about 5-7% of active investors trade securities subject to “overclocking” – Kommersant
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About 140,000 active investors, or about 5-7% of the total number of clients on the stock exchange, trade securities that are subject to unreasonable growth in quotations (“overclocking”), said Valery Lyakh, director of the Department for Combating Unfair Practices of the Bank of Russia, on the sidelines of the NAUFOR conference “Russian stock market-2023”.
“We analyzed and found out that the share of people who trade securities in one way or another, who are subject to “overclocking” in the second and third echelons, for the quarter is about 5-7% of the total number of active clients on the exchange – those who make transactions. That is, it is about 140 thousand people,” said Mr. Lyakh (quoted from RBC).
The head of the department noted that recently the volatility in the second and third tiers has decreased. Firstly, this is due to the fact that companies began to publish more information, which led to a shift in interest towards more liquid securities, Mr. Lyakh said. Speculators, artificially “accelerating” volatility, have moved to the first tier, in which there is higher liquidity and there are large players absorbing the growth of quotes, so the exchange does not react strongly to speculation, Valery Lyakh believes.
The second factor that helped reduce volatility in the securities market is the introduction by the Central Bank of requirements for market makers, the director of the department said. In particular, he mentioned the requirement of the Central Bank that the market maker’s share of orders that do not automatically lead to the conclusion of a transaction (passive orders) should not fall below 75% of the total number of market maker orders. Now the aggressiveness of market makers’ applications is extremely low, said Mr. Lyakh.
In January and February of the current year, the Moscow Exchange fixed eight attempts to destabilize stock prices. For the whole of 2022, there were 13 such cases on the exchange. Valery Lyakh then confirmed that this year the regulator “began to communicate with the market more often on such stories.”
On the plans of the Moscow Exchange to introduce new measures to combat abnormal fluctuations in share prices became known back in March. A representative of the site said that two possible mechanisms are being discussed: discrete auctions for all shares with a significant deviation in value, as well as the introduction of narrower price corridors for securities with a small free-float (the number of shares in free float).
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