TeleTradeBel, MTBank pass requirements for forex trading software, MTBank to apply for forex broker registration
TeleTradeBel, the Belarusian arm of forex brokerage TeleTrade Group, and lender MTBank have become the first entities to pass the requirements of the Belarusian Currency Stock Exchange (BCSE) regarding financial software for forex trading on the over-the-counter (OTC) market, according to a notice published by the BCSE on Thursday.
According to the notice MTBank intends to apply for authorization to do business on the OTC forex market, becoming the first bank to do so.
The BCSE said it is yet to test and assess the software of all other five licensed forex brokers. Under the Belarusian legislation, forex brokers need to get the software they use tested and approved prior to launching operations.
The National Bank of the Republic of Belarus (NBRB) has included a total of six entities in its register of forex brokers – Open Investments, Financial Company Forex Club, TeleTradeBel, FTM Brokers, Alpari Eurasia and Gerchik &Co.
In Belarus, acquiring a registration with the central bank is the equivalent to acquiring an authorization or a license in other countries. Since March this year, the local central bank is required to maintain a register of all forex brokers operational in the country.
According to BCSE’s notice, all six licensed forex brokers and MTBank have fulfilled their obligation to transfer a fee of $55,000 to the guarantee fund of the national forex centre. The fund currently has a total of $385,000.
TeleTradeBel said in a separate notice on Thursday it uses the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.
The MT4 and MT5, both developed by Russian software company MetaQuotes, are two of the most widely-used trading platforms for forex, contracts for difference (CFDs). The MT5 also features functions for stock market traders. Both platforms are available as desktop and mobile applications, as well as in a web-based version. Users can download ready-made or create their own automated trading strategies (EAs), scripts and custom indicators in the MQL programming language. Both platforms have outstanding charting package, auto-trading capabilities and signal copying.
TeleTrade is present in 26 countries worldwide. The brokerage offers trading in forex and contracts for difference (CFDs) on commodities, stocks, futures and currencies. It is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and registered with the relevant authorities in the UK, Bulgaria, Romania, Germany, Spain, Italy, and the UAE.
MTBank is the first Belarusian bank to launch operations with partial foreign capital. It is one of the fastest growing banks in the country.
Source: SMNWEEKLY
