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TeleTradeBel, part of forex brokerage TeleTrade Group, filed on 31 March, 2016, all necessary documents to be included into the Belarusian central bank’s register with companies that provide forex services, TeleTrade said on Friday.
The National Bank of the Republic of Belarus (NBRB), which established and develops the register, has to come up with a decision within 30 business days of the application.
In the beginning of June 2015, Belarusian president Alexander Lukashenko signed a decree on a new set of laws for companies on the financial market. Under the new regulation, the NBRB has to maintain a register of all forex brokers operating in the country, as well as a national forex center for supervision of the compliance with requirements of the decree. In addition, brokers will have to show registered funds of a minimum BYR 2 billion, or less than $100,000.
The changes came into effect as of the beginning of March 2016,or nine months after the decree’s signing.
Earlier in March, another forex broker, Forex Club, also announced its Belarusian subsidiary Financial Company Forex Club applied for a registration with the NBRB.
At the end of 2015, both TeleTrade and Forex Club applied for a Russian forex licenses and are still awaiting status. TeleTrade is the third largest retail forex broker in Russia in terms of trading volume, outperformed only by Alpari and Forex Club. The Russian retail forex market is among the leading ones, getting closer to that of the US.
Forex regulatory amendments in Belarus came shortly after Russia implemented its own new legislator framework for the forex market. Since 1 January this year, Russia-based forex brokers are not allowed to target local citizens, unless they have a license issued by the Central Bank of Russia (CBR). However, foreign forex brokers can still target Russian citizens even without a local license. So far, Finam Forex is the only entity to have obtained a Russian forex license.
One of the prerequisites for acquiring a Russian license is that brokers need to join a self-regulatory organization (SRO) with at least 10 participants. Earlier this week, the country’s central bank announced it will include several existing organizations in a single register of SROs.
TeleTrade is present in 26 countries worldwide. The brokerage offers trading in forex and contracts for difference (CFDs) on commodities, stocks, futures and currencies. It is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and registered with the relevant authorities in the UK, Bulgaria, Romania, Germany, Spain, Italy, and the UAE.
Source: TeleTrade
