Russia-licensed forex broker Finam Forex clients grow in Dec 2015

Russia-licensed forex broker Finam Forex clients grow in Dec 2015

Finam Forex, the first and so far only company with Russian forex broker license, said on Tuesday its clients had 145,024 registered accounts with it at the end of December 2015. Finam Forex’s active accounts increased to 13,446 at the end of last month.

In comparison, the broker handled 143,126 trading accounts in November 2015, of which 12,569 were active. In December 2014, the number of registered customers with Finam Forex was 67,866 and active customers amounted to 8,988.

The broker has kept its leading position in the Moscow Exchange’s rankings for leaders of futures and options market in terms of customer growth and total active customers.

The Central Bank of Russia (CBR) granted the first forex broker license in the country to Finam Forex in mid-December 2015.

So far, Finam Forex is the only broker licensed in Russia. Another three brokers – Alpari, TeleTrade and Forex Club, also wait in line to obtain licenses to continue acting as forex dealers in Russia, but so far no data has been provided regarding the status of their licenses.

Russia adopted last year regulatory amendments, requiring all forex brokers operating in the country to obtain a license from the CBR, which is in charge of the regulation of the forex market in the country. Otherwise they have to cease operations in the country after 1 January, 2016. The new law, which came into force on 1 October, 2015, aims to increase transparency and to push questionable companies out of the market. However, it has not been accepted positively by forex brokers, as they find it restricting and disagree with some of the definitions in it. They have asked the central bank to rethink the deadline as it is too tight and brokers find it impossible to meet the requirements. Their proposal for extension of the deadline by a year has not been accepted.

Finam Forex, through its international brand WhoTrades, holds a license issued by the Cyprus Securities and Exchange Commission (CySEC), which allows it to operate in all EU member states. The broker offers trading services on the major world stock and currency markets via the MetaTrader 4 (MT4) and the Whotrades FxWeb Trader trading platforms.

Source: Finam Forex

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