A new SPIMEX Strategy has been adopted: the Exchange is a competition development product and a market information center
At a meeting on 16 May 2024, the Board of Directors of the Saint Petersburg International Mercantile Exchange approved the Business Development Strategy of the SPIMEX Group for 2024-2028.
The adopted document establishes that the Exchange is a system-forming institution for the development of market relations, and exchange trading is one of the priority areas for the development of competition.
During the period of implementation of the previous Strategy for 2019-2023, SPIMEX fulfilled and exceeded the target indicators set out in it. In particular, in 2023 the volume of sales of refined products on SPIMEX reached 31 MMT (target – 29.13 MMT) and the Exchange’s share in the organized spot market for refined products in our country reached 99%. SPIMEX also carried out active work to implement the activities of the National Plan for the Development of Competition and introduced a comprehensive system of measures to increase the transparency of trading and combat unfair practices in the fuel market.
The priorities of the Strategy 2024-2028 include the development of key exchange markets and their further scaling. A significant increase in profits, trading volume and turnover is envisaged. SPIMEX will expand its commodity line (including through construction materials, agricultural products and digital financial assets), as well as the geography of exchange trading participants. Strategic plans include export trading in timber, fertilizers, coal and other commodities. In these markets, as well as in the Exchange’s traditional markets for refined products, crude oil, and natural gas, multiple growth is planned. The Strategy attaches important significance to the derivatives market, expanding the commodity line on it and increasing the number of its participants.
In the next five years, SPIMEX plans to introduce new trading and clearing systems in the commodity and derivatives markets based on its own projects, which will be created in cooperation with leading developers of the domestic IT market.
Particular attention in the Strategy is paid to the development of the institution of Deliveries Operators (DO). It is envisaged that by 2028 logistics for all exchange transactions in the SPIMEX Refined Products Section will be carried out through the DO mechanism with delivery by rail and this service will also be scaled to other commodity markets.
The formation of national price indicators is another key task set in the Strategy. The indicators will be used for market regulation of prices for Russian commodities, tariff regulation, tax and budget control, and assessment of the efficiency of government procurement.
SPIMEX, according to the document, becomes a center of market information. Its new information and analytical platform SPX is designed to become the basis for digital transformation and import substitution of strategic indicators for trading participants and authorities.
The Exchange intends to strengthen international cooperation by developing strategic partnerships in the markets of BRICS+, EAEU+ and other friendly countries. It is planned to increase the volume of trades and mutual settlements, unify customs procedures, and create an international system of indicators.
The Strategy considers the development of the SPIMEX Group as a whole and sets tasks for the subsidiaries of SPIMEX. The Clearing Organization NFI CCP RDC (JSC) will continue to develop as a central counterparty on exchange markets and will provide support for new products in the derivatives market. The federal electronic platform TEK-Torg will have to significantly increase the number of procurement procedures carried out and become a platform for the development of cooperation in the EAEU markets. Trading Development Center LLC will focus on educational programs for new exchange and OTC markets.
“Our Strategy defines the Exchange primarily as a product of state policy,” said SPIMEX CEO Igor Artemiev. – The document sets out the main goals for development in the Russian and international economic space in key markets, taking into account the latest trends and the use of advanced technologies. At the same time, we inherit the historical traditions of the first domestic Saint Petersburg Exchange and take on its Mission: “We are driven by benefits for the sake of the future of Russia.”
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.
