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The Central Bank of Russia (CBR) has issued a forex dealer license to Alpari Forex, a unit of forex group Alpari, according to a notice published on Tuesday on the central bank’s website.
The license was granted on 28 November, 2016, to the Moscow-based company. The regulator provided no details.
The broker applied for a license in December 2015, but its application was denied several months later. The broker then reapplied and has finally received a license in Russia, where it is the leading forex broker.
By law, the CBR has to take assess a license application and come up with a decision within 60 business days of receiving it. However, for most brokers the bank has been taking its time in deciding and coming up with a statement later than that.
Alpari is the sixth forex broker to receive CBR license. The remaining are Finam Forex, TeleTrade, TrustForex and VTB24 Forex, and Forex Club.
““We did much to make this happen and are delighted that Alpari Forex Ltd. has received Russian licensing. This will offer Alpari clients in Russia the opportunity to choose native jurisdiction when working on international financial markets and will offer them additional legal security,” Boris Shilovthe chairman of the supervisory board of Alpari, said in a separate statement issued by the broker. “Today the Russian internet trading market continues its development, however much work lies ahead to help the market grow and become more attractive. In conjunction with the regulator, Alpari and other market participants will continue assist in its improvement. We anticipate that the Russian Forex segment has a worthy place waiting amongst other recognised jurisdictions,” he added.
The Alpari group is headquartered in Russia and consists of companies regulated in Belize, Murititus, St. Vincent and the Grenadines, and Belarus, and now in Russia. It offers trading in forex, metals, and contracts for difference (CFDs), and binary options.
In Russia, Alpari is the largest retail forex broker in terms of trading volume and number of customers.
The CBR is Russia’s financial mega-regulator which oversees the banking and all other financial markets in the country. As of 1 January, 2016, locally-based forex brokers are required to be licensed by the CBR in order to operate in the country. However, foreign brokers are still allowed to target local citizens without any significant restrictions and most market participant continue to operate in the country through their foreign units.
The bank recently announce the regulation of binary options is to be decided on by the end of 2017. In addition, the central bank also announced it has undertaken steps to regulate the crowdfunding market, too.