Licensed FX dealers in Russia report 1,990 active clients in Q3 2019
The number of active clients is higher than in the preceding quarter, according to data provided by the Russian Association of Forex Dealers.
Russia’s Association of Forex Dealers (AFD), a Forex self-regulatory organization (SRO), has earlier today reported the key operating metrics of its members – four licensed Forex dealers, for the third quarter of 2019.
According to the data, the total number of individual contracts for the period was 392,263. This is higher than the 294,204 reported in the second quarter of 2019. The number of active clients in the third quarter was 1,990, up from 1,415 active clients in the preceding quarter.
At present, there are only four members of Russia’s Forex SRO, which is not surprising given that there are only four licensed FX dealers in Russia: FINAM FOREX, VTB Forex, Alfa-Forex, and PSB-Forex. In December 2018, the Association of Forex dealers announced that the termination of the membership of five companies: Alpari Forex, Forex Club, TeleTrade, Fix Trade and TrustForex.
The decision followed the revocation of the Forex dealer licenses of these five companies by the Central Bank of Russia. The regulator explained that the five brokers had repeatedly violated the Russian securities law. The violations range from providing false accounting statements to failures to follow the instructions issued by the Central Bank.
Under the Russian laws, licensed FX companies have to be members of an SRO. Unregulated companies cannot be members of the FX SRO.
Earlier in October, the SRO published its program for inspection of Forex dealers for 2020. The organization will check FINAM Forex and VTB Forex.