Great Russian stock exchange repudiates bankruptcy allegations

(MENAFN) The St. Petersburg Exchange (SPB Exchange), Russia's second-largest bourse specializing in foreign share trading, has vehemently denied bankruptcy reports, asserting the stability of its financial condition. Earlier on Monday, media outlets cited arbitration court filings from November 24 that seemed to indicate the exchange had filed for bankruptcy. While lacking details, these reports briefly led to a significant plunge of over 30 percent in the SPB Exchange's Moscow-listed stocks, though they later partially recovered to trade approximately 11 percent lower on the day.

The SPB Exchange's press service issued a statement dispelling the bankruptcy claims, affirming that no documents for bankruptcy had been filed. The exchange emphasized its stable financial position, categorically stating, "SPB Exchange has a stable financial position and there are no signs of bankruptcy."

This development comes on the heels of the SPB Exchange being included in the latest round of United States sanctions in early November, resulting in a temporary suspension of trading.

At that time, the exchange assured clients that the imposed restrictions would not impact their assets. The SPB Exchange holds the position as Russia's second-largest stock exchange, offering investors from various countries equal and easy access to international stock markets, according to its official website.

The episode underscores the sensitivity of financial markets to speculation and the potential impact of unverified information on stock values. As the SPB Exchange addresses and refutes bankruptcy rumors, the incident highlights the broader challenges faced by financial institutions amid geopolitical and economic uncertainties. Investors will likely monitor the situation closely for further developments and clarity on the exchange's financial standing in the evolving landscape of international stock trading.


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