TeleTrade applies for Russian Forex dealer license

Retail Forex broker TeleTrade has joined the line of companies applying for a Russian Forex dealer license.

The company announced on Wednesday that it has filed the necessary documents and that it hopes to get the license sometime in the first quarter of 2016. The Bank of Russia has 60 business days to review the application.

Under the newborn Russian Forex law, companies willing to obtain licenses as Forex dealers (that is the official designation of Forex brokers in Russia) should do so by the end of this year or quit the Russian FX market. As the deadline is seen as too tight by many, companies are seeking extension of the grace period to get the licenses until January 1, 2017.

A couple of companies have already dared to submit their applications – the first was FINAM, followed by Forex Club.

The announcement from TeleTrade can be viewed by clicking here.

Read Also: