About auction trade

In accordance with the List of Assignments of the Russian Federation President Vladimir Putin Pr-613 of 21.03.2013 for organization of an effective system of Russian aquatic biological resources sale on domestic and foreign markets, Saint-Petersburg Exchange JSC in cooperation with Far East Auction Fish House JSC took certain measures in 2014-2015 aimed at the implementation of innovative technologies into the process.

Technical capacities of Saint-Petersburg Exchange enable the company to organize electronic trade in aquatic biological resources and their derivatives by conducting exchange and auction bidding.

For this purpose, an electronic trading floor for exchange trade in aquatic biological resources and their derivatives manufactured by Far East enterprises was established. Five companies from Primorye, Kamchatka and Sakhalin regions and Republic of Sakha (Yakutia) got registered as exchange trading. In 2014 transaction were made to the contract amount of about 3.5 mln rubles.

The subsequent consultations with representative of the fishing community, management of the Russian Federal Fisheries Agency, Ministry of Industry and Trade and Russian Federal Antimonopoly Service give the reasons to believe that implementation of the exchange technologies into the daily practice of aquatic bioresources sale is appositive aspect for the development of the entire industry.

Activities of the auction marketplaces for trade in aquatic bioresources makes it possible to master a role of the tool for interaction among fishing, fish processing companies and buyers in an electronic format, contributes to the development of the shore-based facilities, creation of jobs, increase in the volume of domestic fish processing, tax and customs inflows into the Russian budget. In case of successful operation of the fish auction in the electronic bidding system on the Russian federation territory, the national domestic market will receive an additional input of high quality fish and seafood made in Russia. Therefore, economic rationale will be created for reduction of prices for fish products for the consumer in compliance with the national policy aimed at reduction of prices for aquatic bioresources under the conditions of economic sanctions.  

This mechanism is effective and convenient for fishing companies, fish processing companies and for the fish product consumer (buyer).

The first auction for aquatic bioresources sale at the request of Koryakmoreproduct LLC using an electronic trading system of Saint-Petersburg Exchange JSC was conducted on May 29, 2015. 24 lots were set for the auction, with the total volume of about 2,000 tons of fish products. The auction process was observed by mass media representatives and representatives of foreign business community (Japan). As a result of the bidding, three contracts to the amount of 22 mln rubles were made.