Published on: 2026-10-16
Source: Central Bank of Russia – Central Bank of Russia –
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The Bank of Russia established facts of manipulation in the trading of PJSC Moscow Exchange (hereinafter – the Exchange) during transactions conducted by the general director and beneficial owner of the professional securities market participant LLC “KINETIK CAPITAL” (TIN 9703121414, hereinafter – the Company) Vadim Albertovich Solomakhin with shares of Russian companies and federal loan bonds.
Thus, between the Company managing the assets of the closed-end unit investment fund “Kinetic Portfolio” under the existing license of the Bank of Russia, and Solomakhin V.A., in the first quarter of 2026, operations were conducted in the main trading mode of the Exchange with shares of PJSC Sberbank, PJSC Sovcombank, PJSC Surgutneftegas, as well as federal loan bonds OFZ-PD 26230 and OFZ-PD 26243 (hereinafter referred to as Financial Instruments). Such transactions led to significant deviations in the price and trading volume of these Financial Instruments from the level that would have formed without them.
Solomakhin V.A., acting through his own brokerage account, conducted purchases (sales) of Financial Instruments at the market price that had formed at that moment on the Exchange trading floor, after which he placed orders to execute reverse-direction transactions at a price higher (lower) than the purchase (sale) price.
Then Solomakhin V.A., using his official position and access to the Company’s brokerage account, placed counter orders in the volume necessary to achieve a price level corresponding to the orders placed on his personal brokerage account. This led to a short-term change in the market price of Financial instruments and the closing of positions on Solomakhin V.A.’s brokerage account, which were fully or partially satisfied by orders submitted from the Company’s brokerage account.
By acting according to this scheme, Solomakhin V.A. carried out more than 120 transactions between his personal trading account and the Company’s account, as a result of which the Company incurred a loss, and Solomakhin V.A. received the corresponding income.
These actions constitute market manipulation in accordance with paragraph 2 of part 1 of article 5 of Federal Law No. 224-FZ.
Thus, Solomakhin V.A. violated the prohibition established by part 2 of article 6 of Federal Law No. 224-FZ.
The Bank of Russia has issued an order to the individual to prevent similar violations in the future. In addition, professional securities market participants and trading organizers have been issued orders to suspend transactions on Solomakhin V.A.’s brokerage accounts.
Information about violations identified by the Bank of Russia has been forwarded to law enforcement authorities.
When using the material, a reference to the Press Service of the Bank of Russia is mandatory.
16.10.2026 11:00:00
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