28 December, AtoZForex.com, Amsterdam — Admiral Markets Russian office suspends operations by the year-end. As the European brokerage is currently in the process of arranging the documents required for the new Russia Forex regulation.
At least, according to a recent note of the brokerage to its Russian clients, clarifying its clients of Admiral Markets’ decision to suspend its Russian operations by year-end. The brokerage has not disclosed yet when it will resume again its Russian operations.
In an official statement retrieved from Admiral Markets, their external communication manager, Kristina Tsaikina has disclosed the following:
"From the 01.01.2016 Admiral Markets Group will suspend operations at one of its operating companies, the Russian operating company OOO Admiral Markets. This suspension of operations will last for a period of time that is intended to be used for the preparation and submission of documents necessary to obtain the appropriate licenses under the new regulatory regime."
Hence, the broker’s Russian clients are urged to take action, as Admiral Markets Russian office suspends operations, closing all open Russian transactions by this coming Thursday, no matter what.
The decision is remarkable, but not entirely unforeseen, due to the upcoming Russian Forex market regulatory changes at the start of 2016. Basically, the Russian market becomes a tightened monitored licensed jurisdiction, after years of being a self-regulated system.
In the process of filing for a Russia license
Back in April this year, Admiral Markets already prompted its customers in Estonia to close their open orders within a 3 months time frame. Considering, Admiral Markets introduced its consolidation plans to its UK branch. Now again, the broker is requesting the same act from its Russian clients.
As Admiral Markets Russian office suspends operations, currently Admiral Markets has stated it is in the process of filing and preparing the required documents for the new Russia Forex regulation. Yet, to comply with the new Russian law and obtain the mandatory license, Admiral Markets is prompted to suspend its financial activities until the broker receives an official approval.
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ETA to resume Russian operations
In the introduction paragraph, it was already stated that Admiral Markets has not been able to identify a date yet, for when the Russian trading services will resume again. Having already endured numerous broker complaints, the Bank of Russia only issued one forex license so far, providing its authorization for Finam Forex.
Currently, the estimated time for Admiral Markets to be compliant with the new Russia Forex law is projected between one and two months. This process time frame is just an expectation and is based on the assumption that the broker already has filed for an official application. If Admiral Markets haven’t filed the application yet, then evidently the ETA is projected to take longer.
Admiral Markets Group other operations continue services
In a requested statement of Admiral Markets, the broker's external communication manager, Kristina Tsaikina commented further:
"All other regulated operating companies of Admiral Markets Group will continue to provide services to customers in the normal way. During this Period of transition the clients of OOO Admiral Markets will able to move to any of our other operating company with the help and coordination of their account manager and that Admiral Markets Group will continue to offer a full customer service for its Russian clients."
Last but not least, Admiral Markets’ traders in Russia that have an account with the broker’s FCA regulated branch are able to proceed trading. Considering that the Russian law does not restrict Russian residents to proceed its trading activities with foreign brokers. Hence, these Russian Admiral Markets’ traders with an FCA account are not affected by the broker’s decision to suspend its Russian operations.
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