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Bank of Russia ascertains fact of manipulation in SPB Exchange stocks trading

According to the regulator, "traders sold stocks on conditions not benefiting them and fixed losses"

MOSCOW, February 21. /TASS/. The Bank of Russia has ascertained the fact of market manipulation during trading in ordinary stocks of the SPB Exchange, the regulator says on its website.

On November 27, 2023, the stock prices plummeted during nineteen minutes after the main trading session opening by 35.8% at the Moscow Exchange and by 13.4% at the SPB Exchange. "The drop was caused by spreading untrustworthy information concerning bankruptcy application filing by the SPB Exchange to the Moscow City Arbitration Court, which caused material deviations in stock trading parameters. As a result, traders sold stocks on conditions not benefiting them and fixed losses," the regulator said.

According to results of the check, the SPB Exchange did not file the bankruptcy application and the regulator treats preparation of the application allegedly on behalf of the exchange and its sending to court as deliberate actions affecting the course of trading.