St. Petersburg Commodity Exchange shuts down due to searches

St. Petersburg Commodity Exchange shuts down due to searches
Photo: TASS

Security forces are carrying out law enforcement activities in the data center in Moscow.

St. Petersburg Commodity Exchange (SPIMEX) has suspended trading due to searches law enforcement officers are conducting in the data center in Moscow, TASS reports with reference to a representative of the exchange.

"We confirm that law enforcement agencies are indeed conducting searches in the premises of the data center in Moscow, where the stock exchange servers are," said the SPIMEX representative, without specifying the reasons for the law enforcement officers’ visit.

According to the exchange’s website, at 12:46 Moscow time, the situation was recognized as emergency “due to the occurrence of circumstances that violate the normal bidding procedure”, so the exchange had to be shut down. It is noted that the participants will be additionally informed on further developments.

Initially it was assumed that trading would resume at 15:30 Moscow time and continue until 15:45 Moscow time. But that never happened. At the end of 2018, the Central Bank registered new trading rules at the St. Petersburg International Commodity and Raw Materials Exchange, which entered into force in January. They provide for penalties for a repeated failure of the bidders to execute the supply contract.

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