“Haggling is inappropriate here: the court has sorted out the dispute over admission to the commodity exchange” — Tatyana Tereshchenko for Delovoy Peterburg
The St. Petersburg International Commodity Exchange defended in court its rules for admission to participate in the auction.
The new admission rules, in fact, prevented the participation in the auction of affiliated participants, including those with the same founders, said Tatiana Tereshchenko, head of the analytical direction of Prime Advice.
No to cartels!
The need to make changes was provoked by the situation that developed in the domestic market of petroleum products in late 2018 – early 2019 due to rising fuel prices. It even required the intervention of the Russian government. The model of exchange trading that was in effect at that time turned out to be vulnerable in the face of unfair behavior of individual bidders, Tatyana Tereshchenko draws attention.
And you can't argue
However, the Arbitration Court of St. Petersburg and the Leningrad Region refused to satisfy the claims made by the trans-Baikal companies. In particular, the court found contradictory the arguments of the plaintiffs that the closure of their admission to the exchange led to their loss-making. Both companies are long-standing market players: "Petrovsknefteprodukt" has been in existence for 24 years, and Impulse for 14 years, but both became bidders of SPIMEX only in 2018-2019. That is, until recently, they did not need to purchase petroleum products on the stock exchange, the arbitration concludes.
However, Tatyana Tereshchenko, who has studied the court's decisions on this dispute and the positions of the parties, makes a preliminary conclusion: the chances of canceling this judicial act are small. At the same time, the expert notes, "Petrovsknefteprodukt" and "Impulse" did not present any concrete arguments and proofs of their position to the court.