05:08 GMT+3 / 24.05.2024

Forex Congress consolidated the industry

In the Second International Forex Congress, which took place on 23 April 2015, was attended by over 400 people from 50 Russian and foreign companies, including the companies with Cyprus license, companies from Malta, as well as representatives of regulators from Russia, Republic of Belarus, of Ukraine.

The event was organized by the Centre for regulation in OTC financial instruments and technologies (CRFIN), the partners became the largest market participants: Alpari, TeleTrade, ForexClub, Exness, InstaForex.

"Last year for the whole the industry was marked by a significant event: in December adopted a Federal law regulating the Forex market in Russia. We are waiting for the hour when they should receive the Russian jurisdiction on the market. The law laid the Foundation for the formation of civilized rules of business, the Forex companies and legal protection of the rights of traders. CRFIN as an industry self-regulatory organization considers it important to use Forex Congress as a discussion platform to discuss further steps for the implementation of Federal law in the bylaws. I am sure that we will be able to find answers to the questions raised by companies interested in the Russian jurisdiction, and to answer the questions themselves traders", - said in his welcoming speech, Vadim Vinogradov, Chairman of the CRFIN governing Board.

Fixed or fluctuating course

The First panel of the Congress was devoted to the discussion of the foreign exchange market in Russia and worldwide. The moderator of the meeting was made by Jan Art, chief editor of the information Agency Bankir.Ru member of the Board of SRO CRFIN.

"With the adoption of the law, the Forex market has ceased to be a tool for a small number of our citizens, and thanks to all of our Central Bank, the country was on the market. We have entered into a situation where the ruble is determined by the market, not the "desire" of the authorities and artificial supports controller", - commented on the opening of the session Jan Art.

Ruslan Grinberg, Director of the Institute of Economics, said that "not happy, from the fact that the ruble is exempt from all regulations. "The big debate is underway in the world the last 50 years, what the exchange rate is better: fixed or floating. You can afford not to intervene in the market, creating exchange rate only if you have a diversified economy, a diversified export a lot, and you do not depend on "the vagaries of" the market of any raw material," explained Ruslan Grinberg its position.

According to the estimates of the chief economist MTS-Bank Yevgeny Nadorshin, relatively expensive ruble will continue until June, at the end of the year its price will be about 70-75 rubles per dollar, depending on oil prices.

Regulation and licensing of Forex market in Russia

In the second panel, which became one of the most important meetings of the Congress were discussed the issues related to the regulation of the market Forex in Russia. The moderator of the meeting was made by Vadim Vinogradov, Chairman of SRO CRFIN.

The Participants discussed legislatively established system of market regulation, which provides double control: licensing by the regulator and obligatory membership in SRO. Details about the preparation of subordinate legislation said the Deputy Director of the Department of securities market and commodity market, Central Bank of the Russian Federation Olga Shishljannikova.

Despite different assessments imposed system of regulation of the members of the panel agreed that thanks law Forex industry is entering a civilized stage of its development, becoming a professional market participant.

International experience during panel said the Congress opening, the head of Department of regulation of non-banking operations of the National Bank of the Republic of Belarus and Alex Atroshchenko, Chairman of the Board of the Association "Ukrainian center for development of OTC financial instruments and technologies" (UCRFIN).

After the second panel, the participants of the Forex Congress was divided into several breakout panels.

Interact within the industry

Moderator of the panel on the interaction of Forex companies with banks and payment systems were made by Artem Kiryanov, a member of the Public chamber of the Russian Federation, head of the working group of the Public chamber of the Russian Federation on increase of financial literacy of the population, member of the Expert Council of SRO CRFIN. The greatest attention was paid to the question of nominal accounts.

Andrey Lisitsyn, Director of strategic Affairs Alpari, explained that some of the problems with nominee accounts solved in the interaction of the Forex dealer with the Bank. "The draft regulation on nominal accounts will only appear in may 2015, to start the process of full regulation banking project nominal accounts just do not have time to develop. For the project should be 9 months because of the delay in the conduct of nominal accounts with the establishment in this period, requirements for the use of special brokerage accounts", - commented on his position A. Lisitsyn.

Moderator of the panel "Innovation and technology" by Ilya Volkov, CEO of Forex Club, a member of the Council of SRO CRFIN. During the meeting the participants discussed issues related to the storage of personal data on the territory of the Russian Federation, technology exchange and transfer of liquidity, modernization of client terminals, software for predicting market.

Can to leave customers?

Features of business in the global Forex companies were discussed by the participants under the leadership of Sergey Vyazmin, Director for international development Alpari, a member of the Council of SRO CRFIN.

According to the assessment Director on key issues of the company Anna Kochkina, currently there is a great risk that after the law on the regulation of the market, many traders from Russia will work with companies in other jurisdictions. Russian law prohibits the 1:200 leverage opportunities trade not only currency pairs but also stocks and commodities from a single account, what is relevant for customers with small deposits.

Oleg Krimets, General Director of Exness Russia and CIS, agreed that customers with average deposits in search of a more flexible approach can switch to other jurisdictions, however, expressed confidence that the Russian jurisdiction will remain customers having an impressive amount of work to obtain judicial protection within the country.

Vice President of the group of companies TeleTrade D. he has worked stressed that in Europe the Forex dealers can not work without a license, moreover, each local controller in the Eurozone requests or requires to register in this country a legal entity to pay taxes.

Single rating

One of discussion was the section "Marketing Forex services", moderated by Igor Pacific, Director of external communications Department, member of the Expert Council of SRO CRFIN.

Of Particular interest to the participants was the report of Shukhrat Yakubov, a Google Industry Manager Finance, who spoke in detail about the features of search queries in the field of Forex market, analyzing trends of 2014 and 2015.

Rating Forexcompanies at the end of 2014 was presented by Alexey Buzdalin, chief expert of the Center for economic analysis Interfax. Market participants had different opinions on the presented review. “In General I agree with the numbers, because our evaluation of the market is about the same,” - said Ilya Volkov, CEO of Forex Club. “However, the rating methods assumes that all clients are in the online space, but it is not. The business model of our company is connected with active development of offline activities through regional offices, to which such questioning may simply not be reached, and therefore the results will not be as accurate as we would like,” - commented Igor Quiet.

About the necessity of the Forex companies are ranked on the basis of the CRFIN commented Alexey Abishai, head of promotion Exness Russia &CIS.

Forex Congress has become a serious expert platform on which were found the answers to the most important issues of concern to market participants, whether regulation of the market, the ruble, innovation, technology and advancement.Forex-Congress will contribute to consolidation of efforts of state bodies, the Forex companies, the entire business to solve problems by the development of civilized market of financial services in Russia.

28 April 2015
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