Retail Forex and CFD broker Forex Club today announced that it has submitted an application to obtain a license as a Russian Forex dealer – the official designation for a company providing Forex trading services in Russia.
The company said it filed the necessary papers with the Central Bank of Russia on Monday, December 7th.
Forex Club becomes the second Forex broker in Russia to apply for the coveted license. FINAM announced in November this year that it has applied for such a license too.
The Bank of Russia has up to 60 business days to consider the applications. Companies that do not have Forex dealer licenses will have to quit the Russian market from January 1, 2016. At least, this is what the current version of Russia’s Forex law says.
At the same time, many Forex market participants are pushing for an extension of the licensing “grace period” by one year – thus, Forex brokers will have time until January 1, 2017, to secure Russian Forex dealer licenses. Whereas the Bank of Russia has showed willingness to consider a proposal for an extension of this period, the Ministry of Finance has been more careful in its stance.
Forex Club has been active in the Forex market for 18 years already. The company is a member of CRFIN, a Forex self-regulatory body in Russia. If CRFIN officially gains a status of a Forex self-regulatory organization, membership in it will be compulsory for securing a Forex dealer license.
The announcement from Forex Club can be viewed by clicking here.