The filing of a bankruptcy petition with the court by PJSC SPB Exchange has drawn attention from law enforcement authorities and the Bank of Russia. Mikhail Mamuta, head of the Bank of Russia’s Service for the Protection of Consumer Rights and Ensuring the Availability of Financial Services, commented on the matter, urging a careful and thorough investigation by the appropriate agencies.
“What occurred yesterday is difficult to classify, and it may verge on illegal activity rather than a simple legal misstep. Law enforcement needs to determine exactly what happened. The exchange has not publicly commented, but someone did,” Mamuta said to reporters on the sidelines of the Bank of Russia’s Customer Focus conference (Interfax quoted).
According to the senior official, the Central Bank has not yet received complaints from investors about the situation, though he noted such complaints would not be surprising given the circumstances.
From a market perspective, Mamuta described a clear instance of price manipulation. He stressed that a definitive conclusion about manipulation requires formal proof, yet he suggested the market’s sharp drop followed by a rapid recovery could be exploited for profit by some participants.
Thorough investigation ahead
Mamuta called the incident completely unacceptable and emphasized that law enforcement will need to act. He added that investigators handling market manipulation cases would follow the evidence and provide assistance as required by law, if objections arise, and the Bank would respond accordingly.
The bank official did not offer a timeline for the analysis, only noting that investigations of this nature require substantial time to reach a correct conclusion.
The head of the Bank of Russia’s consumer protection and financial accessibility unit pledged to share information as soon as possible, once initial findings are available.
Historical context and current developments
The bankruptcy filing for the St. Petersburg Stock Exchange was recorded on November 24, with the Moscow Arbitration Court updating the card index on November 27. The court’s entry does not disclose the applicant’s name or the requested amount.
In the wake of bankruptcy rumors, SPB Exchange shares declined by nearly 35 percent to 63.8 rubles per share. The exchange’s press service stated that no bankruptcy documents had been submitted to the arbitration court, asserting the firm’s financial position remained stable and there were no signs of insolvency. Representatives pledged to cooperate with law enforcement authorities as needed.
On November 27, the Moscow Arbitration Court ruled that the application for bankruptcy did not meet preliminary hearing requirements and therefore was returned to the applicant.
By the close of trading on November 27, shares were down 9 percent for the day, trading around 88.7 rubles. Later reporting showed the stock price near 88.8 rubles.
In a statement to RBC, the Bank of Russia indicated it would examine the incident and the actions of SPB Exchange with respect to potential violations of laws prohibiting insider trading and market manipulation. The comment reflected ongoing scrutiny by market regulators into the events surrounding the exchange and its securities.