By Andrei Skvarsky.
Russia’s central bank has stricken off five Russian foreign exchange companies with effect from January 27 for “repeated offences” against securities law.
The regulator said in statements on its website that its reason for de-licensing Forex Club, Fix Trade, TrustForex, Teletrade Group and Alpari Forex was a one-year record of “repeated offences” such as cooking the books, online disinformation and risk mismanagement.
According to the head of the central bank’s securities and commodities market department, Larisa Selyutina, as cited by Russia’s Gazeta.ru website, the five companies have usually brokered covert deals between their clients and foreign companies with brand names similar to theirs.
Meanwhile, the central bank has continued to cull Russia’s banking sector, having cut down the total number of banks to 451 today from about 560 a year ago.
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