Towards high-quality coal indices
The V meeting on registration of off-exchange coal supply transactions pointed out that the quality of information provided by coal companies to register transactions is improving
Attendees included representatives of the Ministry of Energy, “SUEK” JSC, “KOLMAR” Ltd., “Russian Coal”, “Maiskoe” Mine Administration” Ltd., “Kuzbassrazrezugol” Managing Company” OJSC, “SDS-Coal” Holding” OJSC, “Vorkutaugol” JSC, and the Institute of Natural Monopolies.
Representatives of “St Petersburg International Commodities Exchange” JSC pointed out that in spite of improved quality of the submitted information, typical errors remain: a lot of corrected errors, breaching the deadline for data submission, failure to submit information about the transportation costs, failure to comply with “SPIMEX” recommendations and errors reducing the price to the supply basis.
“SPIMEX” JSC continues free individual training on registering off-exchange coal-supply transactions (contracts).
Anatoly Golomolzin, Deputy Head of FAS pointed out: “High-quality coal indices are important to form the tariffs for housing-and-utility services, develop the energy coal market and control compliance with the antimonopoly law”.
Failure to execute or improper execution of the Regulations on providing information about the contacts concluded by the parties through off-exchange trading, that include obligations to transfer the property rights for the goods, allowed for on-exchange trading, are punished by fines, specified in the Code of the Russian Federation on Administrative Violations.
Explanations on registering coal-supply off-exchange transactions (contracts) are published on the web-sites of “SPIMEX” JSC and FAS.