New Regulations Open the DMA Door to Russia

Upcoming changes to legislation surrounding broker licenses in Russia will likely loosen the clamps on direct market access to the country.

Under current law, the Russian Federal Financial Markets Service (FFMS) dictates that international brokers can only access organized markets via local licensed brokers—a restriction that has led to a legal grey area with respect to non-Russian sub-broker activity in Russian exchanges.

"Local licensed brokers are acknowledged by the FFMS, but the second

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