Russian retail bank VTB 24 intends to set up a subsidiary to offer Forex trading services.
The VTB 24 press service informed Russian agency Interfax that the supervisory council of the bank will discuss these plans at a meeting on February 26, 2016 (today).
According to Interfax, the bank will review a proposal to establish a subsidiary that will act as a Forex dealer. The latter is the official designation of companies offering OTC Forex trading services in Russia.
Once a subsidiary is established, the bank will register the new business and will submit the necessary documents with the Bank of Russia, so that the business will have a Forex dealer license.
Under the Russian Forex law, all Forex companies wishing to target Russian investors should have licenses as Russian Forex dealers. The deadline for obtaining such licenses was January 1, 2016. Only FINAM managed to secure such a license before the deadline, however.
According to the law, companies without a Forex dealer license should exit the Russian Forex market. They can offer services only after they obtain the necessary permission from the “Megaregulator”, that is, the Bank of Russia.