Problems of Legal Support for Combating Unfair Conduct by Participants in Commodity Exchange Trading
Year: 2025
Type: article
Abstract: In 2024, the largest commodity exchange - SPIMEX JSC - issued 33 official warnings, 55 fines, and 26 trading suspensions due to the use of unfair practices by commodity trading participants and their clients. Currently, the types of unfair practices are only outlined in the Code of Professional Ethics for Trading Participants of SPIMEX and Their Clients, which was approved by the exchange’s authorized body. In addition to unfair practices, "prohibited" behaviors on the commodity exchange market also include actions related to market manipulation. However, no cases of market manipulation have been identified in relation to any specific commodity, which may indicate the ineffectiveness of the current approaches defined in Federal Law of July 27, 2010, No. 224-FZ, On Countering the Unlawful Use of Insider Information and Market Manipulation and on Amending Certain Legislative Acts of the Russian Federation. Meanwhile, a different approach has been developed for combating such "prohibited" conduct in the financial market. In 2024, the Bank of Russia identified 21 cases of market manipulation. The Bank of Russia and self-regulatory organizations are developing principles, approaches, recommendations, and other documents aimed at market participants monitoring and preventing unfair and/or unlawful activities of market participants. Taking into account the existing approach to financial market regulation, foreign experience, and the need to mitigate risks, this article proposes formalizing provisions for combating unfair practices at the level of normative legal acts
Source: Herald of V.A. Musin Law Center
DOI: 10.61525/s0035688-6
Author: Ksenia I. Khachaturova
Language: English
Subfield: Marketing
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4412929081