Gerchik & Co. meets Belarus’ technical requirements to launch OTC forex transactions

Gerchik & Co. meets Belarus’ technical requirements to launch OTC forex transactions

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The Belarusian Currency Stock Exchange (BCSE) said on Thursday the local arm of Belize-based forex broker Gerchik & Co. is ready to commence order execution on the over-the-counter (OTC) forex market in the country since the broker has successfully passed all software-related requirements set by the National Bank of the Republic of Belarus (NBRB).

Following regulatory amendments from earlier this year, to operate in Belarus forex brokers need to be registered with the NBRB and to comply with certain forex software requirements. The BCSE, which acts as a National Forex Center (NFC), tests brokers’ software to see if they can correctly report to the central bank and to the NFC. 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.

The move brings the company one step towards actually starting operations in Belarus. The broker was registered in June this year with the NBRB as a forex service provider authorized to operate in the country. This is the equivalent to acquiring an authorization or a license in the country.

Although based in Belize, Gerchik & Co. is mainly focused on Russian-speaking markets. The broker offers trading in forex and contracts for difference (CFDs) via the MetaTrader 4 (MT4) platform. The MT4 is the most widely used forex trading platform globally and is available as an application for desktop or mobile devices and in a web-based version. Earlier this week, the broker announced the addition of RoboX, an automated forex trading software.

The broker is one of six entities registered in Belarus as forex service providers. The rest are Open Investments, Forex Club, TeleTradeBel, FTM Brokers, and Alpari Eurasia. MTBankFX, the forex broker arm of Belarusian lender MTBank, is in the process of applying for a NBRB registration. Access to the websites of non-registered brokers is blocked for Belarusians.

Gerchik & Co. was set up in January 2015 in Belize and is licensed by the Belize’s International Financial Services Commission (IFSC). It is one of three member of Belarusian self-regulatory body Association for financial market development (ARFIN).

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