FINAM becomes first company to apply for Russian Forex dealer license

FINAM Forex, part of the FINAM Group of Companies, has announced that it has submitted the relevant documents for obtaining a Russian Forex dealer license. The documents have been filed with the Bank of Russia, which is responsible for the regulation of Russia’s FX industry.

The review of FINAM’s application will take up to 60 business days. Hence, in case the Bank of Russia approves the application, the company will have its Forex dealer license active early in 2016.

finam_logoThe company plans to build a network of offices offering Forex services across Russia.

Under the Russian Forex law, all Forex companies willing to offer their services to Russian residents should obtain their licenses by the end of this year. Those that do not obtain Forex dealer licenses should exit the market not later than January 1, 2016. Many consider this deadline as too tight, with Forex market participants now pushing for extending the licensing period.

To view the official announcement from Finam (in Russian), click here.

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