Total average monthly turnover on accounts of Forex companies amounted to $330 billion in 2015, according to a review of “Interfax-CEA”. This of 20.1 trillion rubles, which is two times more than the deposits of physical persons of the savings Bank (10,5 trillion rubles), assuming average annual rate to the dollar in 61,06 rubles. (BCS rating)
The total volume of deposits attracted by the Forex dealers by the end of 2015, is $0.5 billion, which is approximately equal to the volume of deposits in a fairly large pot. Now these funds are in accounts in foreign banks, according to a review of “Interfax-CEA” “Rating of Forex dealers in Russia 2015”.
Almost all the Forex company that have a network of partners in Russia, working with dubious foreign banks, and clients are taking quite high risks, says the main expert “Interfax CEA” Alexey Buzdalin. This problem applies to such leaders of the Forex market, like “Alpari”, “Forexclub” and “Matter”, which accounts for 60% of active clients (278 thousand) and 57% of total turnover ($189 billion).
In most cases, Forex companies work with banks offshore, which are loosely regulated and do not have credit ratings, says the review. “Furthermore, in most offshore jurisdictions, where registered dealers, requirements to open a nominal account is missing. Nominal accounts are designed in order to separate client funds from the funds the dealer that the bankruptcy of a Forex company is not resulted in the automatic bankruptcy of the client. Accordingly, the credit risk of such banks are projected directly on traders who are usually not even aware”, — says Buzdalin.
Statistics of Forex market in Russia by the end of 2015
About 460 thousand individuals use the services of Forex dealers in Russia
$330 billion andamounted to total average monthly turnover in 2015 by the company’s accounts
$0.5 billion is the aggregate amount borrowed by brokers Deposit
$1 thousand is the average size of the client’s Deposit
80% of the market accounted for the largest Forex dealers
To 5% decreased the aggregate volume of individuals ‘ transactions on the FOREX market in 2015 compared with 2014
At 15% increased the number of clients of forex-dealers for 2015
According to the Vice-President of the Forex company “Teletrade” Dmitry dryhaila when a client signs a contract with the Forex company, he sees, to what account to transfer funds. “If the Bank in which funds are closed, it is automatically transferred risks and broker and client,” agrees with Buzdalin the representative of a Forex company.
The head of the press service of the Forex Club group of companies Ivan Klyuev could not answer the question RBC banks in which the funds of the Russian clients. He only said that the company managed to create and configure required to work in the Russian Federation infrastructure, including the necessary Bank account. “Our capital, appropriate licensing requirements and exceeding RUR 100 thousand has already been posted in one of Russian banks”, — said Klyuyev.
CEO of Alpari, Boris Shilov said that the money the company’s customers are in the accounts of leading banks of European Union countries. However, their names he did not elaborate. Specific information will be available from the audit report for the year 2015, he added.
From January 1, 2016 came into force the law on the Forex market, which stipulates that the Forex company, with legal entity in Russia and received a license from the Central Bank, must place client funds in Russian banks. The company also needs to engage in self-regulatory organization. The license now has only one company — “Finam”, but it is still not allowed to work because is not a member of the self-regulatory organization Forex dealers. The Bank of Russia is currently considering applications for licences of six companies: “Alpari”, “InstaForex”, “PROFIT broker”, “Rodler RU”, “Trading and “Forex Club”, says the managing Director of the Association SRO CRFIN Alexei Evsikov. After receiving these companies license the PARTNERSHIP will submit the documents to the Bank of Russia for inclusion in the registry as a self-regulatory organization.