On 28th November, 2016, the central bank of the Russian Federation finalised its decision to issue Alpari Forex Ltd. with a license granting the company the right to conduct its activities as a Forex dealer throughout Russia1. As such, Alpari is now an officially licensed Forex dealer on the Russian market. The total capital held by Alpari Forex Ltd. exceeds 100 million Russian roubles.
From the moment it was founded, Alpari has always campaigned for further transparency on the Russian Forex market and has actively participated in industry organisations such as NAUFOR, NAFD and The Financial Commission in cooperative work with executive and legislative organs of power to develop legislation which regulates the Forex market in Russia and in other countries where the brand has a presence.
In essence, today is the beginning of a long-awaited era of legal regulation for the over the counter currency market in Russia. The appearance of clear rules for conducting business will increase trust in market participants and the transparency of their work, facilitating openness and raising the level of legal protection for private investors and the companies themselves. The financial industry in Russia will receive renewed impulse for development and its participants will receive access to modern and high-tech products and services of an international level.
“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. 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,” noted Alpari CEO, Boris Shilov.
At the end of 2014, the president of the Russian Federation, Vladimir Putin, signed a law to regulate the over the counter Forex market in Russia. In October 2015, the majority of the provisions of this document came into effect. Since the beginning of 2016, all Forex dealers working in Russia are required to license their activities, openly providing account reports and information, in addition to becoming part of a self-regulating organisation. At the end of December, 2015, Alpari submitted its documents to the Russian central bank, and in August of 2016 the company resubmitted its application based on the feedback and comments it received from the bank; today receiving licensing to work within the jurisdiction of the Russian Federation.
According to research conducted by Interfax-CEA, Alpari has been the market leader in Russia by some way for five years running (from 2011 to 2015). In 2012, the company became the first Russian Forex broker to publish the operational indicators for its activities on its own initiative and remains the only company on the Russian market to do so continuously on a monthly basis.