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

21 December 2023
Press release

The Bank of Russia has established facts of market manipulation in on-exchange trading for futures contracts1 (hereinafter, the Futures) in the period from 31 October 2022 to 23 November 2022.

Galina I. Chufarova, Alexandra A. Markova, and Alexander K. Kuzmin conducted reciprocal transactions with the Futures in collusion in order to improve the trading statistics of accounts in one of social networks and attract followers. These transactions caused significant deviations in the trading volumes of the Futures. Subsequently, the said individuals planned to create an investment chat in Telegram.

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, G. I. Chufarova, A. A. Markova, and A. K. Kuzmin 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 G. I. Chufarova, A. A. Markova, and A. K. Kuzmin to cease and desist from similar violations in the future and limited transactions on their trading accounts.

The Bank of Russia warns private investors that when making trading decisions they should critically assess the information about investment activity in messengers and other open sources.

1 Futures contracts for ordinary shares of PJSC Rostelecom (RTKM-3.23), PJSC PhosAgro (PHOR-3.23), Sistema PJSFC (AFKS-3.23), Samolet Group PJSC (SMLT-3.23), Federal Grid Company of Unified Energy Systems PJSC (FEES-3.23), Gazprom Neft PJSC (SIBN-3.23), PJSC Magnit" (MGNT-3.23), PJSC PIK Shb (PIKK-3.23), UC RUSAL IPJSC (RUAL-3.23), PJSC RusHydro (HYDR-3.23), PJSC Aeroflot (AFLT-3.23), for the RGBI index (RGBI-12.22).

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