Russian central bank reports insider-information misuse by Veles trader

The Bank of Russia said Vladimir Naumov unlawfully used insider information in share transactions on the Moscow Exchange between January 16, 2023 and March 29, 2024, when he worked as a senior trader at Veles Capital.

According to the regulator, Naumov had access to client orders and took their trading activity into account when trading through his personal brokerage account. Large client transactions moved share prices, increasing the value of positions he had accumulated.

The central bank classified the activity as a breach of the prohibition on using insider information. It issued Naumov an instruction to prevent similar violations in future.