Promsvyazbank’s PSB-Forex becomes eighth Bank of Russia FX license recipient

LeapRate Exclusive… LeapRate has learned from filings made in Russia that the Bank of Russia has issued an eighth license to operate a retail forex brokerage operation in the country, to PSB-Forex LLC. PSB-Forex is the newly-established retail forex brokerage subsidiary of second tier Russian commercial bank Promsvyazbank. Promsvyazbank ranks eleventh in assets among Russia’s largest banks, with RUB 1.2 trillion.

Promsvyazbank, and several other leading Russian financial institutions, were initially rebuffed by the Bank of Russia in 2016 in their initial license applications, as were at the time a number of the leading FX brands traditionally serving the Russian market. No reasons were given at the time by the Bank of Russia. However, one by one, the market leaders are each receiving their licenses, apparently remedying whatever was irking the regulator.

As we stated above, this marks license #8 handed out to a retail forex dealer by the Bank of Russia. The most recent ones handed out previously were to InstaForex subsidiary Fix Trade last month, and to Alpari, at the end of November.

The other five licenses were handed out to Forex Club, Russian banking giant VTB and its VTB 24 Forex subsidiary, FINAM Forex, TeleTrade and TrustForex.

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