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Facts of market manipulation in on-exchange trading for futures contracts established

31 January 2023

Press release

The Bank of Russia established facts of market manipulation in on-exchange trading for a number of futures contracts over the period from 25 October 2021 to 14 July 2022¹

Transactions with the futures contracts concluded in collusion between Oleg B. Rutenberg and Vyacheslav Yu. Aksenov caused significant deviations in the trading volumes in absolutely all cases. Transactions were conducted by O.B. Rutenberg with the consent of V.Yu. Aksenov, who had authorised the former to manage his account.

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, Federal Law No. 224-FZ).

Thus O.B. Rutenberg and V.Yu. Aksenov breached the prohibition established by Part 2 of Article 6 of Federal Law No. 224-FZ.

The Bank of Russia has sent binding orders to O.B. Rutenberg and V.Yu. Aksenov to cease and desist from similar violations in the future. Furthermore, these persons are subject to administrative proceedings, and transactions in their trading accounts are suspended.

¹ Futures contracts for USD/RUB exchange rate (Si-3.24, Si-6.24), natural gas (NG-10.22), the Moscow Exchange Index (MXI-9.24, MXI-3.25, MXI-12.24), sugar (SUGR-3.22, SUGR-7.22), ordinary shares of PJSC GAZPROM (GAZR-3.23), depositary receipts for the shares of Baidu Inc. (BIDU-3.22), EUR/RUB exchange rate (Eu-6.23), ordinary shares of PJSC MMC NORILSK NICKEL (GMKN-12.22), real estate DomClick Index (HOME-12.22), the Russian volatility index (RVI-12.21, RVI-1.22, RVI-7.22, RVI-8.22, RVI-9.22), silver (SILV-3.23).

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