SOME FEATURES OF THE TERMINAL MARKET FORMATION AT THE ST. PETERSBURG INTERNATIONAL MERCANTILE EXCHANGE IN THE CONTEXT OF THE DEVELOPING EXCHANGE MARKET IN RUSSIA
UDC: 339.9
DOI: 10.33285/1999-6942-2021-1(193)-7-12
Authors:
KATYUKHA PAVEL BORISOVICH1
1 Financial University under the Government of the Russian Federation, Moscow, Russian Federation
Keywords: exchange, derivative, term market, futures, forwards, over-the-counter market, commodity market, benchmark, hedging, speculation, trader
Annotation:
The paper goes on with a series of the author’s articles, published in this Journal, devoted to the development of exchange and over-the-counter trading in Russia and, in particular, to the peculiarities of the terminal market development at the St. Petersburg International Mercantile Exchange (SPIMEX), which is one of the largest commodity exchanges in Russia. The paper considers the evolution of the terminal market formation at SPIMEX, the relationship of the terminal market with the spot market as the main condition for the exchange trading development, the main participants and market development trends. The main attention in this paper is focused on the problems of the terminal market development at the SPIMEX exchange floor and the development of new exchange instruments and indices for the main line of oil and oil products. In the context of the development of the SPIMEX terminal market, the urgent need to form Russian reference (marker) grade of oil is shown to determine a transparent and objective price for Russian oil.
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