The latest version of the Russian forex regulation bill was passed in the Russian Duma on its second reading officially making the bill into a law, pending final due diligence in a formal read in the Federal council.
The Russian parliament has just passed the first Russian Forex regulation bill on the second reading turning it into law. It is now official - Russia is on track on becoming a fully regulated market ensuring the protection of clients of OTC foreign exchange services and if not preventing, dramatically reducing the number of customers falling victims to questionable entities targeting the Russian market.
For the first time ever, the official business of forex dealers in Russia has been legally defined. According to the law, the services provided by forex dealers may only be provided by companies which are not banks or typical brokerages dealing with securities.
As promised, the regulatory environment is on the tough side with the Leverage ratio set between 1:50 to 1:100. The Governor of the Central Bank, Elvira Nabiullina, has recently clarified that the bill has borrowed some provisions from US and Japanese regulatory environments.
The other major point worth mentioning is that CFD trading has not been included into the bill in any form, so forex dealers who are offering OTC foreign exchange trading to their customers will have to limit themselves with that. With the structure of the law providing flexibility this requirement can easily be changed in the future.
The document already defines providers of OTC foreign exchange services as delivering derivatives contracts, or in legal layman terms they are CFD providers, but are only allowed at this point in time to price the instruments which they are offering based on foreign exchange rates.
The minimum capital requirement to get regulated in Russia is $1.85 million (RUB 100 million). However, if a brokerageβs clients holdings total more than $2.7 million (RUB150 million), the capital requirement grows by 5% of the client deposits sum above the RUB 150 million threshold.
A self-regulatory organization (SRO) of forex dealers is at the center of the Russian forex regulation law. An investor compensation scheme is being set up to reimburse investors in the case of bankruptcy of any of the members of the SRO. The members of the SRO will have to deposit about $40,000 dollars into the investor compensation fund separately for any charges related to licensing.
The Russian parliament has just passed the first Russian Forex regulation bill on the second reading turning it into law. It is now official - Russia is on track on becoming a fully regulated market ensuring the protection of clients of OTC foreign exchange services and if not preventing, dramatically reducing the number of customers falling victims to questionable entities targeting the Russian market.
For the first time ever, the official business of forex dealers in Russia has been legally defined. According to the law, the services provided by forex dealers may only be provided by companies which are not banks or typical brokerages dealing with securities.
As promised, the regulatory environment is on the tough side with the Leverage ratio set between 1:50 to 1:100. The Governor of the Central Bank, Elvira Nabiullina, has recently clarified that the bill has borrowed some provisions from US and Japanese regulatory environments.
The other major point worth mentioning is that CFD trading has not been included into the bill in any form, so forex dealers who are offering OTC foreign exchange trading to their customers will have to limit themselves with that. With the structure of the law providing flexibility this requirement can easily be changed in the future.
The document already defines providers of OTC foreign exchange services as delivering derivatives contracts, or in legal layman terms they are CFD providers, but are only allowed at this point in time to price the instruments which they are offering based on foreign exchange rates.
The minimum capital requirement to get regulated in Russia is $1.85 million (RUB 100 million). However, if a brokerageβs clients holdings total more than $2.7 million (RUB150 million), the capital requirement grows by 5% of the client deposits sum above the RUB 150 million threshold.
A self-regulatory organization (SRO) of forex dealers is at the center of the Russian forex regulation law. An investor compensation scheme is being set up to reimburse investors in the case of bankruptcy of any of the members of the SRO. The members of the SRO will have to deposit about $40,000 dollars into the investor compensation fund separately for any charges related to licensing.
Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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