Facts of market manipulation in trades involving several currency pairs established
Based on the findings of an investigation, the Bank of Russia has established facts of market manipulation on Moscow Exchange (hereinafter, the Exchange) in trades involving the USD/RUB and CNY/RUB currency pairs (hereinafter, the Currency Pairs) between JSC Piter Trust Investment Company and Anton Vladimirovich Mamaev.
In the period from 19 December 2022 to 23 June 2023 (hereinafter, the Period), JSC Piter Trust Investment Company (hereinafter, the Company) and A.V. Mamaev, the Company’s general director, engaged in trades on the Exchange’s FX market within one trading day using two trading modes. First, trades were executed in the system mode at the market price. Shortly afterwards, trades of comparable volumes were executed in the negotiated mode at prices which significantly differed from the market prices at that moment. These trades resulted in a loss for the Company and a corresponding profit for A.V. Mamaev.
Andrey Alexeevich Kopotkin, serving as the head of Trading Operations during the Period, was the Company’s officer in charge of accepting and executing orders from A.V. Mamaev acting as the Company’s client. In addition, A.A. Kopotkin also submitted orders on the Company’s behalf. As a result, the orders for trades involving the Currency Pairs with comparable price and volume parameters were executed in the system mode between the Company and A.V. Mamaev.
The trades executed in the system mode between the Company, represented by A.A. Kopotkin, and A.V. Mamaev in collusion caused significant deviations in trading volumes during the Period.
Therefore, JSC Piter Trust Investment Company, A.A. Kopotkin, and A.V. Mamaev violated the prohibition stipulated by Part 2 of Article 6 of Federal Law No.
The Bank of Russia has sent binding orders to the above persons to cease and desist from similar violations in the future. The materials of the investigation have been submitted to law enforcement authorities.
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24.12.2025 16.00.00