SPB Exchange looks to the future – Kommersant FM
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Shares of St. Petersburg Exchange rose by 20% after news about its possible future. Chairman of the Duma Committee on the Financial Market Anatoly Aksakov spoke about how the work of the platform could change. According to him, the exchange may reorient itself to trading new instruments, including securities of sanctioned companies, cryptocurrencies and digital financial assets. In addition, the platform can focus on the markets of friendly countries. After the United States introduced blocking sanctions against the St. Petersburg Exchange in early November, trading in foreign securities is not carried out.
In the meantime, management continues to work on unlocking clients’ assets, Anatoly Aksakov told Kommersant FM: “I am meeting with representatives and management of the St. Petersburg Exchange – we are discussing options for its future work. It is clear that the platform will focus on the domestic market, as well as interaction with friendly countries. First of all, this is the Southeast. We are looking at both Africa and Latin America.
Maybe new tools will appear, such as digital financial assets. Cryptocurrencies have not yet been legalized in our country – it is too early to discuss this topic. If they are put into circulation, in case of legalization they will be used in foreign trade payments. St. Petersburg Exchange could very well trade them. And companies under sanctions use this platform to interact with the outside world.
Since the sanctions against the site look blatant, its clients were not officials and those who could raise questions among the so-called Western partners, steps will obviously be taken to reverse this decision. We will work with Western lawyers and regulators.”
After statements about the future of the Exchange’s SBP and a sharp increase in the value of its shares, the Moscow Exchange twice held discrete auctions for these securities. Investors are now inspired by any news about the possible resumption of work at the St. Petersburg site, says Sergei Suverov, investment strategist at Arikapital:
“After the introduction of US blocking sanctions against the St. Petersburg Exchange, many market participants had doubts whether it would survive, as well as the question in what configuration the site would continue to operate, if it could. Therefore, stock exchange shares have fallen sharply recently. And now there have been clarifications, in particular, the words of Mr. Aksakov that the platform will trade digital assets and other instruments that are of interest to market players.
Market participants perceived this positively in the sense that the St. Petersburg Exchange will still remain as an independent player and will continue to compete with the Moscow Exchange.
It will have a certain infrastructure and a certain scope of activity in the financial market. The very fact that the platform will trade primarily in ruble instruments, I think, inspires confidence that it has a future.”
On November 15, the St. Petersburg Exchange said that at a meeting of the board of directors last Saturday it approved several scenarios to provide investors with access to blocked assets. Settlements for transactions concluded on November 1 and 2 will be carried out from the 17th. We are talking about “stuck” transactions for deals concluded shortly before the introduction of American sanctions. Initially, this process was supposed to begin on November 13.
Everything is clear with us – Telegram channel “Kommersant FM”.
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