Russian forex regulation, which is pending for more than 4 years since the first public conversations about it took place, may now be approaching the final stage: government approval. As usual there’s no official statement from the government except an update in the media which leads many Russian forex market participants to treat such updates with skepticism If indeed enacted the framework may prevent cases like Broco’s notorious blow-up from happening.
Russian newspaper Commersant published an update claiming that it holds an official document issued by the Ministry of Finance which sets the regulation framework for the forex market and which was passed on to the government for an approval.
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OTC electronic currency trading market – Forex – with a monthly turnover of $ 500 billion received the first draft of regulation. The bill, designed by the Ministry of Finance, proposes to turn the Forex brokers into independent professional participants of the market, and mandate the FFMS to develop procedures and regulations for this market segment.
The Ministry of Finance has prepared a proposal for the regulation of the Forex market and sent it to the government. Proposals are set out in the draft amendments of the “On the Securities Market” Law and other legislative acts (Kommersant holds a copy of the proposal). The source familiar with the situation told the newspaper that documents were sent to the government on November 26. Finance Ministry’s proposal is the answer to the request of the First Deputy Prime Minister Igor Shuvalov to proposals for regulation of the Forex, which was sent on October 22 to Ministry of Finance, Ministry of Economic Development and the Federal Financial Markets Service (FFMS). The bill could come into force on 1 January 2014.