Russian self-regulatory organization CRFIN has elected a new president. The governing body of the unit has on-boarded Andrey Lysitsin from Alpari, where he served as Director of Strategy since 2014. Lysitsin has been working in a variety of government sector roles before joining the SRO of the forex industry.
The effort by CRFIN can be seen as an attempt to bridge the gap between the Russian mega-regulator, the Bank of Russia and the forex industry.
Lysitsin worked at the central bank between 2002 and 2006, when he was responsible for carving out regulations of the foreign exchange market in Russia. After two stints in the private sector at Promsvyazbank and PricewaterhouseCoopers, he came back to the Bank of Russia to serve as First Deputy of the of the Governor.
He was also responsible for the oversight of payments systems and the organization and function of the National Payments System.
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Since 2014, Lysitsin was the Director of Strategy at Alpari and in 2015 he joined CRFIN to head the Committee of Strategic Development.
Commenting on the announcement, Andrey Lysitsin said: “Our industry is facing a period of establishment of a regulatory framework, which is why I see the creation of an effective self-regulatory organization as my key task.
In order for the retail forex aspect of the financial markets to function properly, a good relationship with the regulator, the representatives of the retail forex solutions from major banks and the professional organizations is essential.”
The effort is seen as an attempt from CRFIN to on-board into the SRO representatives from the banking sector which are providing forex trading services to their clients.
Up until now, there has been no self-regulatory organization in Russia that is recognized by the central bank as complying with the regulatory requirements of forex regulation in the country.