SPB Exchange is ready to start working again with all Russian brokers. This is reported by Forbes with reference to the site’s press service.
Previously, the exchange rejected the services of Russian-sanctioned brokers; This is how the trading platform minimized its own risks. Now the St. Petersburg Stock Exchange itself is under American sanctions.
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The site received sanctioned status in November 2023. St. Petersburg Stock Exchange head Evgeny Serdyukov said it will focus on IPOs of sanctioned Russian companies that “create Russia’s industrial sovereignty.”
The first company to try to list on the St. Petersburg Stock Exchange is expected to be the Element group of companies.
Currently, clients of most major market participants do not have access to the St. Petersburg Stock Exchange. Therefore, clients of Sberbank, VTB, Alfa-Bank and Tinkoff Investments cannot trade on the platform. Finam clients can only close existing positions.
For private investors to participate in the offerings, their brokerage companies must provide the opportunity to trade on the site. In particular, brokers VTB and Alfa-Bank plan to restore their clients’ access to the St. Petersburg Stock Exchange and are negotiating about this.
- The idea of the St. Petersburg Stock Exchange to hold IPOs of sanctioned Russian companies in high-tech areas was supported by the Ministry of Finance. The agency saw great potential in sanctioned companies entering the open market.
- A change in the site’s business model was necessary after the St. Petersburg Stock Exchange suspended trading in all foreign instruments as a result of US sanctions. Currently, shares of 30 Russian companies are listed on the stock exchange, and in 2023, trading turnover decreased 3.1 times year-on-year to 4.5 trillion rubles.
Author:
Anastasia Marina
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
