On July 19, Alpari co-founder Gleb Petrov was featured on the Russian television channel "Expert TV" where he discussed the Forex market in Russia, specifically the need for industry-wide regulation. Alpari is currently taking an active role in the development of policy for CRFIN (Center for the Regulation of Financial Instruments) - a self-regulating organization of Russian brokers working to insure industry compliance with applicable Russian laws and regulations. As Russia's leading Forex broker and one of the main spearheads of CRFIN, Alpari's position on these issues carries weight across the Russian financial sector.
Petrov discussed the progress being made towards this goal:
"Today, there already exist requirements for companies offering services on the Forex market. First of all, there are certain capitalization requirements, for example: Class "A" brokers must have a minimum level of reserve capital (15 million rubles) which serves as a guarantee of its obligations. The CDFIN already has four class "A" brokers, including Alpari. Secondly, there are strict requirements regarding the organizational structure of a CRFIN member company. Every class "A" or class "B" broker must have units responsible for combatting money laundering, managing risk and ensuring compliance with the requirements of CRFIN and Russian law."
Alpari has long been at the forefront of the movement to develop a regulatory system for Forex companies in Russia. According to Petrov, in creating CRFIN, Alpari and other brokers were guided by market regulation practice in the United States. Alpari's initiatives in seeking industry-wide standards have gained the support of the Russian Exchange Union. (read more here)