On 23rd April, 2015, an important public event for the Russian Forex market, The Second International Forex Congress, took place in Moscow. The event was organized by the Center for Regulating OTC Financial Instruments and Technologies (CRFIN) with support and strategic partnership from Alpari.
Over the course of the day, the representatives of federal institutional bodies from the Russian Federation and from the Republic of Belarus, self-regulated organizations from Ukraine and Belarus, leading banks and payment systems, the expert community in Russia and western Europe, national and international media held discussions about how to develop the currency market as present throughout Russia and the world. The central theme of the event was the passing of an industry specific law by the Russian Duma. This has posed a major challenge: to start working within Russian Federation’s legal framework this year. Doing so will allow companies to achieve a new level of quality in the services they provide, whilst creating a safe and competitive environment based on standards and professionalism. At the same time this will strengthen client trust towards investing in the Forex market.
Alpari’s International Development Director, Sergey Vyazmin moderated the part of the congress dedicated to the distinctiveness of business in global forex companies. As part of the discussions, participants talked about the advancement of international brands in local markets, the role of payment systems and payments in national currency for the development of businesses, the organization of regional sales and other current issues.
Andrey Lisitsyn, Alpari’s Chief Strategy Officer, also lead a discussion panel on the topic of cooperation between forex companies and banks and payment systems. He noted that any market that is about to be regulated is straight away put under stress and that it never happens that participants are already ready to adhere to regulations before they are introduced. According to Lisitsyn, in cases of bank insolvency, forex dealers should be ready to take on the responsibility and ensure the transfer of funds from the bank to the client within a three day period. This is due to the fact that the principle of a forex dealer is to ensure that clients receive access to their funds for trading on the market as fast as possible.