Facts of manipulation in the market for ordinary shares of PJSC IDGC of Centre established

The Bank of Russia has established facts of manipulation on an organised trading venue (hereinafter, the Exchange) executed in the market for ordinary shares of PJSC IDGC of Centre (hereinafter, the Shares) on 13 July 2018 and 29 August 2018 by Andrey Balushkin and Svetlana Balushkina who have family relations.

During the investigation, the Bank of Russia established that, in collusion with S. Balushkina, A. Balushkin conducted matched trades with the Shares in the main trading mode on the Exchange on the basis of anonymous buy orders. Orders placed by A. Balushkin and S. Balushkina had identical price and volume parameters and were placed using the same PC with the minimum time lag.

This trading behaviour led to considerable deviations in the Shares trading parameters.

In accordance with Federal Law No. 224-FZ, dated 27 July 2010, ‘On Countering the Misuse of Insider Information and Market Manipulation and Amending Certain Laws of the Russian Federation’, transactions conducted by A. Balushkin and S. Balushkina on 13 July 2018 and 29 August 2018, which resulted in a substantial deviation in the trading parameters, are qualified as market manipulation.

The Bank of Russia took measures against the said individuals aimed at preventing similar violations in future, including the measures stipulated by the Russian Federation Code of Administrative Offences.

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