Results of 1Q 2024: growth in key markets, measures to stabilize the fuel market, development of new segments
User Agreement
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please read User Agreement
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. |
| Materials | Texts, audio materials, any images, including any photo, graphic and/or video images, pictures posted on the Website, copyright to which is held by the Company. |
| Information | Materials, Exchange Information, Indices and other Derived Information posted on the Website or provided under an agreement. |
| Information Services | Fee-based services for provision of Information to the interested parties rendered by the Company. |
| 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 1Q 2024 SPIMEX has achieved significant growth in key performance indicators:
- The overall turnover of the trading sections grew 58.4% year-on-year up to RUB 488 bn.
- The number of trading participants and their customers increased to 6,592 (as compared to 5,603 a year before). In the exchange market for refined products, the growth in trading volumes amounted to 23.6% compared to the same period in 2023, natural gas - 52.8% in physical terms;
- The Exchange is increasing its turnover in the markets of timber, coal, agricultural products, and commodities with a low carbon footprint.
The SPIMEX Refined Products Section
In 1Q, SPIMEX continued to implement measures in the refined products market aimed at ensuring equal access to all trading participants, improving control over the performance of obligations under contracts, monitoring of unfair trade practices and informing trading participants about ongoing activities.
The trading volume in the Section amounted to 8.299 MMT, which is 23.6% more than in 1Q 2023. The turnover in the Section was RUB 445.339 bn (+58.8% YoY).
The number of registered trading participants in the Section and their customers also continued to grow, reaching 2,427, a year before – 2,156.
As part of the development of trading in products with a low carbon footprint, including those made from secondary raw materials, trading in used vegetable oil was launched in the Section, and 276 tonnes were sold for the amount of RUB 18 mn. The number of trading participants and bases is expanding.
In addition, the Section Specifications, at the initiative of trading participants, include secondary plastic raw materials, the launch of trading in which is planned for 2Q 2024.
The SPIMEX Natural Gas Section
The volume traded in the SPIMEX Natural Gas Section amounted to 3.1 bcm (a 52.8% increase YoY). The trading turnover in the Section amounted to RUB 6.283 bn. The number of participants and their customers in the Section is 138.
The SPIMEX Timber and Construction Materials Section
1.481 mcm of timber worth RUB 2.502 bn were sold on the Exchange, a 28.4% increase YoY. The number of trading participants and their customers in the Section increased to 3,524.
The growth in timber sales is ensured by the implementation by state subordinate institutions of legislative norms for concluding transactions with timber at exchange auctions. In addition, the FSIN (Federal Service for the Execution of Sanctions) institutions sell harvested timber on the Exchange - on the basis of amendments to Part 4 of Article 20 of the Forestry Code of the Russian Federation (600-FZ).
The SPIMEX Crude Oil Section
The volume traded in the SPIMEX Crude Oil Section amounted to 514 thousand tonnes (-10%) worth RUB 26.252 bn (+76.8% YoY).
The SPIMEX Derivatives Section
The 1Q 2024 turnover in the SPIMEX Derivatives Section amounted to RUB 4.021 bn (38,119 contracts), a 23.6% increase year-on-year. Of these, RUB 3.122 bn accounted for physically-settled contracts for refined products traded in the domestic market (+71.8%), in quantitative terms the turnover reached the number of 2,384 contracts (a 2.7-fold rise). The volume of refined products physically delivered under such futures contracts to the Russian domestic market stood at 14,448 tonnes. The number of cash-settled futures contracts for refined products traded was equal to 35,735 contracts (+11.4%) worth RUB 899 mn.
The SPIMEX Mineral Raw Materials and Chemical Products Section
The volume traded in the SPIMEX Mineral Raw Materials and Chemical Products Section stood at 49,046 tonnes, which is 5.1-fold more that a year before. Turnover is RUB 1.32 bn (a 5.6-fold rise YoY).
The SPIMEX Agricultural Products and Bioresources Section
18,500 tonnes of commodities (white crystalline sugar, skimmed milk powder) (a 37-fold rise YoY) worth RUB 1.07 bn were sold in the SPIMEX Agricultural Products and Bioresources Section.
The SPIMEX Coal Section
Sales at the Coal Exchange are growing dynamically. 271,460 tonnes of various grades of this commodity were sold in the SPIMEX Coal Section, a 161.6-fold rise YoY worth RUB 783.332 mn. Coal trading was launched on SPIMEX in February 2022 using a new system for calculating prices based on the actual quality of the commodities.
The volume of coal sales since the beginning of trading has exceeded 500 thousand tonnes.
The SPIMEX Metals and Alloys Section
7,180 tonnes of commodities (A500C grade reinforcement steel) worth RUB 463.922 mn were sold in the Metals and Alloys Section.
SPIMEX OTC Platforms
In 1Q 2024, the sale of gasoline in SPIMEX OTC Platforms was continued (to neighboring countries) in the section of Tatneft PJSC. Trading was made for automobile gasoline produced by TANECO (11 thousand tonnes) and unleaded gasoline AI-80-K2 (10 thousand tonnes).
OTC trading on TEK-Torg Federal Electronic Platform
As of the end of the 1Q 2024, the volume of procurement procedures placed on TEK-Torg, a 100% subsidiary of the Exchange, amounted to RUB 608 bn and 112 thousand procurement procedures.
As of the end of the 1Q 2024, the market share of TEK-Torg ETP in the 44-FZ segment was 6.5%. The share of TEK-Torg ETP in the 223-FZ SME market segment was 6.4%. The specified indicators represent shares for open competitive procedures placed in the Unified Information System.
In 1Q, an agreement was signed with Nornickel, the purpose of which is to develop and improve the electronic procurement and trading system. This is the first step towards the formation of a unified information space about market needs to simplify access for potential suppliers to procurement and expand competition.
Registration of OTC transactions in commodities
SPIMEX is expanding and improving the procedure of registration of OTC contracts for key commodities for the domestic economy. In 1Q, the total number of companies providing information was 940.
During this period, the volume of OTC contracts in refined products registered amounted to 90.182 MMT (-1.4% YoY).
OTC contracts for crude oil were registered for 119.089 MMT (a 5.7% increase 1Q YoY). This information provides complete coverage of the export market. Data on crude oil exports collected by SPIMEX reflect the actual export revenue of oil companies and constitute a reliable basis for formation of the TsSPB indicator introduced into the Tax Code by Federal Law No. 389-FZ dated 31 July 2023.
For coal, the volume of transactions registered amounted to 153.721 MMT (-7.4%), for timber — 19.119 mcm (+44.6%), for natural gas — 784.647 tcm (-66.3%), for fertilizers — 23.910 MMT (+26,3%).
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, Coal, and Metals and Alloys Sections totaled RUB 477.73 bn. The number of clearing members as of the end of 1Q 2024 was 6,699.
The amount of monetary obligations included in the clearing pool of NFI CCP RDC (JSC) under natural gas physical contracts amounted to RUB 6.283 bn, the number of clearing members was 110. Monetary obligations included in the clearing pool of NFI CCP RDC (JSC) under trades made in the SPIMEX Derivatives Market amounted to RUB 8.042 bn.
Key events in 1Q 2024
- Volume of coal trading on SPIMEX since the start of 2024 has exceeded 240 thousand tonnes, since the beginning of trading - 500 thousand tonnes;
- Volume of timber trading on SPIMEX since the start of 2024 has exceeded 1 mcm;
- Trading in G and Zh grade coal (middling product) has begun on SPIMEX;
- Decision of the Government of the Russian Federation to increase the standard for the minimum volume of diesel sales through the exchange from 12.5% to 16% has come into force;
- Joint order of the Ministry of Energy and the Federal Antimonopoly Service of Russia established optional sales of refined products under futures contracts on the exchange;
- The State Duma of the Russian Federation in the first reading adopted draft amendments to the Code of Administrative Offenses, which establish liability for violation of the requirements of the Forestry Code of the Russian Federation on the sale of timber at organized trading;
- SPIMEX introduced additional measures to combat unfair trading practices in the exchange market of refined products;
- Major fuel brokers created an association on SPIMEX;
- SPIMEX, Russian Railways and Digital Logistics discussed the distribution of the Deliveries Operator service to the exchange markets of coal, timber and chemical industries;
- The SPIMEX estimation service has prepared a market consensus for key indicators of the Russian economy until the end of 2024;
- SPIMEX has concluded a number of cooperation agreements: with the Belarusian Universal Commodity Exchange (BUCE); ETS Commodity Exchange (Kazakhstan); Association of Corporate Treasurers (ACT); Ecopolis Sertifikatsia i Servis LLC and the Self-regulatory organization “Association of Waste Utilizers “Klever”;
- The SPIMEX VIII Annual Forum “Exchange Commodity Market” took place.
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. Over one fourth of the main refined products delivered to the Russian domestic market over the year was traded on Exchange. The Exchange’s key task is to operate a transparent, fair and efficient price formation mechanism for Russian commodities. SPIMEX was founded in 2008. The exchange license and the license for clearing activities are available on the website. The central office of the Exchange is located in Moscow.