St. Petersburg Currency Exchange (SPVB)

Owners

"We have several shareholders, whom we do not name due to the geopolitical situation, and to say that this PSB is wrong," a representative of the exchange told TAdviser in June 2023.

History

2024: Central Bank of Russia bought St. Petersburg Currency Exchange

The Bank of Russia acquired the St. Petersburg Currency Exchange (SPVB), becoming its main shareholder. It is planned to create a full-fledged foreign exchange trading center on the basis of the site. This became known on October 31, 2024.

According to Frank Media, the regulator previously owned a stake in 8.9% of the exchange, and Promsvyazbank was the majority shareholder. According to the publication, on the basis of SPVB, it is planned to make a full-fledged platform for trading in foreign currency.

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Freepik

From July 1, 2024, SPVB has already launched trading in currencies of "friendly" countries - Chinese yuan, Belarusian ruble, Kazakhstani tenge, Uzbek sum, Kyrgyz catfish and Armenian drama.

To ensure the activities of the exchange, a central counterparty was created - the non-bank credit organization LCC, which received a license for clearing activities on October 7, 2024. The organization became the fifth central counterparty in Russia along with the clearing centers of the Moscow Exchange, St. Petersburg Exchange, SPIMEX and Eastern Exchange.

In the third quarter of 2024, the total volume of trading in the SPVB sections amounted to ₽30,29 trillion, of which ₽30,1 trillion fell on the money market. The exchange is also considering working with digital financial assets and utilitarian digital rights.

Previously, the possibility of turning SPVB into a platform for listing companies that fell under foreign sanctions was considered. As a result, the main shareholders were sanctions banks - RNKB and Promsvyazbank, and companies under restrictions appeared among the issuers.

The acquisition of SPVB by the Bank of Russia takes place against the background of the introduction in June 2024 of blocking US sanctions against the Moscow Exchange.^[1]

2020

New Chairman of the Board

On September 17, 2020, the exchange was headed by the ex-Minister of Digital Development of the Russian Federation Konstantin Noskov.

On the basis of SPVB, it is planned to create a high-tech universal exchange that provides the possibility of trading in all the main categories of assets, and within five years to become one of the largest exchange sites in the world, Noskov told TAdviser.

During the development of the exchange, the new team plans to use the developments of the fintech industry to create modern and convenient services for professional market participants and private investors, he said.

Controlling shareholder - Promsvyazbank

In the summer of 2020, Promsvyazbank consolidated a controlling stake in the exchange.

1992: Creation

The exchange was established by the leading banks St. Petersburg and External Relations Committee of the St. Petersburg City Hall on May 21, 1992.