Russian liquidity crisis continues as EXNESS, FXPro and AxiTrader suspend ruble trading


Following yesterday’s announcements by several FX firms regarding the reduction of leverage and in some cases cessation of trading on EUR/RUB and USD/RUB instruments, three further firms have followed suit.

EXNESS has stated that due to the unstable situation in the financial market, it has suspended trading in USD/RUB and USD/RUBm. Customers can still close previously opened transactions involving these instruments Additionally, EXNESS is temporarily no longer accepting deposits in Russian rubles through any payment system.

The company has confirmed that it will in due course provide additional information about resuming trading ruble-denominated instruments and again accepting deposits in Russian rubles.

Yesterday LeapRate spoke to Victor Masalov, Director of Product Development at the Russian FX brokerage, who confirmed to LeapRate that the company had imminent plans to take a proactive measure relating to the situation with low liquidity in the ruble.

Due to the current Russian ruble market conditions, FXPro has also suspended trading on USDRUB & EURRUB across all platforms until further notice. The decision has been taken by FxPro due to the lack of liquidity available from our Liquidity Providers and the extreme volatility which is currently being seen in both RUB pairs.

FxPro confirmed in an email notice to clients that it will resume pricing these pairs once the market stability returns and our Liquidity providers are providing sufficient liquidity for RUB pairs to be tradable.

Another company which has taken such a step is Australian FX brokerage AxiTrader, which today has ceased trading in EUR/RUB and USD/RUB instruments, as explained to LeapRate by a representative of the company.

Whilst some companies are mitigating risk and exposure by reducing the leverage down to negligable levels, others are suspending trading with ruble pairs.

The long term effect on confidence in the Russian sovereign currency that the low liquidity and erratic price movements will have, along with Russia’s astronomic rise in interest rates yesterday is yet to be calculated, however it appears that the majority of FX brokerages are erring on the cautious side.

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Russian liquidity crisis continues as EXNESS, FXPro and AxiTrader suspend ruble trading

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