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Alpari, the largest forex brokerage house in Russia, said on Tuesday it is terminating the interest on deposits, starting 1 May, 2016. It will no longer calculate and accru interest rates on client funds deposited with it.
The last interest calculations will be made on 29 April and all interest payments will be made until 5 May. The broker did not elaborate on why it has decided to cease interest payments.
Alpari is headquartered in Russia and has offices in Saint Vincent and the Grenadines, Mauritius, and the UAE. It is the largest retail forex broker in Russia in terms of trading volume and number of customers. It offers trading in forex, metals, and contracts for difference (CFDs), and binary options, the last one of which the broker introduced in December 2015.
The group consists of Alpari-Broker (Russia), Alpari Ltd. (Saint Vincent and the Grenadines), Alpari International Ltd. (Mauritius), Alpari Ltd. (Belize), and Alpari Forex (Russia). The group used to operate a UK-regulated branch, which went insolvent in January 2015 after it faced exceptional volatility and extreme lack of liquidity as a result of the EUR/CHF collapse.
The group companies are registered with and regulated by the relevant authorities in Belize and Saint Vincent and the Grenadines.The broker has also applied through Alpari Forex for a license in Russia.