SPB Exchange will allow investors to sell blocked foreign securities
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Starting October 31, SPB Exchange will provide investors with the opportunity to conclude exchange transactions with a part of blocked foreign securities. How explained exchange, its settlement depository SPB Bank will transfer 680 foreign securities to the trading sections of sub-accounts. The value of the securities will be $312 million.
To transfer part of the securities to trading sections from non-trading sections, the exchange agreed with a foreign institutional investor. “This investor will exchange his freely tradable foreign securities within the SPB Bank, in the chain of registration of rights for which there is no NSD (National Settlement Depository), for an equal number of securities of the same issuers that are on the non-trading sections of trading participants and the chain of registration of rights for which includes NSD,” the stock exchange told St. Petersburg.
SPB Bank will distribute foreign securities, which will be transferred to the trading sections, among the trading participants “in proportion to the number of securities of the corresponding denomination that are held by the trading participants on the non-trading sections.” Each bidder will determine the order of distribution of received securities among their clients. “The securities that will be transferred to the trading sections will change the chain of rights accounting: it will not include NSD. Investors will be able to make exchange transactions with such securities after the completion of the depository operation by SPB Bank,” the exchange added.
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