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Russia May Be a Step Closer To Introducing Forex Legislation

Feb 01 2013
By
Forexbrokerz.com

Russia is one of the countries around the world where forex trading seems to be particularly popular – and yet, retail forex does not fall under any legislation's jurisdiction there. A while ago, a Russian newspaper reported that drafting a regulatory framework on forex was being considered – however that was the last we heard about it. You know what they say – far from eyes, far from mind. And by this, they don't mean invisible idiots.

 
Today, though, Russian-based broker EXNESS reminded us of this by sharing the news that it has registered with Centre for Regulation of Off-exchange Financial Instruments (CRFIN) and has obtained a license from the regulator. “EXNESS got a Category A Broker” license – whatever that means. 
 
On one hand, it's admirable the self-regulating organizations like CRFIN and the Financial Regulation Agency (KROUFR) are trying to regulate forex without the back up of any laws or written rules. 
 
On the other hand, what CRFIN and KROUFR do makes me think of Don Quixote and his fight with the windmills – stuff is done, activity is recorded and nothing is really accomplished.  
 
One thing drew my attention, though: EXNESS's official statement about its new licensing says the following: 
 
“Working as part of CRFIN, EXNESS specialists can participate directly in the development of legal acts. As a licensed broker participating in CFRIN, our company is reaffirming its commitment to actively contributing to a regulated Forex in the Russian Federation, the main features of which, as well as ease of use and availability, are primarily transparency and guaranteed protection of the interests of all its participants.”
 
Could this mean that there is progress with establishing forex regulation in Russia? I don't mean to speculate or create false rumors but it seems to me that brokers are backing SRO's up and eventually, legislators may cave in and come up with proper procedures for protecting both customers and brokers. Obviously, this makes a lot of sense as the proper regulatory framework will protect the end customers but also brokers themselves, and it will also contribute to the establishment of a healthy business environment and competition amongst forex services providers.  
 
EXNESS is not the first broker to join this fight – a few months ago, 4xp got a license from the Financial Market Relations Regulation Center in Russia and might as well join forces with EXNESS in lending CRFIN and KROUFR a hand.  
 
In the meantime,  CRFIN continues carrying out its research on the topic of “Development of guidelines for dissemination of government control of the services market for Forex brokers and other presently unregulated sectors of the non-bank financial market” and we will keep an eye on how is this developing. Stay tuned! 
TAGS: EXNESS  forex broker  forex trading  forex legislation  regulatory framework  CRFIN  KROUFR  4xp 

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