Forex-dealers can start legal work in Russia

The Bank of Russia on Tuesday, May 2, agreed the first basic standard of work in the financial market. This document establishes unified rules for performing operations for forex dealers and gives the opportunity to legally provide forex services in Russia. As noted in the comments of the Deputy Chairman of the Bank of Russia Vladimir Chistyukhin, the application of this standard will allow “to unify the order and timing of various operations, to prevent the commission of illegal actions against clients of financial organizations, and to improve the quality of services provided by non-credit financial organizations.”

According to the law “On forex dealers”, from January 1, 2016, all participants of this market were to receive a license (for example, “Forex Club”, “VTB24 Forex”, “Finam Forex”, “Teletrade Group”, “TrustForex”, ” Alpari Forex “,” Fix Trade “), as well as join a self-regulatory organization (SRO). In order to begin work on the territory of Russia, forex dealers should also introduce standards. Without their implementation, formal activity within the law was impossible.

According to Interfax-CEA data, about 460,000 individuals used the services of forex dealers at the end of 2015 (the latest study of the forex market), while their aggregate average monthly turnover in 2015 was about $ 330 billion. The three largest Of dealers (Alpari, Forex Club, TeleTrade) accounted for 60% of active customers (278 thousand people) and 57% of total turnover ($ 189 billion). At the same time, the main volume of operations in the market is accounted for by foreign companies. As RBC previously wrote, after the entry into force of the law “On the Forex market” a number of participants suspended the activities of Russian units and transferred Russian clients to their foreign structures.
For example, Alfa-Bank opens a forex account to its clients through Cyprus Alfa Capital Holdings, which operates under the Alfa Forex brand, and the market leader Alpari serves customers through Alpari Limited (St. Vincent and the Grenadines).

As the head of the Association of forex dealers (AFD) Evgeny Masharov, with the introduction of standards, Russian forex dealers will be able to work with Russian clients. Clients will get an opportunity to receive funds from accounts, as well as to defend their interests in Russian courts.





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