Facts of market manipulation in transactions with exchange-traded bonds established

The Bank of Russia has established facts of market manipulation in on-exchange transactions with exchange-traded bonds¹ (hereinafter, the Bonds) in the period from 17 December 2021 to 29 July 2022.

The transactions with the Bonds were conducted in collusion by relatives Alexandre V. Semakin and Lubov N. Okulova, as well as by Marat R. Gaptrakhimov. These transactions caused significant deviations in prices for and trading volumes of the Bonds. The said persons were conducting reciprocal transactions to learn how to trade on the exchange.

According to the findings of the investigation, these transactions are classified 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, A.V. Semakin, L.N. Okulova and M.R. Gaptrakhimov violated the prohibition stipulated by Part 2 of Article 6 of Federal Law No. 224-FZ.

The Bank of Russia has sent binding orders to A.V. Semakin, L.N. Okulova and M.R. Gaptrakhimov to cease and desist from similar violations in the future. Transactions in their trading accounts have been suspended. Furthermore, A.V. Semakin, L.N. Okulova are subject to administrative proceedings.

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