Russia announces single trading system for petroleum products
The St Petersburg International Mercantile Exchange, the Interregional Stock Exchange of Oil & Gas Industry and the St Petersburg Exchange have declared the creation of the Unified Trading System (UTS) for petroleum products.
The three organizations report that now they will accord the rules of trade and choose the system administrator. In their view, the UTS would enable to unify the fuel trading rules, concentrate liquidity, form single price indicators, and create conditions for effective monitoring, control and regulation of the petroleum products market by state regulators.
Within the framework of UTS trading on the spot market of petroleum products will be conducted in double-sided auction regime, but at that, each of them keeps the ability to organize trading on their sites in other regimes.
Terms of UTS creation are not indicated in the memorandum of the three exchanges.