Many have dubbed 2015 as the revolutionary period of the domestic forex market, and in the autumn of this year the long-awaited forex law (“On Amendments to Certain Legislative Acts of the Russian Federation and Avoidance of Certain Provisions of Legislative Acts of the Russian Federation”) will come into force to govern this trading market segment, which is already preparing for the impending change.
So who is this “Russian Bear” and should it be embraced? Perhaps it is the Russian market as a whole, but in this QIR report we are referring to a huge emerging foreign exchange market, which even though physically located in Europe, couldn’t be more different: apart from its particular history, it is a “closed” market, uncertain and conditioned by geopolitical and socio-economic characteristics. But globalization is doing its job. Russia is being integrated as an emerging market that is accepting global trends and standards. But can regulation be effected with apt control? Is it applicable to a developing economy where many consumers consider the forex market as a means to boost their livelihood?
With top Russian regulation experts weighing in on these questions, Finance Magnates set out to explore the feasibility of a structured regulation in a developing economy with brokers and traders that still need to get to grips with risk management.
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