VTB24 found a loophole in the law about the Forex market


VTB24, as stated on his official website, offers clients direct access to trading currencies with the use of trading systems and MetaTrader 5 OnlineBROKER. With their help, the user can trade 32 currency pairs, using the Bank’s credit resources (leverage). To trade the Euro and the dollar maximum leverage is 1:50, for other couples the Bank is willing to lend to a trader the rate of 1:200.

In the call center VTB24 reported that the to start to trade currencies by opening a brokerage account at any Bank, and recommended to pre-apply to the investment Department where you can obtain information regarding trading in the Forex market. Manager investigatement who introduced himself as Vasily, said he was ready to open an account for currency trading. “We did not close the accounts of customers and continue to provide services because the new year changed the rules and completely ran away from-under actions of the law,” he said. The representative of VTB 24 noted that the customer agreement is executed as normal conversion operation.

From January 1, 2016 came into force the law on the Forex market, which deprives the Russian companies of the opportunity to legally offer service to private individuals by currency trading in the OTC markets without a special license. On 1 January, only one company “Finam” had such. According to the CRFIN (Centre for regulation in OTC financial instruments and technologies), applications for a license also has filed several major participants of Forex market, among which “Alpari”, “Profit Group”, “Teletrade” and “Forex Club”, but the regulator was not satisfied with any of them. VTB 24 such a license was not received.

Managing partner of legal Bureau “Gambit” Alexander Sokolov considers that the regulation of foreign exchange transactions in foreign exchange on guarantee trading accounts for individuals and the rules of opening Bank accounts of individuals in foreign currency, in which individuals are given the opportunity to trade currency pairs, you may fall under the scope of the law on the securities market. “In particular, the law will define the basic feature of the activities of the Forex dealer as the provision of the client-natural person “credit shoulder” — said the lawyer.

“We provide clients with the services under the laws and license of the Bank”, — said the press service of VTB24. The Bank also said that from the beginning, the services agreements on the international monetary market the Bank has entered into 337 new customers.

As explained in Bank of Russia if the contracts entered into by a registered company in Russia, correspond to the criteria defined by law, the activities on the conclusion of such contracts is recognized as the Forex activity dealer. “The presence in the contracts of additional conditions does not preclude the possibility of qualification activities on the conclusion of such treaties as the activities of the Forex dealer”, — said the press service of the regulator. While the Central Bank noted that if the company has no license of a Forex dealer and it is not a member of the self-regulatory organization, committed in the framework of this agreement the transaction may be declared invalid.

In 2015 the participants of the Forex market has appealed to the Ministry of Finance and the state Duma with a proposal to postpone the entry into force of certain provisions of law. About this in mid-November, said the Chairman of the Bank of Russia Vladimir Chistyukhin, who noted that the regulator will not prevent the postponement of the entry into force of the act on 1 January 2017. “To ensure that from 1 January 2016, this market will earn under the new rules, we can’t,” he admitted. First Deputy Chairman of the Central Bank Sergey Shvetsov has also written to the Chairman of the Duma Committee on financial market Nicholas Potter a letter, which said that “no objection to the increase of the transition period”, until 1 January 2017.

However, lawmakers did not heed the requests of the Forex dealers, in early December Shvetsov said that the regulator is not interested in the Russian market of services Forex-dealers. “No benefit to society this product does not bring the satisfaction of those needs that we consider to be significant. Forex is a casino and meets a completely different need — in “gambling” (gambling gambling),” he said. Previously Chistyukhin said that over the past two years the Central Bank has received 500 complaints from citizens to Forex dealers.

The majority of market participants offering trading services in Forex, now serve Russian citizens through foreign affiliated structures. For example, Alfa-Bank opens Forex-account customers through a Cyprus Alfa Capital Holdings, which operates under the brand of Alfa Forex, is the market leader Alpari serves clients through Alpari Limited (Saint Vincent and the Grenadines). In December last registered in the company “Alpari Forex” and submitted an application to the Central Bank for a license of a Forex dealer. Two market participant also reported that a similar structure in the Russian jurisdiction is prepared to create and Alfa-Bank. In a press-service of Alfa Bank said that the Bank is actively working on creating a licensed Forex dealer in Russia.

“VTB24 is working on the creation of subsidiaries — Forex-dealer. This is a fairly long process,” reported the press service of VTB24.

Some companies and banks had since the new year, to suspend operations. In late December, one of the oldest participants of the Russian market Forex nefteprombank announced the termination of service of individual clients in the Forex market with the provision of “leverage”. Customers suggested to close all open positions and remove pending orders placed. According to “Interfax-CEA”, by the end of 2014, the Bank occupied the 11th place in the ranking of Forex-dealers by number of active clients, the average monthly turnover on the Forex market was estimated at $5,65 billion to customers of the Bank proposed to transfer the account to the company NPBFX registered in Belize.