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Forex brokerage TeleTrade Group said on Thursday it has received a license to operate as a forex broker from the Central Bank of Russia (CBR). This is the second Russian forex broker license after in December 2015 Finam Forex, part of Finam Group, became the first one to obtain such a license.
Since 1 January this year, Russia-based forex brokers are not allowed to target local citizens, unless they have a CBR license. However, foreign forex brokers can still target Russian citizens even without a local license and most market participant continue to operate in the country through their foreign units.
TeleTrade said its Russian operations account for about half of its business. The broker is the third largest retail forex service provider in Russia in terms of trading volume, outperformed only by Alpari and Forex Club, according to a report by Interfax-Center for Economic Analysis (Interfax-CEA). In 2015, its average monthly trading volume stood at $45 billion, according to the report.
TeleTrade applied for a license with the CBR at the end of 2015. In addition, the TeleTrade group holds a license from the Cyprus Securities and Exchange Commission (CySEC), which allows it to provide services to clients from all EU member states.
The broker has also awaiting to be included as a forex broker into the register of the National Bank of the Republic of Belarus (NBRB), which is the equivalent to acquiring an authorization or a license in other countries.
TeleTrade is a member of the Russian self-regulatory organization (SRO) Centre for regulation in OTC Financial Instruments and Technologies (CRFIN). One of the prerequisites for acquiring a Russian license is that brokers need to join a SRO with at least 10 participants.
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 regulated by the CySEC and registered with the relevant authorities in the UK, Bulgaria, Romania, Germany, Spain, Italy, and the UAE.