Corporate bond manipulation triggers trading account suspensions
Collusive transactions in PJSC SIBUR Holding and PJSC Rostelecom bonds on Moscow Exchange have resulted in administrative sanctions and account freezes for five affiliated operators. Coordinated order submissions distorted bond prices and trading volumes during 2025.
Coordinated bids across three entities
During 2025, Plant SILACH LLC (TIN 7451246377), OKTAD LLC (TIN 7451434589), and SITERRA LLC (TIN 7422035068), alongside sole owners Dmitry V. Koromyslov and Evgeny G. Komin, executed coordinated transactions in PJSC SIBUR Holding and PJSC Rostelecom bonds.
Operating on Moscow Exchange, Koromyslov entered orders through his personal account and accounts of SITERRA LLC and OKTAD LLC.
Concurrently, Komin placed orders via Plant SILACH LLC.
These collusive trades produced substantial deviations in bond prices and trading volumes from normal market levels.
The Bank of Russia found these actions in breach of Clause 2, Part 1 of Article 5 of Federal Law No. 224-FZ on countering market manipulation.
Binding suspensions across trading accounts
The central bank held all three legal entities and both individual owners administratively liable, ordering them to prevent future infractions.
In parallel, the regulator issued binding instructions to trading venues and intermediaries to suspend operations across the trading accounts of the named entities and individuals.
The regulator emphasized that corporate owners bear a legal duty to act prudently and prevent personal conflicts of interest, warning participants against collusive order matching.
Necessary clampdown, limited bite
Freezing trading accounts halts immediate abuse, yet administrative warnings barely deter shell company collusion.
Corporate debt books remain vulnerable to artificial volume inflation by connected insiders.
Without criminal prosecution, regulatory account suspensions serve only as temporary speed bumps.