(Alliance News) - Polymetal International PLC on Friday said that disruption to trading of its shares occurred on Thursday, due to a clearing issue with a central counterparty.
The St Petersburg, Russia-based miner explained that one central counterparty, which provides clearing and settlement services for trading on the London Stock Exchange, was unable to clear trades in its shares.
Counterparties are required to clear and settle trades, the company added.
As a result, the LSE put the trading in its shares into an auction call.
Furthermore, Polymetal decided to move its shares to the Stock Exchange Electronic Trading Service platform segment for trading. It is an alternative trading service, which does not require clearing through a central counterpart.
The company noted that it is working to restore trading on the SETS platform "as soon as practical".
It noted that shares continued to trade on Thursday. Nonetheless, trades were on exchange, off-order book.
Shares in Polymetal closed down 8.2% at 235.00 pence each on Friday in London.
By Abby Amoakuh; Alliance News reporter
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