At a recent press conference, Sergey Krivoborodov, president of the Center for the Regulation of Financial Instruments (CRFIN), announced that the organization had been granted the status of a self-regulatory organization. This came as great news to those who were in attendance, including not only members of CRFIN, but members of the press and leaders from the financial world as well. Alpari has long led the way for the development of CRFIN, along with other Russian Forex brokers, including Forex Club, Teletrade and Umis. The CRFIN will be tasked with adapting global financial standards to the Russian financial sector. Their main objective will be to protect the interests of Forex brokers, and more importantly, traders.
Gleb Petrov, the founder and first president of Alpari, commented on the event, saying “CRFIN receiving the status of a self-regulatory organization (SRO) is a sign that regulation in the Russian Forex market is already underway. It means that Forex brokers have begun working towards a framework for the development of industry-wide standards. Now our goal is to find some common ground between the financial industry and the authorities. Our main priority, of course, will be to protect the interests and rights of investors. We hope that the knowledge and experience at Alpari will help bring about a more civilized Forex market in Russia.”
Andrey Vedikhin, CEO of Alpari (UK) noted that in the last 12 years, Alpari has had a lot of experience working with regulators, including those with representatives of the Alpari Brand in their jurisdiction. He added that the main objective for any financial regulator is to protect the interests of investors. “If Moscow is looking to become one of the world’s financial capitals by 2020, Russia will need to focus on developing a legislative infrastructure with regards to the Forex market. The best way to do this is to take a look at other examples around the world and try to pick out the best ideas.”
According to Valeriy Tarasov, External Communications Director at Alpari, the introduction of a transparent regulation system for the Forex market in Russia, will allow brokers to bring some of their offshore locations back to Russia and develop new standards and capital requirements, making the market more transparent and lowering risk. “Ultimately, getting rid of the uncertainty regarding regulation will help bring about an increase in the capitalization of Russia’s financial sector. This is one of the reasons we took on the responsibility of working towards the development of the Forex market in Russia, taking into account the experience our company has acquired from its work in other companies.”
Anatoliy Gavrilenko, President of the Russian Exchange Union, commented, “Honestly, I was excited for the Forex brokers of Russia. They’re already well on the way, but it won’t be easy and nothing is for certain yet. However, Russia’s Forex brokers are among the first in our country to make an effort to independently introduce Western market standards into Russia. If it all works out, foreigners will start to feel more comfortable working in this market segment in Russia and our country will be well on its way to becoming a global financial center.”