Finam opened access to over-the-counter dollar trading for its clients

Requests for the purchase and sale of currencies can be sent via the FinamTrade terminal and mobile application. This service is being offered for the first time to mass clients in Russia.

For now, trading will be carried out in the dollar-ruble (USDRUB) currency pair, but other currency pairs may be added in the future. Trading is available from $1 and can be carried out by all Finam clients without the need to be a qualified investor or undergo additional testing. Commissions will be charged at the client’s current exchange rate and currency can be withdrawn to a bank account.

Trading is also carried out on the TRANSAQ platform and transactions can be made from 10:00 to 19:00 Moscow time in the “T+1” mode, with settlement taking place on the next business day. The exchange rate in the application will depend on market conditions and demand on over-the-counter platforms where transactions are made between participants.

Finam noted that over-the-counter exchange rates can be more profitable than the Central Bank’s official rates and that transactions take place within the Russian financial circuit, which reduces the risk of foreign regulators blocking assets.

Finam Deputy General Director Dmitry Lesnov stressed that the company plans to expand the list of available currency instruments depending on the market situation. He also added that the demand for over-the-counter currency trading remains high, despite all the restrictions.

Finam announced its plans in July, saying the app would allow over-the-counter trading in dollars, euros and other currencies, transactions that ceased after sanctions against the Moscow Stock Exchange.

• On June 12, the US Treasury included the Moscow Exchange, the National Clearing Center and the National Clearing Depository on the SDN list. In this regard, the Moscow Exchange announced the cessation of trading in euros, US dollars and Hong Kong dollars.
• Following the introduction of US sanctions against the Moscow Stock Exchange, the National Clearing House and the National Clearing Center, several clients of “Finam”, “Tsifra Broker”, “BCS World of Investments” had millions of US dollars trapped in NCC.