Against all odds, the Russian central bank processed the first license application in half of the time stated under the Russian forex regulation law. The first Russian brokerage allowed to operate in the country as a foreign exchange dealer under the new regulatory framework is Finam Forex (ФИНАМ ФОРЕКС).
The brokerage is part of a major privately owned financial group, Finam Holdings. The firm was founded over 20 years ago and is one of the first financial intermediaries in modern Russia, founded by board member of the Russian MICEX-RTS, Victor Remsha.
The Bank of Russia also highlights in its official announcement that the company was the first brokerage to apply for the license.
A Speedy Resolution
Finam Forex applied for regulatory permission precisely a month ago. At the time, industry insiders commented that the process of issuing a license would take at least 60 working days, which would have required the company to stop providing its services starting from January 1st, 2016.
Filling the Gap Between Brokers, LPs, and ClientsGo to article >>
Instead, the Russian mega-regulator managed to process the application of the brokerage within one calendar month.
The managing director of the Finam investment holding commented on the announcement, “We welcome the development of a regulated forex dealer environment in Russia, which will permit our clients to reassess the advantages of dealing with a regulated brokerage which is carefully looking after their own interests.”
“The regulation of the market by the Bank of Russia will keep unlicensed companies away from it and will permit to attract a new active set of clients interested in multiplying their investment with a reliable partner as their broker,” he added.
It’s worth pointing out that a number of other companies have already applied for a license from the central bank – PROFIT (ПРОФИТ), Forex Club (Форекс Клуб) and TeleTrade (ТелеТрейд). If these companies are granted a license before the end of the year, starting from the 1st of January, the regulatory framework will actually begin operating.