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Ukrainian Forex Client Assets Reach $40 million in 2012

The amount of client assets under custody of Forex brokers in Ukraine last year reached $40 million, according to the first comprehensive study of the foreign exchange industry in the country by the newly established association UCRFIN.

 

The study also found that there are currently 30 Forex brokers offering their services to Ukrainian clients but none of these is located and licensed in the country – they are all offshore based. In 2012, the number of clients of these brokers in Ukraine reached 70,000 people. 

 

Commenting on the results of the study, UCRFIN's chairman Aleksey Atroshchenko noted that the size of the Forex market in Ukraine has reached a size which makes state regulation absolutely necessary, as in the opposite case there would be no protection for customers. This regulation has to be in accordance with international standards, and is set to prevent the flood of capital out of the country, as well as to pave the way for annual increase in Forex volumes of 10-15%. 

 

A major step in this direction would be the planned signing of the Association Agreement of the European Union and Ukraine – hopefully, this will happen in late November. Under the Association Agreement, Ukraine pledges to adapt its laws to the EU's Markets in Financial Instruments Directive (MiFID). The work of UCRFIN, a self-regulatory Forex organization established in August 2013, will be crucial in this respect. 

 

 

Apart from working on guidances on how to harmonize Ukrainian laws and MiFID, the organization has also outlined a set of future requirements for Ukrainian Forex brokers:

 

1. They will have to get specific licenses and have sufficient capital to be able to protect their clients' investments.

2. They will have to offer clients access to information about trade mechanisms, pricing and timing.

3. Forex brokers will have to report information to the public and regulators.

 

Moreover, the plans envisage court protection of clients in case of disputes with Forex companies. One can easily spot the resemblance with the Russian Forex bill, which unfortunately got stuck in the Duma after passing its first reading

 

For the time being, Forex brokers in Russia and Ukraine have only SROs to rely on for some form of regulation and communication with other market participants on standards and problems. But the UCRFIN is rather ambitious – it already has amid its members some major players like RoboForex and Forex Club, but aims to include 70% of all Forex brokers offering their services in Ukraine by the end of 2014.

 
TAGS: ukraine forex  ukraine  ukraine forex brokers  ukraine forex market  forex turnover  forex volumes  ucrfin  ukraine self-regulatory organization  sro  forex regulation  mifid 
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