Date: 6 months ago   Category: Energy

St. Petersburg International Commodity Exchange will change rules of the auction for stabilization of the fuel market — Rambler News Service


Photo: St. Petersburg International Commodity Exchange (St. Petersburg International Commodity Exchange) will change globallookpress.com/Wang Ying rules of exchange trade for stabilization of the fuel market, the press service of the platform reports. In particular, the exchange will enter the raised rates of cash security for traders and will increase penalties for non-execution of the exchange contract. Besides, St. Petersburg International Commodity Exchange will abolish category of "the temporary member of section" at the auction. "Thus only the participants having the statuses "The member of the exchange" and "The member of section" in the section "Oil products" will be able to act as brokers" — it is noted in the message. Also the exchange will impose sanctions for all forms of refusal of execution of the exchange contract of delivery and will increase a payment for excess applications. As one more measure the exchange will enter obligatory payment of transportation costs by the buyer for participants of secondary sale. "Introduction for the bidders who are carrying out sales in cash security (secondary sales), obligatory payment of transportation costs by buyers through the clearing organization upon completion of delivery. Implementation of this offer is connected with the program of interaction of the exchange and JSC "Russian Railways" in the "Exchange — Operator of Commodity Delivery" format" — St. Petersburg International Commodity Exchange notes. "JSC St. Petersburg International Commodity Exchange notes importance of further development of an exchange market mechanism and offers his further use, taking into account change of rules of the auction and the admission, as the main channel of commodity interventions from the Russian oil participating companies of the agreements with the Government of the Russian Federation aimed at providing uninterrupted supply and depreciation of fuel for the Russian consumers" — it is said in the statement.

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