The Central Bank established the fact of market manipulation in the context of the alleged bankruptcy petition filed by the St. Petersburg Stock Exchange. The exchange made no such request, a Bank of Russia inspection showed. It appeared in the files of the Moscow Arbitration Court at the end of November 2023.
The Bank of Russia conducted an inspection and found that SPB Exchange did not declare bankruptcy. This was reported by the press service of the Central Bank.
The bankruptcy petition of SPB Exchange PJSC appeared in the archives of the Moscow Arbitration Court on November 27, 2023. Some time later, the trading platform reported that it had not filed such a declaration.
In the context of the news of the bankruptcy of the stock market, its shares on the Moscow Stock Exchange plummeted by 35.8% in a few minutes, and on the Saint Petersburg Stock Exchange itself its shares fell by 13.4%.
“The fall was due to the spread of false information about the filing of a bankruptcy petition by PJSC St. Petersburg Exchange to the Moscow Arbitration Court, which led to significant deviations in the parameters of stock trading. As a result, market participants sold shares on unfavorable terms and recorded losses,” the Central Bank noted.
According to the results of the audit, the Central Bank revealed the fact of market manipulation. Inspection materials were sent to law enforcement authorities.
Author:
Kirill Bilyk
Source: RB
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