The St. Petersburg Exchange (SPB Exchange), Russia's second-largest bourse – which specializes in trading foreign shares – denied reports on Monday that it had filed for bankruptcy, asserting that its financial condition is stable.
Earlier in the day, media outlets reported on arbitration court filings dated November 24, that appeared to show the exchange had filed for bankruptcy. No other details were apparently provided in the documents.
The insolvency reports briefly sent the SPB Exchange’s Moscow-listed stocks crashing more than 30% on Monday. The shares later recovered to trade around 11% lower on the day.
“The SPB Exchange has not filed documents for bankruptcy,” the bourse's press service stated. “SPB Exchange has a stable financial position and there are no signs of bankruptcy.”
In early November, the Russian financial institution was included in the latest round of US sanctions, an announcement that caused a trading suspension. The SPB Exchange insisted at the time that the restrictions would not affect clients’ assets.
The SPB Exchange is Russia’s second-largest. According to its website, the institution provides investors from different countries with equal and easy access to international stock markets.
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