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PSB-Forex, a unit of Promsvyazbank (PSBank), has become the latest entity to receive a forex broker license from the Central Bank of Russia (CBR), data published on Friday on the regulator’s website indicated.
The Moscow-based broker obtained authorization at a CBR meeting that took place earlier on Friday.
In a separate notice, Promsvyazbank also announced its wholly-owned subsidiary has received a license to service retail clients in the over-the-counter (OTC) forex market in Russia.
The previous entity to get licensed as forex broker in Russia was Fix Trade, which is the company behind the InstaForex brand. The rest of the other authorized forex brokers are Alpari, Forex Club, Finam Forex, TeleTrade, TrustForex and VTB24 Forex.
As of the beginning of 2016, forex brokers based in Russia are required to obtain a license from the CBR in order to do business in the country. No such restrictions apply for foreign brokers and most market participants operate in the country via foreign branches.
The CBR is Russia’s financial mega-regulator which oversees the banking and all other financial markets in the country.