About 460,000 investors use the services of Forex brokers in Russia, with cumulative average trading volumes per month around $330 billion, according to the Interfax annual study of the Russian Forex market for 2015. The total size of deposits reached meager $0.5 billion. The amount of FX transactions fell 5% from 2014 levels, with the…
Read moreRepresentatives of the Bank of Russia, the body responsible for the regulation of Russia's Forex industry, and the Federal Antimonopoly Service (FAS) of the Russian Federation have discussed the different practices of Forex advertising. In an announcement following the discussions, the regulators note that, in accordance with Russia's law on advertising, companies that do not…
Read moreRetail Forex broker TeleTrade has joined the line of companies applying for a Russian Forex dealer license. The company announced on Wednesday that it has filed the necessary documents and that it hopes to get the license sometime in the first quarter of 2016. The Bank of Russia has 60 business days to review the…
Read moreWhile Russian Forex market participants are pushing for extension of the licensing grace period, various providers have already started making their offers for services that the Forex brokers (or Forex dealers, as per their official designation in Russia) will need in order to meet the new regulatory requirements. Given the Russian affinity for bureaucracy, it…
Read moreRussia's Deputy Finance Minister Alexei Moiseev has struck a skeptical note regarding the possible delay in the implementation of certain clauses of the Russian Forex law, including the extension of the “grace period” for Forex licensing. Under the current legislation, Forex brokers that wish to offer their services to Russian residents should obtain Forex dealer…
Read moreAs the end of the year gets closer so does the deadline for obtaining a Russian Forex dealer license or exit the Russian Forex market. However, the Bank of Russia, the Megaregulator responsible for the oversight of the Forex industry, seems to be warming up to postponing the licensing deadline. Bank of Russia's Deputy Governor…
Read moreAs LeapRate has reported, Forex companies willing to obtain Russian Forex dealer licenses have to do so before the end of this year or stop targeting Russian investors. Many Forex companies, however, consider the deadline as too tight and practically impossible to meet. Russian Forex brokers are now seeking that the Bank of Russia extends…
Read moreBank of Russia, the financial “Megaregulator” that is responsible for the Forex industry in the country too, has had an Instruction regarding the business activities of Forex brokers published in its official newspaper today. The Instruction includes 11 standards, or standard requirements, which Forex brokers willing to be and stay regulated in Russia should meet.…
Read moreThe organization is currently working on meeting the requirements of the Bank of Russia, so that it can be included in the SRO register as a self-regulatory organization for Forex dealers.
Read moreAs the majority of the provisions of the Russian Forex law come into force on the first day of October 2015, it is more than natural to ask “What will change?”.
Read more