The Central Bank recommended that brokers warn clients about the risks of currency conversion
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The Central Bank sent a letter to professional market participants in which it recommended brokers to warn their clients about the risks associated with forced currency conversion, said RBC. It refers to the conversion made in the event that foreign counterparties refuse to make settlements with Russian financial institutions.
“The Bank of Russia recommends that such brokers, in contracts with clients, establish the procedure and conditions for brokers to carry out conversion transactions, as well as indicate the procedure for determining the exchange rate at which the conversion will be carried out,” the Central Bank says. In the regulator, brokers are advised to proceed from the principles of good faith and provide clients with the “most favorable conditions”.
In October broker “Aton” began automatically convert the currencies of unfriendly countries into rubles – this measure affected customer accounts that hold less than $20,000 in equivalent. The organization explained this measure by concern for customers and high risks of currency blocking by counterparties.
About brokerage conversion – in the material “Kommersant FM” “Broker converts currency”.
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