The Saint-Petersburg International Mercantile Exchange

E-trading system for commodity spot market

About

Russia, Saint-Petersburg
September 2009

Saint-Petersburg International Commodity Exchange (SPIMEX) is a legal entity aimed at forming the wholesale market by establishing and regulating the exchange trade carried out in the form of electronic auctions hold at the pre-agreed premises and in time subject to SPIMEX regulations. In order to meet the demand of the major dealers on the Russian market of oil products and provide a fair price-forming mechanism through a planned trade system and a complex of information services, SPIMEX has formed a sector of Oil Products based on an integrated technological platform developed by CMA.

The same platform is used for the newly-formed sector of Gas Products since 2014.

The system is based on CMA's product - TRAD/X, which is a software platform for a full-scale trading system of commodity exchange. TRAD/X has a modern component service-oriented architecture providing the necessary performance and flexible functionality that can be used in conjunction with other products of the CMA Company, intended for automation of financial markets infrastructure (depository, clearing, payment systems).

In December 2010 the SPIMEX opened the futures market section. It registers futures contracts for summer diesel fuel, with delivery ex works from the oil refineries located within the Central Federal District. CMA has developed a set of systems providing trade/clearing and settlement transactions. It performs all the necessary accounting, trading and settlement operations for the futures market.

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