Date: 7 months ago   Category: Energy

St. Petersburg International Commodity Exchange suggested to toughen supervision of fuel market functioning — Rambler News Service


St. Petersburg International Commodity Exchange (St. Petersburg International Commodity Exchange) suggested to toughen supervision of functioning of the market of fuel in connection with a situation in this market in Russia, follows from the message of the exchange. According to the exchange, in 10 years after start the Russian exchange market of oil products reached a certain degree of a maturity in this connection the exchange considers justified transition to the following, higher level of regulation and supervision of appropriate functioning of the market, including questions of admission to trading and termination of admission. "A number of the trading companies applied the practician obviously demands a legal treatment and standard settlement. Besides, a row formally legitimate, but nevertheless incorrect market methods have to become a subject of discussion between regulators and participants of the market" — it is said in the statement of St. Petersburg International Commodity Exchange. So, the exchange prepared and sent to the address of regulators of the market the additional offers concerning including providing supervising functions to the Bank of Russia for participants of the organized auction of goods, introductions of obligatory licensing of broker activity in exchange commodity market and also granting the right to the exchange in whole or in part to stop (stopping) access for participants to the organized auction without a possibility of collecting losses in connection with this decision. Besides, St. Petersburg International Commodity Exchange suggested to give legislatively to it the chance to create at the exchange specialized collegial body into which power have to be included making decisions on the admission of participants to the organized auction and also making decisions on termination/suspension of admission. "For expansion of access to the exchange auction of end users and increase in efficiency of use of means of budgets of various levels the exchange suggests to consider a question of granting the right to the state and municipal customers within the legislation on state procurements to buy exchange goods at the organized auction" — it is specified in the message. St. Petersburg International Commodity Exchange also in addition studies a possibility of introduction of the new modes of the auction, in particular, of discrete auctions, for ensuring fairness of the auction for all participants. Today the Minister of Energy of the Russian Federation Alexander Novak said that the situation with the auction of oil products in St. Petersburg International Commodity Exchange is stabilized on November 19, 2018. Earlier Independent Fuel Union (NTS) reported that Rosneft did not participate on November 15 in the exchange auction of gasoline and diesel fuel in St. Petersburg International Commodity Exchange. The official representative of Rosneft Mikhail Leontyev explained RNS that Rosneft is not obliged to sell fuel at the exchange to traders who are engaged in resale of oil products, at the same time the company carries out standards for the volume of sale of fuel at the exchange auction.

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