Facts of manipulation in markets for several securities established
In the course of the inspection, the Bank of Russia established facts of market manipulation in on-exchange trading for 26 securities of Russian issuers (hereinafter, the Securities) in the period from 30 November 2017 to 3 August 2018 (hereinafter, the Period).
The transactions identified were characterised by the fact that the obligations of the parties were performed in the interest and at the expense of one and the same entity — Routa Luxury Services Limited (registered in compliance with the legislation of the Republic of Cyprus, Registration No. HE 290594), which is not a licensed investment firm and acts as a beneficiary for the transactions (hereinafter, the cross-transactions).
Routa Luxury Services Limited performed the cross-transactions, inter alia, based on several simultaneous orders, which resulted in significant deviations in trading parameters of the securities.
Routa Luxury Services Limited was a client of a foreign investment company that operated under a sub-brokerage scheme under a brokerage agreement with a Russian professional securities market participant — a trading member that provided Routa Luxury Services Limited with technology enabling it to conclude the cross-transactions in on-exchange trading.
In accordance with Clause 3, Part 1, Article 5 of Federal Law No.
The Bank of Russia has sent Routa Luxury Services Limited an order to cease and desist from future violations.
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