SERIES OF REGIONAL WORKSHOPS ON EXCHANGE TRADING WITH MINERAL RESOURCES AND PETROCHEMICALS STARTED IN SARATOV

The events will increase awareness of potential consumers about an opportunity to acquire mineral fertilizers through exchange trade

The Chamber of Commerce and Industry of the Saratov region held an interregional workshop for consumers of mineral fertilizers and regional agriculture ministries on developing exchange trading with mineral fertilizers and petrochemicals.

The workshop was opened by Alexei Tikhonov, President of the Chamber of Commerce and Industry of the Saratov region. Welcoming remarks were also given by Head of Saratov OFAS Lyudmila Borisova; Managing Director of St Petersburg International Mercantile Exchange (“SPIMEX” JSC) Alexei Ryzhikov; and Deputy Head of FAS Department for Regulating he Fuel-and-Energy Complex and the Chemical Industry Natalia Yakovenko.

FAS representative emphasized the importance of the event, since to fulfill No.618 Order of the President of the Russian Federation, the Antimonopoly Service is pursuing a pilot project on devising a mechanism of exchange trading with mineral fertilizers.

In December 2018, FAS Exchange Committee made a decision to organize regional workshop with the purpose of increasing awareness of consumers of mineral fertilizers on an opportunity to purchase mineral fertilizers through the exchange.

Natalia Yakovenko pointed out that the Saratov region had been the first to respond.

The event agenda included a wide range of issues covering the work of the exchange markets for selling petrochemicals and mineral fertilizers.

Alexei Ryzhikov outlined performance of the market for selling mineral fertilizers; Managing Director of “SPIMEX” JSC, Pavel Strokov presented the practices of the efforts of the exchange for selling oil products. Deputy Head of “SPIMEX” on Clearing, Arina Yefimova made a report on the admission procedures for exchange trading, where she described in detail the categories of bidders and requirements to them, accreditation of clearing participants and the admission procedures for clearing operations.

Then the workshop participants learned about bidding in the real-time mode and could ask their questions to SPIMEX representatives.

Summing up the workshop results, Head of Saratov OFAS Lyudmila Borisova thanked everybody for the interest to the event, emphasizing that the attendees include the colleagues from regional FAS Offices, the authorities as well as market participants from the Saratov, Penza, Vologda and Orenburg regions and Moscow.

Background:

The regional workshop for consumers of mineral fertilizers and regional agriculture ministries on developing exchange trade with mineral fertilizers and petrochemicals was organized by Saratov OFAS jointly with FAS, the Government of the Saratov region and St Petersburg International Mercantile Exchange.