Exchange commodity trading CJSC SPIMEX

Transcription

1 Exchange commodity trading CJSC SPIMEX

2 1 SPIMEX is the leading Russian commodity exchange Reference information CJSC Saint-Petersburg International Mercantile Exchange, license , of November 22, 2013, the registered capital mln rubles. SPIMEX is organized by the following companies: Transneft, Transnefteproduct, Rosneft, Gazpromneft, Zarubezhneft, Surgutneftegaz, Sovcomflot, RZD etc. The clearing service is provided by SDCO (CJSC). Settlements are done through 8 authorized banks: Sberbank, VTB, GPB, Alfa-Bank, Russia, VBRR, Rosselkhozbank, NSD. Developed market of petroleum products with the trading volume of 56.3 million tons (14,9 billion rubles) and 1560 trading participants. Representative price indexes of domestic market of petroleum products on the basis of on-exchange and OTC contracts. The futures market on petroleum products and price indexes. The registration of the over-the counter contracts with crude oil, petroleum products, coal and grain. Slide 2

3 1 Wide Sections SPIMEX variety of assets in the commodity and derivatives sections of SPIMEX Active Sections Petroleum products Grain and bio resources Planned Sections Minerals and chemical products Energy carriers Crude oil Wood Natural Gas Derivatives market Slide 3

4 1 Market share and trading volumes SPIMEX maintains the leading position on the Russian exchange commodity market. The main segment of commodity market is petroleum products trades. Exchanges shares in the total turnover, petroleum products (as of December 1st, 2014) 4,3% The volume of petroleum products trades exceeded 21 million tons, the turnover exceeded 915 billion rubles in SPIMEX share is about 95,7 per cent of the exchange petroleum products market. On April 24 th, 2013, the trades on Crude Oil were launched on SPIMEX. The sellers are OJSC ZarubezhNeft, OJSC TransNeft and OJSC Bashneft. Total turnover is over 1.6 million tons, and equals to 22 billion rubles. On September 11 th, 2013 the first exchange contract on enriched coal was concluded. Starting from July 11 th, 2014 trades are carried out in Wood section. The turnover in 2014 is 64,5 million rubles. On October 24 th, 2014 at the monthly trades carried SPIMEX Section natural gas. Among the participants of the largest suppliers ( LLC"Gazprom mezhregiongaz", OAO"NK"Rosneft", OJSC"NOVATEK") and gas consumers. In the course of the auction sold 21,9 million m3 of natural gas, totaling 55, 3 million rubles. 34,2% 95,7% 15,3% 15,1% 35,4% Saint-Petersburg Exchange SPIMEX Petroleum products market (as of December 1st, 2014) Jet Fuel Petrol Diesel Fuel Oil Slide 4 Currently there are 1560 participants on SPIMEX.

5 1 Trading Volume SPIMEX, all sections, quarterly* Trading volume in thousand tons ** qr qr ,1 0,3 0,4 3 qr qr qr qr qr ,7 2 qr qr qr qr qr ,1 10,0 12,6 17,4 3 qr qr qr qr qr ,6 3 qr qr ,3 4 qr qr ,0 1 qr qr ,2 2 qr qr qr ,9 75,7 3 qr qr qr ,2 1 qr qr ,6 2 qr qr ,0 3 qr qr qr ,1 69,2 2 qr , qr , qr , qr , qr ,0 3 qr , qr 2014 Trading volume in billion rubles 4 qr qr qr qr qr qr qr qr ,1 4 qr 2014 Slide 5 * Excluding data on card futures of LLC Magystral. As of December1 st, 2014 ** Including data on cash-settled futures of SPIMEX Futures market

6 1 Trading Volume SPIMEX, all sections, quarterly* Number of trades ** qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr 2014 Number of participants Slide qr qr qr qr qr qr qr * Excluding data on card futures of LLC Magystral. As of December 1 st, 2014 ** Including data on cash-settled futures of SPIMEX Futures market qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr qr. 2014

7 2 Petroleum Products Developed exchange market of petroleum products SPIMEX Slide 7

8 2 Petroleum Products Market Wide regional coverage All major refineries in Russian Federation are used as a delivery basis for the SPIMEX petroleum products trades. Any buyer has an opportunity to buy goods on the exchange and get the goods delivered to the railroad station on the territory of Russia. Delivery terms: FOR dispatch station; tank truck; Ex tank; Pipeline; self-delivery by railroad. Slide 8

9 2 Trading volumes on different exchanges Petroleum products, thousand tons ,3% 2,9% 3,6% 4,6% 3,5% 2,4% 3,7% 7,2% 7,7% 5,0% 4,0% 3,8% 4,6% 4,0% 4,3% 3,6% 6,0% 2,7% 1,6% 1,6% 2,4% 1,9% 2,0% 1,6% 3,8% 3,3% 4,5% 4,1% 4,9% 5,6% 6,1% 2,8% 3,9% 4,64% 3,5% 1593,44 100% 90% % % ,0% 91,4% 78,7% 86,0% 84,5% 88,6% 94,1% 88,2% 79,2% 83,5% 93,6% 94,3% 94,4% 91,6% 92,3% 90,4% 94,2% 96,0% 95,2% 95,1% 90,6% 97,1% 96,0% 97,6% 96,7% 97,2% 95,9% 93,9% 96,1% 96,2% 95,5% 95,1% 95,4% 96,5% 94,4% 60% 50% 40% % % % 0 12,7% 3,0% 7,8% 9,4% 5,1% 9,4% 11,9% 13,7% 13,6% 11,5% 2,4% 1,9% 3,7% 1,6% 3,5% 6,0% 3,5% 3,1% 3,2% 1,4% 1,7% 3,0% 2,0% 0,7% 0% Slide 9 MIMEX, % SPIMEX, % Saint-Petersburg Exchange, % MIMEX SPIMEX Saint-Petersburg Exchange

10 3 Futures Market Deliverable and cash-settled futures SPIMEX Slide 10

11 3 Deliverable Futures Since December 17 th, 2010 The total trading volume of summer diesel fuel (DTL) futures contacts is: more than 635 thousand tons, more than 16,1 billion rubles Unique delivery experience The futures contract is settled with the DELIVERY of the base asset Almost all largest oil companies are included: Moscow Yaroslavl Ryazan Gazpromneft Gazpromneft Rosneft Rosneft Samara Nizhny Novgorod Nikolskoye Rosneft Lukoil Bashneft Tatneft Advantages: More than 45 participants on SPIMEX derivatives market The system of rebates meant to improve the market liquidity The central counterparty Slide 11 Vladimir hub The market-makers and the guaranteeing deliverers are present on the market to create the most comfortable conditions for clients On the 15 th of July 2014 new deliverable contracts on diesel, Regular-92, Premium- 95 petrol were launched. The delivery basis of the contracts is regional basis Kirishi.

12 3 Cash-Settled Futures Since Oct. 19 th, 2012 The reliable price indicator can be used for calculating futures contracts settlement. No risks of delivery The futures are settled WITHOUT THE DELIVERY of the basic asset Futures contracts: 1. Cash-settled futures on SPIMEX Petrol Reg- 92 Index 2. Cash-settled futures on SPIMEX Jet fuel Index 3. Cash-settled futures on SPIMEX Summer gasoil Index 4. Cash-settled futures on SPIMEX Winter gasoil Index 5. Cash-settled futures on SPIMEX Fuel oil Index Advantages: The representative index has been calculated since 2009 based on trades on the liquid spot market More than 45 participants on SPIMEX derivatives market The system of rebates meant to improve the market liquidity The unified technological basis is shared by the spot and futures market The central counterparty Slide 12

13 3 Fuel Card Futures Since June 03 rd, 2013 Slide 13 Convenient tool that fixes fuel prices in the future with the possibility (not obligation) of transferring fuel on a card. SPIMEX s partner LLC «Magystral» developed a special program (nominated in litres) of fuel cards called Birzhevaya. The cardholder has an access to a wide range of petrol stations, which cooperate with «Magystral-Card». All the procedures of registration and fuel acquiring are available on LLC «Magystral» official site: Fuel futures on LLC «Magystral» fuel cards: AI-92 petrol AI-95 petrol Diesel fuel Advantages: Преимущества: No risks of delivery The futures are cash-settled, with no delivery of the basic asset Right to buy fuel at futures settlement price within 3 days after the futures settlement date Storage all kinds of fuel on card Small contract size: 10 litres The system of rebates meant to improve the market liquidity «Magystral-Card» is the leading participant of retail fuel market with wide range of regional petrol stations. It is also an example for other participants of this sector. Central counterparty

14 3 In Trading volumes Futures Market on SPIMEX the total trading volume of different types of futures contracts is as follows: Volume in mln rubles Volume in thousand contracts FDDTL5KIR FDDTL5KIR FSITRDVLI FSIREGVLI 400 FSITRDVLI FSIREGVLI FSIMZTVLI FSIMZTVLI FSIDTZVLI 300 FSIDTZVLI FSIDTLVLI FSIDTLVLI FSCDDTMOS FSCD95MOS 200 FSCDDTMOS FSCD95MOS FSCD92MOS FSCD92MOS FDDTS2VLI 100 FDDTS2VLI Slide

15 4 Indexes The developed market of petroleum products and derivatives market create both condition and necessity for price indexes of petroleum products. Indexes SPIMEX The aim of price indicators is to make exchange prices more representative and to create conditions for reliable and transparent pricing. Slide 15

16 4 Price indexes of petroleum products SPIMEX Vladimir st. Indexes Indexes show average price of the four central refineries of the European part of Russia (Yaroslavl Refinery, Moscow Refinery, Ryazan Refinery, Nizhny Novgorod Refinery). The price is converted to Vladimir railroad station by adding transportation rate. Composite Index The index shows the dynamics of the Russian market of light petroleum products in general. The index is calculated by summing up the national price indexes of light petroleum products (REG, PRM, DTL, DTM, DTZ, TRD), weighted by their share in domestic market. National Indexes Indexes show average price of a petroleum product type in Russia. The index is calculated by summing up Consolidated prices of a particular type of petroleum product on Russian refineries, weighted by share of each Russian refinery in deliveries on domestic market. Regional Indexes Indexes show prices of petroleum products types in 8 largest regional consumption centers (Moscow, St.-Petersburg, Rostov, Samara, Yekaterinburg, Novosibirsk, Irkutsk, Khabarovsk). Consolidated prices of refineries Consolidated prices of refineries show average price of a petroleum product type on a particular refinery. Consolidated prices are calculated for all the largest Russian refineries and are used for calculating other types of petroleum products index prices. Slide 16

17 4 Vladimir station Index General Information Vladimir Indexes are calculated on Vladimir railway station since February 2009 for the following groups of petroleum products: diesel fuel (summer, demi seasonal, winter), petrol Regular and Premium, jet fuel and fuel oil. The trades on the main delivery bases form the price level of the index, while the trades on the additional bases rise liquidity and the volume of contracts that form the index, if their interconnection to the prices on the main bases is proven. Slide 17 Main delivery bases Additional delivery bases

18 4 Vladimir Index Petrol Charts Vladimir Indexes are calculated daily each time after a deal is made with instruments included into index calculation basis. The historical figures of all SPIMEX indexes are available as of any date. All the information about indexes, values that influence calculations, as well as documentation are available at SPIMEX s web-site (spimex.com) PRM REG Slide 18

19 4 Vladimir Index Diesel and Jet Fuel Charts DTL DTM DTZ TRD Slide 19

20 4 Composite Index General Information Composite index has been calculated since January 2011 Composite index is a single universal indicator of petroleum products market. It shows the price movement of light petroleum products average ton traded on Russian exchange market , , The value of Composite Index is calculated daily in points. Slide 20

21 4 National Indexes General Information National indexes of petroleum products prices are single price indicators which show average price of petroleum products of each type traded on Russian exchange market. The index is calculated by summing up consolidated prices of petroleum products on all Russian refineries. The more products a refinery delivers to domestic market the more the price on this refinery influences calculated value of the respective National Index. National Index Slide 21

22 4 National Indexes Basis for composite index calculation National Indexes are price indicators of petroleum product type on the territory of Russia. Moreover, National Indexes are used for calculating Composite Index of light petroleum products. Below are the charts of National Indexes in 2013 and main chart of Composite Index values: DTL DTM DTZ PRM REG TRD ECI Slide

23 4 Regional Indexes General Information Moscow Saint-Petersburg Rostov Samara Yekaterinburg Novosibirsk Irkutsk Khabarovsk Indexes are calculated in large consumption centers Consumption Centers are all across Russia Two categories of indexes are calculated: based on exchange trades and OTC trades. Both calculation methods are based on single principle. Calculations of Index of a particular consumption center include factual deals (based on the information of railroad transportations) on refineries which deliver petroleum products to this consumption center. Separate choice of supplying refinery for each petroleum product group Slide 23 Filters allow to exclude a deal out of calculations if such a deal was made on price that differs significantly from the consumption center price level.

24 4 Prices on Refineries General Information For each large refinery (prices are calculated for more than 20 refineries on the territory of Russia) SPIMEX calculate consolidated prices of the following types of petroleum products: Petrol Regular-92 Petrol Premium-95 Summer Diesel Fuel Winter Diesel Fuel Demi seasonal Diesel Fuel Jet Fuel Fuel Oil Slide 24

25 4 Consolidated prices on refineries Basis for national indexes calculation Consolidated prices are price indicators of petroleum product type on the territory of Russia. Moreover, consolidated prices are used for calculating National Indexes of light petroleum products. Below are the charts of consolidated prices on petrol Regular-92 on all the Russian Refineries in 2013 and main chart of National Index values: Slide

26 5 OTC Market OTC Market SPIMEX Slide 26

27 5 OTC contracts Registration of traded goods on the basis of SPIMEX In accordance with Russian Federal Law of November 21 st, 2011 No. 325-FZ On Organized Trades, and in the fulfillment of Decision of the Government of the Russian Federation No. 623 of July 23 rd, 2013 "On the endorsement of the Regulation on the information on contracts concluded by sides at other than organized trades where obligations imply a transfer of proprietary rights for the goods permitted for organized trades, as well as on the keeping of the register of such contracts and providing information from the mentioned register", JSC "SPIMEX" carries out registration of OTC contracts implying the transfer of ownership on the following products: petroleum products, provided that the total production of a group of persons of the entity engaged in petroleum products sale, is more than 100 thousand tons in the previous year and the amount of the OTC contract is not less than 60 tons; crude oil, which is to sell in the domestic market, with the volume of extraction and (or) production of a group of persons of a manufacturer in the previous year more than 1 million tons, provided that the volume of OTC contract is not less than one thousand tons; coking coal, stone coal, brown coal and anthracite with the volume of extraction of a group of persons of a manufacturer for the previous year more than 1 million tons, provided that the volume of OTC contract is not less than 60 tons; 3rd and 4th grade wheat with sales volume for the previous year more than 10 thousand tons and the volume of OTC contract more than 60 tons. Slide 27

28 5 OTC contracts Registration of traded goods on the basis of SPIMEX In the following OTC contracts were registered on SPIMEX: Petroleum products contracts by 20 companies; Crude oil contracts by 11 companies; Coal contracts by 75 companies. Volume in thousand tons Petroleum Products Crude Oil Coal Volume in contracts Slide

29 5 OTC contracts Registration of traded goods on the basis of SPIMEX In 2014 the following OTC contracts were registered on SPIMEX: Petroleum products contracts by 19 companies; Crude oil contracts by 22 companies; Coal contracts by 63 companies; Grain by 1 company. 104 Volume in thousand tons Petroleum Products Crude Oil Coal Grain Volume in contracts Slide

30 6 Informational Products and Services Informational Products and Services SPIMEX Slide 30

31 6 SPIMEX Informational Products and Services Free Content 15 minutes delayed informational access Daily market overview Daily Bulletin Weekly Bulletin Additional Data Payable Content Online data access Informational Bulletin Daily Bulletin Access to Exchange information for resident and non-resident companies Slide 31

32 Contact information CJSC Saint-Petersburg International Mercantile Exchange Address: Moscow, Timura Frunze str., 24 Tel.: +7 (495) Web-Site: Slide 32