Forex dealers were first allowed to legally provide services in Russia

The Bank of Russia on Wednesday, 12 October, decided to include an Association of Forex dealers (AFD) in the unified register of self-regulating organizations (SRO) in the sphere of the financial market and gave it the appropriate status, is spoken in the message of the Central Bank.

This is the first SRO, which received such status. Its members will be the first domestic dealers who will be able to provide services on the international currency market in the interests of Russian customers.

In 2014, the Bank of Russia adopted the law on the Forex dealers, according to which from 1 January 2016, all participants must obtain a license and to create a self-regulatory organization and guarantee Fund. However, Forex dealers are not in a hurry even with a license the Central Bank, cited the lack of accredited CB SRO. Registration of the first enterprises in the Central Bank will approve the standards of work in this market, including a standard contract between a company and its client, the requirements to the business plan.

The entry into force of new regulations have forced some Forex dealers to reduce their activities. The rest continued to provide services through offshore companies or began to offer them under the guise of banking products, wrote earlier RBC.

With the end of 2015, the license of professional participants of the securities market for carrying out the activities of Forex dealer got five companies “Forex club”, “VTB 24форекс”, “Finam Forex” “Broker group”, “Trastforeks”.

The appearance of the first self-regulatory organization — the next step in the development of a civilized market in Russia, say market participants. As the General Director of “Teletrade group” Andrey Rybin, the new status of the Association of Forex dealers will allow its members to continue joint development of standards activities of the Forex dealers as a new kind of professional market participants of securities in Russia.

“I hope that after approval of base standards can proceed to a full services of a Forex dealer in accordance with the Russian legislation”, — agrees the General Director “Finam Forex” Jaroslav Dyusuche. He added that, according to the law, each member of the SRO also must pay into the guarantee Fund of 2 million rubles, only then he will be able to provide services.

The composition of the AFD includes three licensed companies: “Finam Forex” (part of the Group of companies “Finam”), “Broker group” and “Trastforeks”.

“The national Association of Forex dealers” (NAFD) going in two weeks to apply to the Bank of Russia about the entry into the registry, said the President NAFD Andrey Lisitsyn.

“Recognition Association of Forex dealers (AFD) as a SRO will allow to create a regulated market in the country”, — says the head of the AFD Eugene Masharov. “Now actually still have two of the Forex market without a license and Forex dealers with licenses,” he said.

Previously, the Central Bank refused to issue a license of a Forex dealer “Alpari” and “Forex Club”. As the official representative of Alpari Andrey Loboda, the company “Alpari Forex” expects to receive a response to the Bank of Russia filed an application for a license in the near future.