The Central Bank revealed the facts of market manipulation in organized trading in metal futures
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Bank of Russia installed facts of market manipulation in organized trading in futures contracts for zinc, nickel and aluminum. Violations occurred in the period from December 20 to December 29 last year.
Then the Moscow Exchange held a competition to popularize futures contracts for non-ferrous and industrial metals, increase the activity of bidders and their clients. A number of participants in the competition, in order to win, made transactions by prior agreement, coordinating their actions by phone. These transactions in all cases led to significant deviations in trading volume.
The Moscow Exchange did not adequately ensure the implementation of compliance procedures in the development and conduct of the competition, the victory in which was made dependent on the volume of trading and the number of transactions, the Central Bank notes. “In view of the foregoing, the Bank of Russia took measures in relation to PJSC Moscow Exchange within the framework of administrative proceedings in connection with improper compliance with the requirements of Federal Law No. 224-FZ,”— informs regulator.
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