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Alpari Quits Russia's Financial Regulation Agency

Russia-based Forex and CFD broker Alpari announced on Tuesday that it will exit the Financial Regulation Agency (FRA, or KROUFR), amid a series of disagreements with the self-regulated organization (SRO).

 

The FRA is a non-profit organization, which aims to offer some form of self-control of the Forex sector in Russia, has been active since December 22, 2003. In theory, it allows any participant in the local FX market to join in, but a number of requirements exist and the brokers should be ready to pay certain amount of money in the form of participant fees: and as we informed you less than a week ago, participation in Russia's self-regulated FX bodies may be quite expensive. According to the planned regulations, membership in a Russian SRO may cost as much as RUB 7.2 million ($231,400) per year! By the looks of it, Russian FX business is taking self regulation pretty seriously.

 

But Alpari has now decided to quit one such SRO and we have been curious to get to know why.

It turned out that Alpari's management has been displeased with the results of an internal investigation into the operations of the non-profit organization, and with the way complaints and opinions of clients are treated.

 

The withdrawal of Alpari leaves the SRO with six members: Forex Club; Admiral Markets; TeleTrade; AKMOS Trade; UMIS Group of Companies; and MasterForex. By the way, the official FRA website still enlists Alpari among its members. 

 

The broker's exit from the FRA, however, is not the end of its relations with self-regulated bodies – the company remains a member of the Center for Regulating OTC Financial Instruments

and Technologies (CRFIN), another entity that seeks to develop and implement standards and regulations for the Russian FX markets. 

 

Obviously, Alpari is not quitting on self-regulation, it has just started picking the SROs with increased caution: we have to wait and see how such an approach will affect the brokerage.

 

 

About Alpari

 

Founded in 1998, the international Alpari brand is one of the leading names in online Forex trading and was recently listed as the world's third largest broker for 2012.

Alpari has earned the trust of hundreds of thousands of clients in more than 150 countries across the world, thanks in large part to its reputation for delivering high-quality products and top-notch customer support. The Alpari brand is represented in many of the world's leading centers of commerce, with offices in New York, London, Tokyo, Dubai, Frankfurt and Moscow.

TAGS: Russia  Alpari  forex brokers  forex trading  sro  self-regulation  membership  fees  kroufr  crfin  regulation  otc markets 

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