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The National Mercantile Exchange (NAMEX), which is a part of the MICEX Group, has applied for participation in the competitive selection of exchanges for the placement of orders for the delivery of oil and oil products, organized by the RF Economic Development and Trade Ministry in accordance with the Decree of the RF Government #350 of 5 July 2007 “On the Organization of Purchase and Delivery of Oil and Oil Products through Mercantile Exchanges”.
The NAMEX has broad experience in holding exchange-based trading in the framework of state measures to regulate the commodity market.
To organize exchange-based trading, the NAMEX uses the information and technological infrastructure of the Moscow Interbank Currency Exchange (MICEX), seven regional exchanges and regional exchange centers, which are functional, technological and operational centers of the MICEX on financial markets, and that of the NAMEX on commodity markets. The functions are distributed in the following way:- the NAMEX acts as the organizer of trading, the administrator of the exchange trading system and the trading floor in Moscow;
- the MICEX acts as the technological center the soft- and hardware complex of which is used to hold exchange-based trading and provide participants’ access to the trading system on exchange trading floors, remote access centers and remote work places;
- the MICEX Settlement acts as the organizer of the system of settlements for the results of trading;
- regional trading floors act as representatives of the NAMEX, the soft- and hardware complexes of which are used to provide participants’ access to the trading system on exchange floors, remote access centers and remote work places.
Since 2002 these components of the MICEX Group’s commodity market have been used to hold exchange-based trading in the framework of state interventions on the grain market.
The use of the information and technological infrastructure of the MICEX Group and seven regional exchanges and regional exchange centers, which during the last 15 years has been the leading provider of electronic financial services in Russia, enables to considerably shorten the time of implementation of projects, secure high reliability of the exchange-based commodity market, involve the maximum number of regional participants in the commodity market and provide a wide range of services.
