On Establishing Facts of Bonds Market Manipulation by URALSIB Leasing
OREANDA-NEWS. The Bank of Russia has established facts of exchange-traded bonds market manipulation by LLC URALSIB Leasing Company at CJSC FB MOEX trading from 24 February 2012 through 26 August 2015. These facts relate to the fifth, the tenth and the eleventh issues of bonds (hereinafter, the Bonds).
The examination revealed that within the time span stated clients of LLC URALSIB CAPITAL — Financial Services — LLC SPECTRON-CITY and JSC MC URALSIB which acted in the interests of trustors performed bond transactions by prior arrangement based on highly synchronised counter bids with identical quantity and price conditions which resulted in substantial deviations in bonds trading parameters.
One needs to mention in this connection that the said persons turned out to be extremely active in bonds trading. For example, JSC MC URALSIB and LLC SPECTRON-CITY accounted for over 86% of completed transactions with LLC URALSIB Leasing Company bonds of the tenth issue.
The examination also revealed that JSC MC URALSIB employee Alexey Yu. Markin functioned as LLC SPECTRON-CITY general director within the time span stated. Bids on behalf of LLC SPECTRON-CITY and JSC MC URALSIB Trustee were made directly by Alexey V. Korolenko, who functioned as a head of the board to manage JSC MC URALSIB bond funds.
The transactions were aimed at price formation and bond price and traded value maintenance.
The Bank of Russia also cancelled financial market specialist qualification certificates issued to LLC URALSIB CAPITAL — Financial Services controller Tatyana N. Zizikova. In disregard for Russian legislation and duty regulations Tatyana N. Zizikova failed to timely identify and stop indecent behavior of LLC URALSIB CAPITAL — Financial Services clients although she did have opportunities to do so.
Комментарии