CRFIN Positive about the Latest Draft of Russian Forex Regulation Bill
- Just before the alleged second vote on a draft proposal of forex regulation in Russia, the self-regulatory body in the country has issued a statement outlining the positives and the negatives of the bill.
Last week the Russian duma published the latest version of the draft bill which is going to be voted on tomorrow.The self-regulatory body of the foreign exchange industry in the country has issued a statement elaborating on the effects of the legislation.
Representatives of Russian Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term dealers, investment houses and banks have concluded that despite some tough regulatory implications, such as a cap on the margin ratio to 1:50, the current version of the bill is broadly positive.
The proposed text could lead to the anticipated conclusion to the long awaited saga of Russian forex Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, with parliamentary discussion surrounding the legislative process nearing its third year.
According to members of the self-regulatory body CRFIN, a number of pending issues have been solved by the current version of the Russian forex regulation bill, such as the establishment of a legal definition of a forex dealer, legislative protection of market participants, taxation and the potential filtering of the market from questionable entities allegedly providing foreign exchange trading services.
The Russian self-regulatory body’s managing director, Vadim Vinogradov, highlighted after the discussion, “The meeting outlined some concerns by professional market participants about the excessive norms of proposed regulation, however according to our views, the practices from other regulatory jurisdictions demonstrate that exceptional care in relation to relatively new financial products is warranted, especially in the case when retail traders are concerned.”
"In the view of our organization, we believe that the current bill is an achievement. While it remains clear that the bill needs to be polished, particularly in relation to the assets offered (no CFDs are allowed in the current version of the bill) and margin requirements, these are matters which the community needs to discuss with the regulator,” he concluded.
Almost all major players on the Russian market have participated in the CRFIN discussion, including foreign companies such as FxPro and Dukascopy, side by side with major Russian brokers.
Last week the Russian duma published the latest version of the draft bill which is going to be voted on tomorrow.The self-regulatory body of the foreign exchange industry in the country has issued a statement elaborating on the effects of the legislation.
Representatives of Russian Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term dealers, investment houses and banks have concluded that despite some tough regulatory implications, such as a cap on the margin ratio to 1:50, the current version of the bill is broadly positive.
The proposed text could lead to the anticipated conclusion to the long awaited saga of Russian forex Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, with parliamentary discussion surrounding the legislative process nearing its third year.
According to members of the self-regulatory body CRFIN, a number of pending issues have been solved by the current version of the Russian forex regulation bill, such as the establishment of a legal definition of a forex dealer, legislative protection of market participants, taxation and the potential filtering of the market from questionable entities allegedly providing foreign exchange trading services.
The Russian self-regulatory body’s managing director, Vadim Vinogradov, highlighted after the discussion, “The meeting outlined some concerns by professional market participants about the excessive norms of proposed regulation, however according to our views, the practices from other regulatory jurisdictions demonstrate that exceptional care in relation to relatively new financial products is warranted, especially in the case when retail traders are concerned.”
"In the view of our organization, we believe that the current bill is an achievement. While it remains clear that the bill needs to be polished, particularly in relation to the assets offered (no CFDs are allowed in the current version of the bill) and margin requirements, these are matters which the community needs to discuss with the regulator,” he concluded.
Almost all major players on the Russian market have participated in the CRFIN discussion, including foreign companies such as FxPro and Dukascopy, side by side with major Russian brokers.