The second International Forex Congress, held last week in Moscow, focused on the major event slated to impact the domestic Russian industry later this year – the adoption of a law which will oversee forex trading.
The congress, organized by independent Russian regulator CRFIN, took place at Moscow’s Lotte hotel. Representatives of various organizations and agencies came to discuss the status and future development in the regulatory sector. Finance Magnates’ Russia editor, Vadim Sviderski, took part in the event.
Despite the fact that the forum was held in the Russian capital and was relatively full, one can reach a less than optimistic conclusion – the national forex industry at large is still far removed from Moscow, the epicenter of the Russian financial markets.
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The discussions and debates that dotted the conference were not, at this stage, able to shed much light on the issue of regulation. It appears that industry participants, including brokers, regulators, self-governed organizations, the chief regulator (Central Bank) as well as the banking sector are not sufficiently prepared to fully implement the law, which will be enacted in the autumn of 2015.
The development of additional amendments are required and a system of working relations between the various participants in the industry has not been established. Moreover, the current recession affecting the Russian economy as a whole, and the general lack of consensus on actual definitions are all problems that in unison, can postpone the full law’s deadline for a few years (Finance Magnates Russia estimate – up to 2017).