The Belarusian Currency Stock Exchange (BCSE) said on Thursday it has approved the financial software for forex trading on the over-the-counter (OTC) market used by Financial Company Forex Club, a unit of brokerage Forex Club. This makes the broker the third entity to pass the BCSE’s technical requirements. The BCSE has also permitted FTM Brokers, another local forex broker, access to the electronic document management system, the exchange said in a separate notice.
The Belarusian unit of Forex Club supports the MetaTrader 4 (MT4) trading platform and its proprietary platform Libertex. The MT4 is among the most widely-used forex platform worldwide. It is available in three versions – web-based, desktop, and mobile. Libertex was launched in 2013 and is entirely web-based. It allows trading in stocks, indices, metals, oil and gas.
The BCSE did not specify what criteria brokers need to pass to meet the requirements for forex software set by the National Bank of the Republic of Belarus (NBRB). It said that it tests brokers’ software to see if they can correctly report to the National Forex Center (NFC) and the NBRB. At the end of last month, the BCSE said TeleTradeBel, the Belarusian arm of forex brokerage TeleTrade Group, and lender MTBank were the first two entities to pass the requirements for forex software. It noted at the time that MTBank is to apply for registration and earlier this week the bank announced the launch of a forex broker unit, MTBankFX.
Although the NBRB is in charge of the forex market in Belarus, as of March this year the BCSE took over the functions of the NFC to supervise and detect possible violations and non-compliance of forex brokers. It has to inform the central bank in case entities fail to meet their obligations. Its responsibilities also include software verification.
In order to launch operations in Belarus, forex brokers are required to acquire a registration with the central bank, which is the equivalent to acquiring an authorization or a license in other countries. As of March this year, the NBRB maintains a register of all forex brokers operational in the country. Forex Club’s unit was one of the first two entities to get registered. The other authorized Belarusian forex brokers are Open Investments, TeleTradeBel, FTM Brokers, Alpari Eurasia and Gerchik &Co.
Forex Club is a collective brand of several entities that provide trading in forex and CFDs on shares, metals, indices, and other instruments. The brokerage has clients in more than 120 countries, mainly within the Commonwealth of Independent States (CIS), or the former Soviet countries.
The brokerage’s Russian arm, however, was denied license by the Central Bank of Russia (CBR) in early June.
Source: Forex Club