Russian FX Dealer PSB-Forex Shuts Down Business

Russian forex dealers, a subsidiary of Promsvyazbank, PSB-Forex is shutting down after asking clients to close trading positions by the end of October.

October 20, 2020 | AtoZ Markets – So far, one of the four existing licensed Russian forex dealers, a subsidiary of Promsvyazbank, PSB-Forex, has taken another step towards shutting down its business and announced the imminent termination of quotation of major currency instruments. In other words, the company has warned its clients to close trading positions.

PSB-Forex voluntarily revoked its license

This step is quite expected and natural, as Promsvyazbank announced its decision to terminate its forex dealer back in August. At the same time, PSB-Forex LLC asked its small number of customers to send a written Notice of termination of the Framework Agreement by September 30, 2020.

The company also announced that they are preparing to submit an application to the Bank of Russia for the voluntary cancellation of the Bank of Russia license to operate a forex dealer. However, the Russian regulator appears to be in no hurry to comply with the latest request from one of the four remaining Russian forex dealers.

Changes in PSB-Forex trading conditions come into force on November 2, 2020

So, according to the release published the day before, changes in the trading conditions of PSB-Forex will come into force on November 2, 2020, in terms of excluding 19 currency pairs from the list of quoted ones (including major instruments such as EUR/USD and GBP/USD).

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“We ask you to take care of all your open positions in advance and, if any, close all available open positions for the indicated currency pairs by October 30, 2020,” the forex dealer said in his address to its clients.

“From November 2, the Forex dealer will not carry out quotations and conclude separate agreements on currency pairs excluded from the list. We draw your attention, being guided by clause 1.12 of the Basic standard for performing transactions in the financial market when carrying out the activities of a forex dealer, and clause 9.11 of the Framework Agreement of PSB-Forex LLC, if there are open positions at the time the changes to the trading conditions come into force (2 November 2020) The forex dealer has the right to close all open positions of the client at the last quoted quotation, ”the company added.

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