the User on the Website.

4.2.7 The User is prohibited to use the Information for the purpose of making profit, except in cases where the Information is obtained on the basis of the agreement provided for in clause 3.7 hereof.

4.3 Terms and conditions of using the Information provided in accordance with the agreement for provision of Information Services are determined by the said agreement.

Section 5. Intellectual Property Rights

5.1 All Information is the intellectual property of the Company. Exclusive rights to the Information provided by the Company in connection with provision of the Information Services are reserved by the Company.

5.2 Materials, selection and mutual arrangement thereof are subject to protection in accordance with the provisions of laws, regulatory acts of the Bank of Russia and other regulations of the Russian Federation. Use of the Materials is allowed only subject to compliance with the terms and conditions provided for in Section 4 hereof.

5.3 Exclusive rights to use trademarks, commercial designations and other items of intellectual property posted on the Website belong to the Company or its partners.

5.4 The Company, as the holder of intellectual property rights, may at its sole discretion permit or prohibit the third parties to use the intellectual property. However, the absence of a prohibition shall not be deemed as consent or permission to use.

5.5 Terms and conditions of the Agreement cannot and shall not be considered as grounds for transfer or granting to the Website User of any exclusive (license) rights to use the Materials.

Section 6. Processing of Personal Data

6.1 The User gives the Company his/her consent to processing of his/her personal data specified by the User in the respective on-line form of the Website.

6.2 Procedure and conditions for processing of the User’s personal data are determined by the Policy of the of The Saint Petersburg International Mercantile Exchange on processing of personal data published on the Website.

Section 7. Liability

7.1 Any unauthorized use of the Information posted on the Website is a violation of the rights of the Company as a copyright holder and/or the third parties and may entail liability as provided for in the legislation of the Russian Federation.

7.2 The Company does not guarantee continuity of operation and round-the-clock availability of the Website, functionality and services provided by granting access to the Website.

7.3 The Company is not liable for:

7.3.1 losses caused by failures and other malfunctions in operation of the Website, including those related to failures in operation of equipment, communication systems or networks that are operated and/or maintained by the third parties;

7.3.2 losses incurred by the User as a result of presence of malicious programs in the equipment and software used by the User to access the Website;

7.3.3 violation by the User of the terms and conditions of this Agreement;

7.3.4 illegal actions of the third parties, including those related to the use of the User’s data, as well as the use of information about the User, if such information became available to the third parties through no fault of the Company;

7.3.5 indirect, consequential, incidental damages of the User (including harm caused by the loss of data or damage caused to honor, dignity or business reputation) arising in connection with the use of the Website, including when following an external link posted on the Website that leads to a third party website;

7.3.6 indirect, consequential, incidental damages of the User (including harm caused by the loss of data or damage caused to honor, dignity or business reputation) that are caused by inaccuracy of the information specified or posted by the User when signing up on the Website;

7.3.7 noncompliance with the requirements of the legislation of the Russian Federation of information and materials posted on the Website by the User, violation of property, non-property and other rights of the third parties related to the use of the Website by the User.

7.4 Liability of the Parties to the agreement for provision of Information Services is determined by the said agreement concluded between the Company and the User.

Extent of liability of the Parties is limited to amount of the actual damage caused to the other Party.

Section 8. Filing of Complaints

8.1 A User that believes that any information materials posted on the Website violate his/her rights and legitimate interests shall send a corresponding complaint to the Company’s e-mail address international@spimex.com.

8.2 The Company administers complaints that meet the following requirements:

8.2.1 The Complaint contains the name, surname and patronymic of the applicant/name, location and actual address, contact information.

8.2.2 The complaint contains detailed description of the alleged violation of the User’s rights.

8.2.3 The complaint contains contact information for sending a response: e-mail address and telephone number.

8.2.4 The complaint contains consent to processing of personal data (for an individual applicant).

Complaints that do not meet the specified requirements will not be considered by the Company.

8.3 Complaints are considered by the Company within 30 calendar days from the date of receipt of the complaint to the e-mail address of the Company specified in clause 8.1 of this section of the Agreement.

Section 9. Final Provisions

9.1 Any disputes related to conclusion, amendment, execution or termination of this Agreement shall be resolved in accordance with the legislation of the Russian Federation.

9.2 The Company has the right to amend the terms and conditions of the Agreement by publishing the new version of the Agreement on the Website. The corresponding changes become effective immediately upon publication of the new version of the Agreement on the Website.

9.3 The User is obliged to review the text of the Agreement from time to time in order to familiarize oneself with the latest amendments made therein. By continuing to use the Website after the respective amendments have entered into force, the User expresses hes/her consent with the terms and conditions of the new version of the Agreement.




In 2023, SPIMEX has achieved a significant growth in key performance indicators. Turnover in all sections amounted to RUB 1.772 trillion, a 20.8% increase year-on-year.

The number of trading participants and their customers increased to 6,305 (as compared to 5,362 a year before). There was an increase in the volume (in physical terms) traded in refined products (the key market of the Exchange) (+6.4% YoY), crude oil (a 4.1-fold rise) and natural gas (+68.4%).

There has been active development of trading in markets that are new to the Exchange — coal, industrial metals, and agricultural products.

The SPIMEX Refined Products Section

Refined Products Section is the key market for the Exchange. Its performance affects the state of the economy as a whole. In the summer and autumn the Exchange, together with market participants and in close contact with regulators, took a number of steps aimed at stabilization of this segment, ensuring price monitoring and preventing unfair trading practices. 

In 2023, the volume of refined products traded on SPIMEX exceeded 31 million metric tonnes, the highest figure in the entire history of the Exchange. It is 6.4% higher than in 2022. The turnover in the Refined Products Section amounted to RUB 1.616 tn (+15.1% YoY).

More than 25% of all key refined products delivered to the Russian domestic market over the year was traded on SPIMEX. In January-November 2023, the relevant share (including LPG used for household needs and as motor fuel) amounted to 26.4%, while in November 2023 it stood at 27.6%. For gasoline, the relevant share was 25% in January-November 2023 and 26.2% in November, for diesel — 27.7% and 29.3%, respectively.

The number of trading participants and their customers registered with the section also continued to grow. At the year-end it was equal to 2,340, as compared to 2,118 a year before.

On 6 October 2023, the Federal Antimonopoly Service of Russia (FAS Russia) and Russian Energy Ministry issued order No. 709/23/868 on raising the minimum volume of refined products to be sold on the exchange. Pursuant to the document the minimum requirements have been raised as follows: up to 15% for gasoline; to 12.5% for diesel; to 11% for jet fuel; to 4% for fuel oil and to 7.5% for LPG. This decision has become an important event in the national commodity market. 

The SPIMEX Natural Gas Section

The volume traded over the year in the SPIMEX Natural Gas Section amounted to 9.6 bcm (a 68.4% increase YoY). The turnover in the section amounted to RUB 35.181 bn. The number of participants and their customers in the section is 134.

The SPIMEX Timber and Construction Materials Section

In 2023, 4.908 mcm of timber worth RUB 7.012 bn were sold on the Exchange, a 22.3% increase YoY. The number of trading participants and their customers in the section increased to 3,329. 

The SPIMEX Crude Oil Section

The volume traded in the SPIMEX Crude Oil Section amounted to 2.114 MMT worth RUB 91.751 bn, a 4.1-fold rise YoY.

The SPIMEX Derivatives Section

In 2023, the turnover in the SPIMEX Derivatives Section amounted to RUB 15.107 bn (263,990 contracts), a 8.8% rise year-on-year. Of these, RUB 9.504 bn accounted for physically-settled contracts for refined products traded in the domestic market (-1.8%), the number of contracts traded was 5,956 (+19.5%). The volume of physical refined products delivered under such futures to the Russian domestic market stood at 43,657 tonnes. The number of cash-settled futures contracts for refined products traded in 2023 amounted to 258,034 contracts (a 4-fold rise) worth RUB 5.603 bn (a 2.4-fold rise).

The SPIMEX Mineral Raw Materials and Chemical Products Section

The volume traded in the SPIMEX Mineral Raw Materials and Chemical Products Section stood at 114,997 tonnes, which is almost 1.5 times more than a year before, while the turnover amounted to RUB 3.001 bn (+14.9% YoY). The number of participants and their customers in the section is 570.

The SPIMEX Agricultural Products and Bioresources Section

43,060 tonnes of agricultural commodities (white crystalline sugar, skimmed milk powder) worth RUB 2.565 bn were sold in the SPIMEX Agricultural Products and Bioresources Section. 

The SPIMEX Coal Section

262,640 tonnes of various grades of coal worth RUB 867.457 mn were sold in the SPIMEX Coal Section. Coal trading was launched on SPIMEX in February 2022 using a new price calculating system that is based on the actual quality of coal. Companies trade coal on the Exchange both pursuant to the relevant joint order issued by FAS Russia and Russian Energy Ministry and without regard thereto. 

The SPIMEX Metals and Alloys Section

Trades in the Metals and Alloys Section were launched in October 2023; by the year-end 620 tonnes of A500C grade reinforcement steel worth RUB 39.125 mn were sold. 

The SPIMEX Carbon Market Section

A new OTC trading segment — Carbon Credit Trading Segment — has been created by SPIMEX. Subsequently the Exchange approved its Policy for development of trading in commodities with the verified carbon footprint. The Expert Advisory Board on commodities with the verified carbon footprint includes entities with extensive experience in this area. 

Registration of OTC Transactions in Commodities

SPIMEX is expanding and improving the procedure for registration of OTC transactions in commodities that are key for Russian economy. In 2023, the list of commodities registered with SPIMEX - that already included crude oil, refined products, natural gas, coal, mineral fertilizers, and timber - was supplemented with white crystalline sugar, and the total number of companies reporting information to the Exchange amounted to 1083. 

In 2023, the volume of registered OTC transactions in refined products amounted to 377.8 MMT (+10.2% YoY). Reports are submitted by all key producers and include, inter alia, information on intra-group and export OTC transactions. 

OTC transactions in crude oil registered with the Exchange amounted to 483.4 MMT (-1.6% YoY), of which about 200 MMT were exported. This information provides complete coverage of the export market, as it includes contracts of all exporting companies, with the exception of supplies by certain small producers (with production volume less than one million tonnes per year each), supplies under production sharing agreements (PSA) and those contracts, for which provision of information is not mandatory. Data on crude oil exports collected by SPIMEX reflect the actual export revenue of oil companies and constitute a reliable source for formation of the TsSPB indicator introduced on 31 July 2023 into the Russian Tax Code by Federal Law No. 389-FZ.

For coal, the volume of transactions registered amounted to 655.5 MMT (-11.9%), for timber — 58.4 mcm (-27.9%), for natural gas — 4.348 tcm (-19.6%), for sugar — 27 thousand tonnes. Contracts registered on the mineral fertilizers market amounted to 85 MMT (a 2.7-fold rise YoY).

Clearing

The amount of monetary obligations included in the SPIMEX clearing pool under physical contracts made in the Refined Products, Timber and Construction Materials, Crude Oil, Mineral Raw and Chemical Products, Agricultural Products and Bioresources, and Coal Sections totaled RUB 1.692 tn. The number of clearing members as of the end of 2023 was 6,313.

The amount of monetary obligations included in the clearing pool of NFI CCP RDC (JSC) under natural gas physical contracts amounted to RUB 35 bn, the number of clearing members was 109. Monetary obligations included in the clearing pool of NFI CCP RDC (JSC) under trades made in the SPIMEX Derivatives Market amounted to RUB 30.2 bn.

OTC trading on TEK-Torg Federal Electronic Trading Platform

In 2023, the amount of procurement procedures placed on TEK-Torg, a 100% subsidiary of the Exchange, amounted to RUB 4.516 trillion and 465 thousand procurement procedures.

By the end of 2023, the market share of TEK-Torg ETP in the 44-FZ market segment in terms of the number of procurement procedures placed increased from 6.6 to 7.1 percent (+6.9%). Its share by the number of procedures placed by SME under Russian Federal Law 223-FZ in 2023 grew from 4.5 to 5.6% (+24.4%). The figures fied indicators represent shares for open competitive procedures placed in the Unified Information System.

These figures means that TEK-Torg has achieved the status of a federal electronic trading platform as construed by Russian Government Regulation No. 656.

The year 2023 also witnessed the launch of the TEK-Torg Marketplace. It provides commodities’ current offer prices, level of inventories and logistics tariffs, which allows reducing the procurement period down to 30 minutes. In the past year, TEK-Torg ETP entered the TOP-3 in all categories of the annual RAEX Analytics rating.

Working on Formation of National Price Indicators for Commodity Markets

In 2023, a number of laws and regulations were adopted pursuant to which the Exchange’s price data and indices will be used for formation of national indicators for key commodities:

  • Russian Federal Law No. 389-FZ dated 31 July 2023 amended the Tax Code of the Russian Federation setting a procedure for using the TsSPB price indicator while determining the price level for Russia’s Urals crude oil grade;
  • Order No. 95 of the Ministry of Energy of Russia dated 22 February 2023 On Approval of the Procedure for Monitoring Prices for Exported Russian Crude Oil. Information on OTC transactions registered with SPIMEX is included in the list of data used in monitoring crude oil prices under this order;
  • National and territorial price indices of SPIMEX for refined products were approved by the Exchange Committee of FAS Russia and included by the Bank of Russia in the National System of Financial and Commodity Indicators;
  • SPIMEX expert advisory boards on crude oil price indices and refined products price indices have commenced their operations;
  • The SPIMEX Index Management Policy and new versions of methodologies used for calculating refined products price indices have entered into force;
  • SPIMEX signed an agreement with the FAS Russia and the Federal Customs Service of Russia on information sharing aimed at implementing objectives set by the Russian Gboernment on the formation of transparent price indicators.

IT Platform, Analytics and Forecasts

  • SPIMEX and VK Tech have proceeded with a project to create a new Electronic Trading System and Clearing System to be used in the SPIMEX Derivatives Market.
  • Preparations for the launch of a new domestic information and analytical platform SPX have begun.
  • SPIMEX has launched a service for providing access to forecast data.

Igor Artemiev, SPIMEX CEO: “In 2023, the Exchange has been successfully developing in all its core business areas. As a result, we were able to achieve outstanding financial results, record trading volumes in the refined products market, solid progress in the markets of natural gas, timber, fertilizers, coal, metals, and other commodities. Throughout the year, the technological base of SPIMEX was strengthened and preparations were made for the launch of the SPX information and analytical platform. SPIMEX price indicators were included in the regulatory framework of the Russian government agencies. It is worth noting well -coordinated work of the SPIMEX Group — the SPIMEX exchange, NFI CCP RDC (JSC) clearing organization and TEK-Torg federal electronic trading platform. In the coming year, new, ambitious tasks await us, most notably, tasks related to formation of national price indicators for key commodities”. 

The Saint Petersburg International Mercantile Exchange (SPIMEX) is Russia’s largest commodity exchange offering a wide range of products traded both in its Commodities Section (refined oil products, crude oil, natural gas, LPG, timber and construction materials, fertilizers) and in its Derivatives Section. The Exchange’s key task is to operate a transparent, fair and efficient price formation mechanism for Russian commodities. SPIMEX was founded in 2008.

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