Facts of market manipulation in on-exchange trading for JSC TRINFICO Holdings’ bonds established
The Bank of Russia has established a fact of market manipulation in on-exchange trading for the bonds of JSC TRINFICO Holdings (ISIN: RU000A100790; hereinafter, the Bonds) over the period from 29 March 2019 to 25 September 2019 (hereinafter, the Period).
Transactions with the Bonds were carried out between PJSCB DERZHAVA (TIN: 7729003482) and its clients: LLC Landbroker (TIN: 7729640040; beginning on 8 September 2021, its corporate name was changed for LLC LAND-B), LLC Derzhava-Platforma (TIN: 7704860781), and JSC Planeta-Finance (TIN: 7729734267), as well as between LLC Derzhava-Platforma and JSC Planeta-Finance (hereinafter, the Entities).
The Entities concluded the transactions with the Bonds in collusion in the main trading mode of the exchange based on matched orders with identical parameters issued with a minor time difference. In all the transactions carried out over the Period under review between the said Entities, the Bank of Russia detected significant deviations in the trading volumes, with the majority of the transactions causing significant deviations in the price of the Bonds.
Furthermore, the Bank of Russia revealed that PJSCB DERZHAVA and other Entities had direct founder relations and financial and business relations.
According to the findings of the investigation, these transactions are qualified as market manipulation pursuant to Clause 2 of Part 1 of Article 5 of 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’ (hereinafter, the Federal Law). Hence, PJSCB DERZHAVA, LLC Landbroker, LLC Derzhava-Platforma, and JSC Planeta-Finance thus breached the ban imposed by Part 2 of Article 6 of the Federal Law.
The Bank of Russia has sent orders to PJSCB DERZHAVA, LLC LAND-B, LLC Derzhava-Platforma, and JSC Planeta-Finance to cease and desist from similar violations in the future.
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