Central Bank accredited the Association of Forex Dilers

The Central Bank of Russia included the Association of Forex Dilers (AFD) in the Unified Register of Self-Regulatory Organizations (SRO) in the field of the financial market. This was reported by Vedomosti.

The publication emphasized that this is the first association that received the status of SRO for forex dealers in Russia.

The work of Forex companies in the Russian Federation is subject to compulsory licensing from January 1, 2016. In addition, according to the law, all participants in this market should be in a self -regulatory organization with a warranty fund. Without fulfilling these conditions, dealers formally cannot work in Russia. The relevant law entered into force on October 1, 2015.

Since the end of last year, five dealers have received accreditation of the Central Bank: Forex Club, VTB 24 Forex, Finams Forex, Taletraid Group, Trustforms. Despite this, without an appropriate STR, they did not have the right to offer their services in the market.

According to Vedomosti, according to the results of 2015, the number of Forex companies in Russia was 460 thousand. The average market turnover reached $ 300 billion.

Earlier, the Central Bank proposed to divide all investors into professional, qualified and unskilled. The last regulator proposed prohibiting the use of some financial instruments and services of forex dealers.