SPIMEX LAUNCHES NATIONAL INDICES FOR LIQUEFIED PETROLEUM GASES (LPG)
St. Petersburg International Mercantile Exchange ( SPIMEX ) on 2nd August, 2016 started publication of the national price indexes for liquefied petroleum gases (LPG).
National indices are calculated as the sum of the average weighted price of the commodities called on all large refineries - producers , with the weighing factor of each refinery in the index is proportional to its share in the Russian domestic market supply.
Starting indexes publication is in line with the strategic objectives of the exchange: the development of market-based pricing and the creation of objective market indicators for the most important commodities.
The calculation of the new indices is carried out within the planned extension of the SPIMEX commodity line.
In addition to the exchange based weighted national index SPIMEX also calculates LPG over-the-counter (OTC) index on the basis of registration of the OTC transactions.
Currently the LPG indexes are available free of charge on the site of the Exchange. http://spimex.com/indexes/lpg/national/data_eni.php
Exchange trade of LPG is carried out in accordance with the Joint Order of the Federal Antimonopoly Service of Russia and the Russian Energy Ministry of 12.01.2015 registered by the Ministry of Justice in April 2015. The document set the minimum valume of LPG , which is realized in the course of trading, it is set at the level of 5 % of the monthly production volume by the entities with dominant position in the market.
Starting from June 2015, SPIMEX trades on a given product group are carried out on the basis of the stock exchange rules elaborated and agreed with the bidders and regulators.
OILMARKET info: St. Petersburg International Mercantile Exchange ( SPIMEX ) is the largest commodity exchange in Russia and organize exchange tradings in the oil products, crude oil, natural gas, LPG , wood and building materials , as well as on the futures market. SPIMEX implements the task of creating a transparent mechanism for the formation of fair prices for Russian commodities. The Exchange was established in May 2008.
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