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Saturday, December 3, 2016

The state Duma toughens requirements for traders


Next year the Russian Forex market, where participants earn on the foreign exchange currency fluctuations, may disappear from the financial map of the country. This will happen if the Duma passes amendments to the law on self-regulating organizations (SROs), impose strict eligibility requirements on traders.


photo: Gennady Cherkasov

Still recently it seemed that the OTC market exists in Russia for more than 15 years, was finally included in the legal field. A philosophical discussion on the topic “to be or not to be” Scam — not a Scam ended.

From the beginning of 2016 entered into force the law “About Forex”, which has put this high-risk business under the control of the regulator. Now to work on it can only company with a special dealer license of the Central Bank, which entered into the self-regulatory organization (SRO).

Probably, otherwise it could not be. After all, domestic Forex presenting about 100 dealers whose customers are almost half a million Russians. According to statistics, 70% of traders who work with currencies, in the future, show interest in other instruments — stocks, energy, metals, indices. Although unlike the stock market Forex does not have its own exchange — a single trading platform. But it gives people the opportunity to learn the basics of devices on the market as a kind of “school of financial literacy”. Not accidentally, in 2015 the number of players increased by about 15%. The most popular currency pair is still Euro–dollar. It most is trying to make.

Problems too short. For example, to date, issued only three licenses, not accredited in the CB profile of the SRO (to create it you need at least a quarter of licensed participants of the total). Russian dealers — with or without permissions — do not have the right to legally provide services to its customers. For dealers, registered abroad, the prohibition does not apply, but they are not allowed to advertise their services. The Bank of Russia said that over time, all contradictions, including those associated with obtaining licenses, will be allowed.

No sooner had the law On Forex really earn as the financial market Committee of state Duma made another “restrictive” initiatives. Amendments to the second reading of the law “On SRO” restrict access to currency trading those who do not have the status of so-called qualified investor.

If these changes are accepted in accordance with the instructions of the Central Bank of April 29, 2015 No. 3629-all clients of the dealers will have to have two years of work experience in the companies operating with securities, and even while in the past year to make a dozen transactions totaling more than 6 million rubles. Plus you need to have an education obtained at one of 13 accredited educational institutions and also Bank account for 6 million rubles. Many traders have a similar asset profile education and experience? Wholly — units.

Deputies say that the formal reason for the amendment of a steel of the complaint of ordinary players to unscrupulous behavior of some companies who promise on the Internet is unreasonably high income. However, now such a situation is possible — advertising can only give the company obtained the license. And risks associated with the bankruptcy of the dealer, will be covered by the compensation Fund SRO.

— If the amendment is adopted, there are two possible outcomes: either the market will die, which is unlikely, or the law will not work, that Russia is not new, – said the expert Sergey hestanov. — As you know, the rigor of our laws kompensiruet by not having their performance. So why take them? Besides, restrictions can be easily circumvented. The market will be an additional service of obtaining the status of “qualified investor”. It is inexpensive — to 10 thousand roubles. I think you need to come to a reasonable compromise. Adjustable direction to guide the exchange, where to organize for Forex separate section. It will immediately make all transactions transparent, solve the problem of paying taxes, will remove 99% of conflicts between customers and dealers.

There are other opinions. A number of experts proposes a differentiation of trade conditions depending on the level of training of traders. In some EU countries in customer registration dealers conduct polls. In Cyprus, the procedure for opening Forex accounts include the answers to the questions: did the person experience trading or investing in the financial markets, how often plans to perform operations, the level of annual income, etc. After that, newcomers have different level of access to trading shoulders, and other services. After the client a certain result (say, the positive ratio of volume of profitable operations to unprofitable) people will be able to go to the next level.

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