Russia freezes trading in up to 14pc of US-listed shares on SPB Exchange

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MOSCOW, May 30 — SPB Exchange, Russia’s second-largest bourse, said today it will transfer up to 14 per cent of US-listed shares that its clients possess to a non-trading...

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MOSCOW, May 30 — SPB Exchange, Russia’s second-largest bourse, said today it will transfer up to 14 per cent of US-listed shares that its clients possess to a non-trading account after the central bank said it will restrict trading in some foreign shares.

Citing the need to protect investors’ rights and interests, the central bank said it decided from May 30 to restrict trading in foreign shares that have been blocked by international clearing houses, except for shares of foreign companies that carry out “production and economic activity mostly in Russia.” SPB said the decision was caused by restrictions imposed by Euroclear and will impact shares with primary listing in the United States.

This implies investors that used to trade US stocks via SPB Exchange, which specialises on foreign shares, will retain their ownership rights but will lose access to some of their holdings of US stocks, including blue chips, such as Apple or Tesla. SPB saw a surge in trading volumes during the Covid-19 pandemic and, before February 24, was hoping for a listing on the Nasdaq Global Select Market in the first half of 2022 after its domestic initial public offering. In money terms, the separation will affect less than 14 per cent of all shares in clients’ portfolio and will have no impact on the number of shares the bourse offers, which currently exceeds 1,650, SBP said.

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