Bank of Russia Officially Kicks Off Forex Brokers Regulation

The second of May is the date of the official enactment of the retail forex regulatory regime in Russia. The Bank of Russia has today officially approved the basic standards for operation in the market. As of the 2nd of May, forex brokers that are officially regulated by the central bank will be able to advertise their products.

The news doesn’t come as a surprise and has been widely expected by retail forex providers that have already received official approval from the central bank. Companies that are approved by the Bank of Russia will also need to be members of the only officially approved self-regulatory organization, the Association of Forex Dealers (AFD).

The forex brokers that are currently officially regulated in Russia are Alpari, FINAM FOREX, Forex Club, InstaForex, Teletrade, TrustForex, VTB 24 and Promsvyazbank. The latter still hasn’t become a member of the AFD, the final step that grants regulated forex brokers in Russia access to the market.

Commenting on the news, the CEO of Alpari Forex Guzel Mirzeeva said: “The official approval of the first basic standards for forex dealers is a ver important stage for the Russian retail forex market. The Bank of Russia will be supervising the companies that are offering their services in Russia, therefore defending clients from the actions of unscrupulous companies.”

“I hope that the fruitful dialogue on the further development of the regulated market will continue and will allow us to satisfy the demands and expectations of retail clients in Russia. I am confident that our jurisdiction will become even more attractive and competitive.”

(Photo: pixabay)

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