Annotation

In 2024, the largest commodity exchange SPIMEX applied 114 disciplinary measures to market participants; in 2025 — 69 disciplinary measures. This statistic shows that in certain circumstances an exchange uses its legal right to apply disciplinary measures. This fact outlines the importance of the legal regulation of ethical behavior for the government. Despite the importance of the issue, the state authorities and the Bank of Russia do not have powers to develop approaches regarding the regulation of ethical conduct, what in fact means that the exchange establishes approaches to regulation independently. The author comes to the conclusion that current situation does not allow to develop a systematic approach to regulation of such conduct. This fact means that the role of the Exchange Committee of the FAS of Russia, which is actually the coordinating body, should be strengthened. In addition, the prevention of unethical behavior is also necessary through the implementation by exchanges the traders qualification exams for their knowledge of the rules of ethical behavior.