Reddit Revolt Makes Saint Petersburg Bourse Russia’s Busiest
- Volumes on SPB hit $36 billion in January amid GameStop mania
- Russians piled into Reddit targets among 1,500 securities
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A stock exchange founded in Russian President Vladimir Putin’s hometown just became the busiest venue for equity trading in the country thanks in part to last week’s retail-trader frenzy in the U.S.
Stock volumes on the Saint Petersburg Exchange -- which lets investors buy and sell foreign shares directly via their Russian brokerage accounts -- surpassed those of the Moscow Exchange for the first time on record last month. Trading on the SPB, as it’s known, climbed 14% in January to $36.1 billion. The Moscow Exchange, which focuses on Russian securities, saw the equivalent of $30.2 billion change hands.