Russian brokerage Univer Capital has asked the central bank to bail it out to protect investors' rights and prevent the firm and those who have funds invested with it from going bankrupt, according to an open letter from the brokerage.
After Russian markets reopened last week with prices of OFZ rouble treasury bonds falling, Univer Capital, a mid-sized brokerage, faced margin calls that triggered mandatory OFZ sales by the National Clearing Center (NCC), creating a loss.
The letter, seen by Reuters and addressed to Central Bank Governor Elvira Nabiullina, said that on March 24-25, NCC also sold Russian sovereign Eurobonds held by Univer on behalf its clients.
"In order to protect investors' right and avoid bankruptcy of a systematically important brokerage Univer Capital and the following bankruptcy of companies and citizens ... we request a bail out for Univer Capital," the letter said. RTRS