Russian self-regulatory forex industry organization, AFD, published some key metrics of the local forex dealers last week, showing how forex trading demand is growing.
According to the AFD published numbers, licensed forex dealers operating in Russia have added a total of 5,489 new clients to their platform in the second quarter of 2021. The Russian brokerage platforms added more than 16,000 traders over the period of one year, and the total number of traders has now surpassed 34,900.
In addition, the agency detailed that the total number of transactions handled by the licensed Russian forex dealers between April and June came in at 1 million, with a total quarterly trade turnover of more than 2.119 trillion rubles.
Additionally, the numbers show that demand for trading is growing in Russia. The number of active forex trading clients on Russian platforms jumped to 6,804 in the second quarter of 2021, when compared to only 5,608 in the previous quarter.
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However, these figures do not paint a full picture of the Russian retail forex market. At present only three forex dealers, VTB Forex, Alfa-Forex and FINAM Forex are operating in Russia with a local license.
Central Bank Is Getting Involved in Financial Market Regulation
Most of the activities in the Russian retail forex industry are being made on foreign brokers that offer services in the country using their overseas license. However, the Russian central bank is directly getting involved in the regulations of the financial markets and is slowly trying to fill the regulatory gaps in the existing trading industry.
Earlier this year, the central bank published a long list of the companies, which include the names of foreign forex brokers, cryptocurrency exchanges and binary options providers, blacklisting them from operating in the country. That list added the names of some of the reputed brokers like Interactive Brokers, Swissquote, Forex Club, FxOpen and Alpari.