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Sberbank threatens action over MICEX glitch losses

© RIA Novosti . Ilona Golovina Sberbank
Sberbank - Sputnik International
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Sberbank may claim compensation from the MICEX stock exchange for losses sustained by its clients from a technical failure during the first day of operations as a combined trading floor with RTS, Sberbank Deputy CEO Bella Zlatkis said on Wednesday.

Sberbank may claim compensation from the MICEX stock exchange for losses sustained by its clients from a technical failure during the first day of operations as a combined trading floor with RTS, Sberbank Deputy CEO Bella Zlatkis said on Wednesday.

"We now have two cases that we currently can't sort out but I am 100 percent sure that if there are grounds, the MICEX will have to compensate for damage," said Zlatkis, who is also chairwoman of the board of directors of the MICEX stock exchange.

"Everything must be done in a civilized manner. If we can't return everything to the initial position, we'll demand compensation from the exchange," she said.

The technical failure at the newly merged MICEX-RTS occurred at 7:09 p.m. on Monday when the internet trading system QUIK produced a message on technical problems in the RTS and possibly an incorrect recording of orders. As a result, the system started to register unauthorized transactions, with most of the losses sustained by thousands of private investors.

The MICEX-RTS exchange publicly apologized on Tuesday for the technical failure but said it did not force private investors to close their positions after trading resumed on Monday night.

The volume of trade during an evening session on the FORTS derivates market normally amounts to 20 billion rubles ($625 million).

Zlatkis said Sberbank, which is Russia's largest bank, would primarily repay damage to its customers and would then sort things out with the exchange.

"A client must get compensation quickly and without pain," Zlatkis said.

 

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