CRFIN – Russian Self-Regulatory Organization Nonprofit Partnership “Centre for Regulation in OTC Financial Instruments and Technologies” made a public announcement that PR Director of GC Teletrade Igor Tikhiy has joined CRFIN Expert Board.
Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN) Expert Board is an advisory body by the Chairman of the Governing Board aiming to assure smooth operations of the organization.
CRFIN Expert Board is formed to consider issues, prepare suggestions, run expertise and activities on enhancement of the Russian retail Forex market segment in whole and the market of the Forex services in particular on the basis of international experience.
The decisions of the Expert Board are recommendatory and aim to submit proposals to different public authorities of the Russian Federation.
Mr. Igor Tikhiy will bring his 20 plus years of PR experience to CRFIN. In the past He has worked in leading PR positions in companies-informational technologies and software providers for foreign companies (I-Teco, Artezio) and leading news agencies (RIA Novosti and Prime-TASS).
The recent rapid pressure and development of CRFIN comes after the Russian Ruble lost some 40% value against the USD as the western sanctions put Russian economy under pressure. As a result, State Duma passed a new Forex Law. Every broker who wish to operate in Russia must comply according to this new law.
- Brokers will have to obtain Forex dealer licenses and join an (Self-regulatory organization) SRO not later than January 1, 2016
- Those of approved brokers will be allowed to offer only OTC foreign exchange services
- Brokers will have to have their technologies located in Russia
- Brokers will not be allowed to combine their FX products with the other securities products
- Brokers will be required to have the minimum net capital of 100 Million Ruble
- Maximum leverage available will be set at 1:50
- The Central Bank of Russia will have the right to increase the leverage on certain instruments to 1:100
- The SRO will be structuring, standardizing, monitoring and regulating the FX advertisements
- The SRO will regulate the trading technologies
- Disputes between brokers and their clients (traders) will be taken to the arbitration court