Russia’s VTB24 cuts leverage over Brexit fears

Russia’s VTB24 cuts leverage over Brexit fears

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The forex brokering branch of one of Russia’s largest banks – VTB24 – joined the ever growing group of cautious forex brokers to take precautions against the high market volatility around the eventual Brexit on June 23.

In a message to its clients, the investment branch of VTB24 said it is temporarily cutting the leverage from the usual 1:200 down to 1:50 on all forex pairs. The measure is temporary and is valid for the period between June 20 and 24.

VTB24 is one of the many forex brokers operating on the Russian market that is taking measures to contain the damage of the high market volatility by hiking margin requirements on GBP forex pairs and European indices. There are other brokers like Exness and EasyMarkets, though, who are going against the general trend and are keeping their margin requirements unchanged.

Currently VTB24 offers forex trading to its customers, even though it doesn’t have a forex dealer license, as required by a Russian law that came into effect on January 1, 2016. On its website, the bank offers trade in 32 forex pairs, including USD/RUB and EUR/RUB, using the MetaTrader5 and OnlineBroker trading platforms.

Earlier this year the bank group announced its intentions to set up a subsidiary for specifically offering retail forex trading and applying for a license with Russia’s Central bank, but so far it hasn’t made any practical steps.

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