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Moscow Exchange sues owner of rival SPB for not sharing market data By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – An interior view of the Moscow Exchange headquarters in Moscow, Russia on April 27, 2021. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters), Russia’s biggest bourse, Moscow Exchange, announced Friday that it is suing SPB Exchange for not sharing market information.

Two people with knowledge of the situation told Reuters that SPB hopes to raise $150m in an IPO through its own bourse in order to be ready for a bigger U.S. listing by the second half of 2022.

Moscow Exchange claimed that NP RTS (which owns 16.5% SPB) had not replied to multiple requests for data sharing.

The Moscow Exchange stated that it had failed to get market data from NP RTS and was forced to file a lawsuit. This statement came after documents were published by the Moscow Arbitration Court on Thursday.

“Unfortunately we do not have the option today of upholding our rights or protecting the interests Russian exchange market participants.”

According to court records, a hearing was set for October 28, according to the documents.

SPB Exchange indicated that they were investigating, but didn’t offer any additional comment.

SPB is a specialist in foreign securities and had a September trading volume of $26.8 Billion, an increase of 47.8% over the previous year. In September, the Moscow Exchange’s stock section saw a total volume of $39 billion.

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