The Moscow Arbitration Court in St. Petersburg reportedly received a filing that was later deemed invalid. Moscow Interfax noted that the St. Petersburg Stock Exchange’s bankruptcy petition was not accepted, with the court press service confirming the document would be returned due to the applicant failing to complete the required pre-trial procedures.
The court press service in St. Petersburg clarified that the trading platform has not filed for bankruptcy. Company representatives emphasized a stable financial position and stressed there are no bankruptcy indicators at this time.
Later officials stated that the document was likely sent by fraudsters who exploited the filing process.
The statement added that SPB Exchange intends to cooperate with law enforcement and will investigate the illegal submission of a bankruptcy petition by attackers.
Information about a claim to declare the St. Petersburg Stock Exchange bankrupt appeared in the Moscow Arbitration Court’s filing cabinet on the morning of November 27. The case card lists the legal entity as PJSC SPB Exchange. The applicant’s name is not disclosed and the claimed amount remains unspecified on the card.
As RBC reported, there was no message on the Fedresurs site card indicating any debtor or the exchange itself planned to file for bankruptcy.
Promotions on the Moscow Stock Exchange
Trading for the company opened at 95.1 rubles. Amid bankruptcy rumors, SPB Exchange shares fell sharply on November 27, with a drop of nearly 35 percent to around 63.8 rubles per share by 10:20 Moscow time. After denial of the bankruptcy claim, the stock recovered some losses and climbed to about 91.9 rubles by 10:28 Moscow time.
By the close of trading at 18:59, the shares traded at 88.7 rubles, down 9 percent from the day’s start. The Bank of Russia announced it would review the sharp movements in the exchange’s share price.
Dissatisfied shareholders
In a discussion with Andrey Kochetkov, an analyst in the global research department at Otkritie Investments, he suggested that rumors of bankruptcy could be fueled by dissatisfied holders among SPB Exchange’s smaller shareholders.
He noted that a dissatisfied or foreign shareholder might initiate the filing. It is important to determine who submitted the claim, as no decisive action can be taken until the source is identified.
According to the expert, the exchange reportedly faces operational challenges rather than financial distress, and discussions of bankruptcy are premature and unnecessary.
US sanctions
Kochetkov added that the platform generally continues to operate stably, with Russian, American, and other securities circulating. He recalled that the company had been placed on the U.S. sanctions list, but the path out of the situation remains unclear.
The U.S. Department of the Treasury had set a deadline of January 31 to resolve the discrepancies. It was suggested that some unfinished operations could shift offshore, possibly to Kazakhstan.
SPB Exchange focuses on trading foreign securities. On November 2, the platform’s assets were blocked under U.S. Treasury sanctions, prohibiting cooperation with American entities and halting most site operations. Within a few days, the exchange commenced limited trading in Russian securities only.
The new general director of the St. Petersburg Stock Exchange, Evgeny Serdyukov, remarked that after sanctions, the platform would concentrate on ruble-denominated trading assets.