November 28th, 2017, The Financial Commission, a leading member-driven External Dispute Resolution (EDR) organization serving participants in global foreign exchange (forex), derivatives and cryptocurrency markets, announces synergy with the Association of Forex Dealers (AFD) in Russia.
Financial Commission continues to develop working relationship with Self-Regulatory Organizations (SROs), including the AFD, a leading SRO based in Russia and involved in the development of the over-the-counter (OTC) financial markets.
Following a meeting in Moscow last week where Financial Commission Chairman, Peter Tatarnikov joined the AFD’s Expert Council, matters pertaining to the regulation of Contracts For Difference (CFDs) and Binary Options were discussed, among other industry themes including the deoffshorization of Russian forex market and amendments to the local legislation that could attract new companies (and existing ones back) into Russia, as well as the inclusion of a simplified verification system for Know-Your-Customer (KYC) and related onboarding requirements.
|Peter Tatarnikov said: “I’m pleased to join AFD’s expert council with the purpose of helping the broader market participants – including our members – by working on common industry challenges that we share. I’d like to thank the AFD for inviting me to join last week’s roundtable discussion in Moscow and look forward to further participation with fellow committee members as we enter 2018.|
During the meeting Peter Tatarnikov commented on different regulation approaches to instruments such as binary options and contracts for difference (CFDs) in various jurisdictions and noted that in some countries binary options have come under complete prohibition. In other countries, including Japan, the United States and Britain, binary options are regulated as a financial instrument, however, Russia has not yet decided the way how to regulate such instruments with maximum efficiency. As Peter commented “we should take control over the things that can not be stopped.”
Association of Forex dealers (AFD) is a non-profit SRO in the field of financial markets, uniting Russian-based Forex dealers, and was established in accordance with the legal requirements of Russian Federation law.
The main objectives of the Association are:
- The development of the financial market of the Russian Federation, facilitating the creation of conditions for effective functioning of the financial system of the Russian Federation.
- The implementation of economic initiatives of professional OTC market participants – Forex-dealers;
- Protection and representation of the Forex dealers’ interests in Russian Federation
The main objectives of the Expert Council are:
- monitoring and analysis of the over-the-counter financial market development;
- examination of the current Russian Federation legislation and its improvement with the view to the over-the-counter market participants interests;
- discussion and preparation of legal drafts and proposals on the improvement of the financial system legislation.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for market participants who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
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