27 Nov 2023 18:57

Central Bank to probe SPB Exchange bankruptcy suit for possible market manipulation

MOSCOW. Nov 27 (Interfax) - The Central Bank of Russia will analyze the situation surrounding a SPB Exchange bankruptcy suit and actions by market participants with its shares, the regulator's press service said.

"The Bank of Russia will analyze the event, including the actions of market participants with securities of PJSC SPB Exchange , from the point of view of a possible violation of the law on countering the use of insider information and market manipulation," the Central Bank said.

The bankruptcy of the exchange trading operator in itself does not pose the risk of foreclosure on investors' assets, the Central Bank said.

"The exchange does not have the funds of investors at its disposal - these are placed on the account of another legal entity, a central counterparty clearing account. The law states that property on a clearing account is not included in the bankruptcy estate. Thus, investors do not bear risks of foreclosure of their funds in the event of the exchange's bankruptcy," it said.

Earlier, information appeared in an arbitration case file about a SPB Exchange bankruptcy suit dated November 24, without any details, including about the creditor. There are currently no notifications from SPB Exchange in the Unified Federal Register of Bankruptcy Information.

The SPB Exchange press office said on Monday it had not filed for bankruptcy and was financially stable.

The exchange said separately that it planned to file a complaint with law enforcement over the incident. "SPB Exchange will ask law enforcement bodies to investigate forgery of documents and filing of a bankruptcy suit by wrongdoers," it said.

The Moscow Arbitration Court refused to register a SPB Exchange bankruptcy suit due to irregularities with paperwork and the procedure for filing a claim.

"Fraudsters are capable of using the latest need to carry out criminal actions. SPB Exchange asks you to treat any information that may appear regarding the exchange and lead to impulsive actions with care," the exchange said.