Admiral Markets has notified its clients in Russia that it is suspending the operations of its Russian branch as of the end of the year. The brokerage asked Russian clients to close all open transactions in a timely manner or they will be automatically closed December 31, 2015.
The move is related to the drastic change that the Russian forex market is going through, from a completely self-regulated system to a tightly monitored licenses regime. Admiral Markets said that the firm is currently in the process of preparing and filing the documents required for licensing, however to comply with the Russian law it must suspend its activities until it receives approval.
The European brokerage group has not yet provided a timetable for when its trading services in Russia will restart. The Bank of Russia has until now only issued one forex license, to Finam Forex earlier this month. According to the maximum set in law and the time it took for the first license we can expect the process to take between one and two months, but only after an official application is made by Admiral Markets.
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It should be noted that Russian law does not limit residents of Russia from trading with foreign brokers, only requiring local brokers to acquire a license. Thus, if a trader in Russia has an account with the FCA regulated UK branch of Admiral Markets he would not be affected in any way by the suspension of the Russian firm.
Back in October, Admiral Markets upgraded its offering with an advanced Electronic Communications Network (ECN) technology solution.