"Regulation - How it Should Look", a forum devoted to the issue of bringing Russia's Forex industry under regulatory supervision was held in the Renaissance Moscow Hotel in Russia's capital on April 17, 2012. Alpari was represented at the event by co-founder and supervisory board member Gleb Petrov as well as Director of Public Relations Valeriy Tarasov.
"The very fact that this forum is being held shows that the government authorities are focused on the future of the retail segment of the Forex market in Russia. Events such as this help take the question of industry regulation to a qualitatively new level", commented Mr. Tarasov.
Also participating in the discussions were representatives from key financial institutions including the Russian Central Bank, the National Association of Securities Market Participants (NAUFOR), the Center for the Regulation of Financial Instruments (CRFIN) and the Saint Petersburg Stock Exchange.
In his address at the forum, Mr. Petrov noted that the continued lack of regulation is hindering the development of the industry. For starters, potential investors are hesitant to enter an unregulated market. Secondly, the lack of mandatory licensing allows for the occassional appearance of fly-by-night brokers which swindle customers under the pretense of offering legitimate brokerage services on the Forex market. This, in turn, creates a negative image for the industry as a whole.
"The time has come to move from general talk along the lines of "this or that should be done" to something more concrete such as what aspects of business should be regulated and what the role of self-regulating organizations will be, etc.", commented Mr. Petrov. "It's important to create an active forum for discussing these questions. Right now, the foundation for such a forum is being developed at CRFIN, an expert council which includes representatives of Forex companies, the stock market and the banking community.
Alpari played a leading role in the creation of CRFIN and is currently actively participating in the development of a regulatory framework for Forex in Russia.