OREANDA-NEWS. November 14, 2011. The Commission of the Federal Antimonopoly Service (FAS Russia) found that “St Petersburg International Mercantile Exchange” CJSC (“SPIMEX” CJSC) and the “Interregional Oil-and Gas Exchange) Non-Commercial Partnership (“MBNK”) violated the antimonopoly law, reported the press-centre of FAS Russia.

The FAS Commission established that due to technical problems of the electronic exchange system “SPIMEX” CJSC created preferential conditions for some bidders, and violated the procedures for determining the winners. Such actions of “SPIMEX” CJSC are in breach of Clauses 2 and 3 Part 1 Article 17 of the Federal Law “On Protection of Competition”.

“MBNK” also violated the rules of exchange trading that resulted in distorting the procedures for determining the winners (Clause 3 Part 1 Article 17 of the Federal Law “On Protection of Competition).

The FAS Commission invited to its meetings representatives of the Federal Financial Markets Service because it possessed information about the circumstances investigated by the Commission.

In course of the investigation, exchanges undertook measures aimed at preventing such violations in the future; therefore, FAS did not issue determinations.

FAS initiated antimonopoly cases against the oil exchanges - “SPIMEX” CJSC and “MBNK” upon the findings of unscheduled on-site inspections of oil exchanges in the first half of 2011.

Reference:

Clauses 2 and 3 Part 1 Article 17 of the Federal Law “On Protection of Competition” prohibits actions in course of competitive bidding that lead or can lead to preventing, restricting, eliminating competition, particularly, creating preferential conditions for a bidder or several bidders and violating the procedures for determining the winner / winners.