The Russian government recently posted to its website a brief summary of a bill proposed by Russian lawmakers in the State Duma: "On Introducing Changes in the Federal Securities Market Law and Other Legislation of the Russian Federation".
Overall, the document appears to be another step forward. It gives a brief assessment of the Forex market and recognizes Forex brokers as dealers, thus requiring special licensing. The executive branch is currently pressuring lawmakers to flesh out the provisions of the bill pertaining to financial transparency on the international currency market.
This is the kind of approach that our company has long been pushing for. Alpari is an active member of CRFIN (the Center for Regulating OTC Financial Instruments and Technologies) and has been proactive in advocating legislation that would bring the Forex market under tighter regulatory control. Alpari has also taken steps towards raising the level of openness in the Russian Forex industry. In December 2012 Alpari became the first Russian broker to publish its annual financial figures, including its average monthly trading volume, its revenue per 1 million USD in volume, the average number of client transactions per month and the total number of accounts.
"One of the main goals of the retail over-the-counter Forex sector, along with executive and legislative authorities, is to design a stable, effective regulatory framework for this segment of the financial markets. Developing new management standards for the industry and being more open with regards to financial reporting will undoubtedly lead to a higher degree of legal protection for both private investors and for Forex companies themselves. All of these efforts should also help to stimulate growth in the financial industry as a whole and raise the level of financial literacy in our country – and these are certainly issues that are of the utmost importance in Russia today," said Valeriy Tarasov, Corporate Communications Director at Alpari.