St. Petersburg Exchange plans to conduct settlements on transactions suspended due to sanctions on November 13

The head of the St. Petersburg Exchange, Evgeny Serdyukov, said that on November 13, the trading platform plans to carry out settlements on transactions that were stuck due to US sanctions. According to him, together with lawyers and the Central Bank, the exchange is developing a procedure for transactions with foreign securities.

“In order to carry out delivery and settlements between market participants here on the St. Petersburg Exchange, we had to receive comprehensive information about settlements from foreign intermediaries due to the current situation. We managed to obtain complete information only yesterday,” Mr. Serdyukov said in a video published in Telegram channel St. Petersburg Exchange.

As the head of the trading platform explained, foreign intermediaries from friendly and unfriendly jurisdictions, after the imposition of sanctions, “suspended the processing of any instructions for concluding transactions or moving securities.”

“And they demanded that we carry out a compliance procedure. We started this procedure, at the same time we were forced to suspend trading, and now we only have access to settlements for transactions concluded before the introduction of sanctions,” said Evgeny Serdyukov. After receiving information from foreign intermediaries, the St. Petersburg Exchange launched a procedure for delivery and settlements between market participants.

St. Petersburg Exchange, focused on trading foreign securities hit under US sanctions on November 2. Following this, the exchange suspended trading in foreign shares. November 7th became known on the appointment of Evgeny Serdyukov to the post of head of the trading platform instead of Roman Goryunov. Then the St. Petersburg Exchange announced plans to implement a new development strategy focused on trading in investment instruments with settlements in rubles and projects on the Russian financial market.

Read more about the situation in the Kommersant article. “SPB Exchange will go as before”.

Lusine Balasyan