Alpari Group is a

foreign exchange The foreign exchange market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. By trading volume, it i ...

, precious metals, and contract for difference ( CFD) broker that has a record of insolvency and regulatory difficulties. The company's UK entity entered

insolvency In accounting, insolvency is the state of being unable to pay the debts, by a person or company ( debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet i ...

on January 19, 2015, following heavy losses trading the

Swiss franc The Swiss franc, or simply the franc, is the currency and legal tender of Switzerland and Liechtenstein. It is also legal tender in the Italian exclave of Campione d'Italia which is surrounded by Swiss territory. The Swiss National Bank (SNB) iss ...

against the

euro The euro (currency symbol, symbol: euro sign, €; ISO 4217, currency code: EUR) is the official currency of 20 of the Member state of the European Union, member states of the European Union. This group of states is officially known as the ...

. In April 2015, the company's US NFA membership was revoked, preventing them from offering their services in the United States. The company is licensed to trade in: *

Belarus Belarus, officially the Republic of Belarus, is a landlocked country in Eastern Europe. It is bordered by Russia to the east and northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Belarus spans an a ...

Saint Vincent and the Grenadines Saint Vincent and the Grenadines, sometimes known simply as Saint Vincent or SVG, is an island country in the eastern Caribbean. It is located in the southeast Windward Islands of the Lesser Antilles, which lie in the West Indies, at the south ...

The company's charter is registered in

. Alpari Research & Analysis Limited, which gives a London address, provides only research and analysis and is not licensed to trade. Andrey Valerievich Dashin owns both Alpari and another foreign exchange broker FXTM, also known as ForexTime.

History

The company was established in

Kazan Kazan; , IPA: Help:IPA/Tatar, ɑzanis the largest city and capital city, capital of Tatarstan, Russia. The city lies at the confluence of the Volga and the Kazanka (river), Kazanka Rivers, covering an area of , with a population of over 1. ...

Russia Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...

, in 1998. However, it wasn't until 2002 that Alpari began expanding internationally by making its website available in English.

United Kingdom

Alpari (UK) was founded in 2004. It was regulated by the

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985 ...

in September 2006. The company opened and closed several branches in other countries. Alpari UK Ltd was fined £140,000 for anti-money laundering failings by the FSA in 2010. The firm's former money laundering reporting officer, Sudipto Chattopadhyay, was also fined £14,000. Cyprus office opened in 2010 and the CySEC license was acquired that year and renounced in December 2012. That office closed in February 2013. Alpari (UK) entered Indian market in 2008 and left India in March 2014. For UK residents, the company also offered financial spread betting on Forex and indices. On January 16, 2015, Alpari has entered insolvency following heavy losses the previous day when the

Swiss National Bank The Swiss National Bank (SNB; ; ; ; ) is the central bank of Switzerland, responsible for the nation's monetary policy and the sole issuer of Swiss franc banknotes. The primary goal of its mandate is to ensure price stability, while taking econ ...

removed the

franc The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription ''francorum rex'' (King of the Franks) used on early French coins and until the 18th century ...

's ceiling against the

. On January 19, Alpari (UK) Ltd. applied for formal insolvency and the English High Court appointed a special administrators from

KPMG KPMG is a multinational professional services network, based in London, United Kingdom. As one of the Big Four accounting firms, along with Ernst & Young (EY), Deloitte, and PwC. KPMG is a network of firms in 145 countries with 275,288 emplo ...

under Special Administration Regime.

Russia

Alpari-Broker Ltd. () was established as legal entity in September 2008 in Kazan, Russia. It was licensed as a professional participant of the equity markets for providing brokerage, dealership and money managing services by the

Central Bank of Russia The Central Bank of the Russian Federation (), commonly known as the Bank of Russia (), also called the Central Bank of Russia (CBR), is the central bank of the Russia, Russian Federation. The bank was established on 13 July 1990. It traces its ...

. Additionally, it was an associated member of NAFD (National Association of Forex Dealers), a

self-regulatory organization Self-regulation may refer to: *Emotional self-regulation *Self-control, in sociology/psychology *Self-regulated learning, in educational psychology *Self-regulation theory (SRT), a system of conscious personal management *Industry self-regulation, ...

created by Forex brokers. Since March 2017, Alpari is a member of AFD (Association of Forex Dealers) — the only SRO accredited by the Russian central bank. On December 27, 2017, the Central Bank of Russia revoked Alpari's license (along with the license of four other FX brokers), effectively ordering it to stop its Russian operation by January 27, 2018.

United States

Alpari US LLC was established in 2006. It had its NFA membership approved in November 2007 and removed in April 2015.

The Alpari Charitable Fund

The Alpari Charitable Fund was founded in 2005 by Andrey Dashin with the goal of helping children from the

Republic of Tatarstan Tatarstan, officially the Republic of Tatarstan, sometimes also called Tataria, is a Republics of Russia, republic of Russia located in Eastern Europe. It is a part of the Volga Federal District; and its capital city, capital and largest city i ...

to reach their full potential regardless of their socio-economic background or mental and physical disabilities. In 2018, the Alpari Charitable Fund provided a total of 29.4 million rubles in of support to residents of Tatarstan. In the first half of 2019, a total of 24.9 million rubles was provided in support to beneficiaries in Tatarstan.

India

In September 2022, the

Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...

(RBI), India's central bank, released a list of 34 forex trading online platforms, in which Alpari was also listed as illegal in India.

References

{{Online brokerages Financial services companies established in 1998 Foreign exchange companies Financial derivative trading companies Online brokerages Defunct financial services companies