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FBS Joins Russia's Forex Self Regulatory Organization CRFIN

FBS, the Forex broker that is operating out of Belize, has just announced that it has joined one of Russia's most influential Forex bodies – the Centre for Regulation of OTC Financial Instruments and Technologies (CRFIN). From December 20, 2013, FBS-Trade is a fully righteous member of CRFIN, which means that the clients of the broker have one more organization to take care of their interests and rights.  

 

A number of things should be clarified with regard to the move: for openers, if a Forex broker wants to operate in Russia, getting a membership in an SRO is one of the best things to do, given that there is still no Forex law in the country and that, if and when there is one, it will require a membership in an SRO. That's, of course, if a Forex broker wants to get a license from the Russian authorities.

 

More importantly, CRFIN emerges as the self regulatory organization that would be the hub for Russia-registered Forex brokers, hence FBS is acting pretty wisely by entering the group. There are many reasons for CRFIN getting this crucial role: it has been co-operating with Russian lawmakers on drafting the Forex bill and has been doing great job for years in securing the link between brokers and their clients. Last but not least, we cannot skip the rigid requirements that CRFIN has towards its members: financial transparency is really important if one wants to be a member of this SRO. In addition, regular checks and audits are conducted.

 

We should also note that FBS enters CRFIN as a Category A company, which means that it may fully support and maintain its financial operations on its own. Category A Forex brokers are considered as the most stable ones – the group includes names like Alpari Limited and Forex Club. The stability is not a simple idea, it's related to capitalization of the Forex brokers, as those belonging to the Category A group have the highest amount of capital: more than RUB 15 million (USD 466,000). And these are the brokers that are most likely to be able to afford to get the dealer licenses if the Forex bill passes the next readings in parliament and becomes a law. 

 

We are curious to see what would be FBS's next steps in the Russian market.

 

About FBS

 

FBS is a global forex brokerage house that provides investment services to international customers. The broker offers STP/ECN execution, tight fixed and variable spreads and professional customer support. At FBS, traders can sign up for three different account types: micro, standard and ECN/STP. The platform supported by the broker is Metatrader 4 (MT4).

 
TAGS: fbs  fbs forex broker  fbs belize  fbs russia  fbs-trade  fbs regulation  forex market  russia forex  crfin  self regulation forex  self regulatory organization  forex brokers russia  crfin sro  fbs crfin 

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