The Belarusian National Bank announced it has given forex broker license to TeleTradeBel, part of forex brokerage TeleTrade Group, and FTM Brokers.
According to the bank’s statement, within three working days from the date on which the companies get their license, but no later than the date on which they conclude the first agreement for an operation with forex instruments, they must deposit at least $55 000 in the guarantee fund of the National Forex Center.
With the addition of TeleTrade and FTM Brokers, the total number of licensed forex brokers in Belarus is four. The other two are Open Investments and Financial Company Forex Club, a unit of brokerage Forex Club who got their license in April.
Forex regulatory amendments in Belarus came shortly after Russia implemented its own new legislator framework for the forex market. They came into effect with the Presidential decree No. 231 on the implementation of activities in the OTC forex market from June 2015. Under the same decree the Belarusian National Bank in February set minimum capital requirements for the forex brokers licensed in the country.
As SMN reported, TeleTrade, which has been operating on the Belarusian market for almost 10 years, applied for a license in the beginning of April and apparently got it within the required period. As for the other company that got its license on Thursday – FTM Brokers, no information could be found.
Meanwhile, also on Thursday, TeleTrade, which is the third-largest forex broker in Russia in terms of trading volume, finally got its forex license from the Bank of Russia. The company applied for it in the end of 2015. It is the second broker to get a license, after Finam Forex, which obtained its in December. The largest forex broker, operating on the Russian market through its Cyprus license – Alpari – is still awaiting its license.
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.