"New structures will be created in the Russian Federation, and -dealers will work in a new legal field," - Oleg Ohrimets

Today Oleg Okhrimets, General Director of EXNESS, is our guest again. This time we invited him to discuss the choice of a trader brokerWe will talk about the importance of regulation, its advantages and disadvantages. Let's talk about the importance of regulation, its advantages and disadvantages. We will also touch on the most important topic of the upcoming Russian regulation of brokers this year.

- Oleg, you were a participant in the recent Congress in Moscow. What impressions did it leave and were your expectations met?

- The congress, which is organized by SRO CFRINThe congress was held for the second time, it is gradually gaining credibility and becoming a key forum for the Russian market. The congress was attended by major representatives of the market, as well as the regulator. We are now discussing the current topics related to the development of normative instructions and bylaws: many issues are being worked out by specially created working groups. Such interaction makes it possible to coordinate all processes and promptly make decisions that are adequate for business.

- This year we've seen a lot of interest in the congress from the state. Is this true?

- Yes, this year the guests and speakers of the Congress were representatives of the State Duma, the Central Bank, the national payment system and Russian banks. It is obvious to all participants of the financial market that only joint work will help to build a transparent and clear system of regulation on the Russian market both for traders and for brokers themselves.

- What do you think a broker should be for a trader?

- Obviously, each trader determines a broker, focusing on his needs, and decides which tools to use.

But if we are talking about specific guidelines for the beginning trader, first of all, it is necessary to carefully examine which companies can provide the necessary instruments and platforms. Depending on the sets of instruments that he needs - it can be currency pairs, CFD on futures, options, PAMM, LAMM accountsIt determines the broker. Next, it is necessary to find out what kind of regulation this company has, that is the guarantee of protection. Even the existence of one regulation in a group of companies means the observance of certain standards of all trading processes for the whole group. When the rules of the business are unified, it makes it easier to run it.

Secondly, you need to study the trading conditions offered, because every trader has his own strategy. Let's say, for a long-term trading strategy type of spread on The difference is not so important, and when trading on short strategies (scalping) - fractions of points are important; it is also important, what markup of the broker laid to the prices.

In addition, the trader necessarily need to open a test account to understand how serious the compliance control is, it is one of the important indicators of reliability. An important factor in trader's work is also the response time of the technical support service. Requests from novice traders are inevitable, so it is better to "test" the work of the support team beforehand, even at the demo account stage. The availability of a wide range of payment services at the broker is the pledge of possibility to choose the most convenient way of withdrawal and deposit of funds.

- How important is the place of company registration?

- The conditions provided by the broker depend on the place of registration of the legal entity. In too "regulated" jurisdictions the conditions are the strictest, thus, the protection is higher, but the broker is not always ready to fulfill them. For example, the more margin requirements, the more collateral, which means that the trader's possibilities decrease. That is why broker companies usually have several jurisdictions in order to create different conditions for their clients. For example, if you register in a jurisdiction with less stringent requirements, you can provide more terms and conditions since there are fewer requirements.

- How important is it when choosing a broker in which regulations the group of companies works?

- Here everything depends on the trader - he has to determine the most relevant choices himself. It is desirable for the broker to work at least in one of the serious regulations. In this case the company, in fact, transforms itself, agreeing with these requirements, and brings all its divisions into compliance. Most likely, the group of companies has a single identity and document verification center. Being "tuned" to one serious regulation allows the company to work with all the others, adjusting all aspects of work to a single standard.

- Can all regulators help the Russian trader?

- Usually, each regulator has its own claims commission, which includes market professionals. Practice shows that if there is a dispute between a trader and a brokerage company, the regulator helps to objectively resolve the dispute, both in favor of the company and in favor of the trader. In fact, the main requirement is that the conditions of deals execution must be the same for all clients of a particular company.

- Under new legislative initiatives Central Bank of Russia will become the main regulator of the market. How important is it when choosing a brokerage company?

- New structures will be created in the Russian Federation, and, in fact, -dealers will work in a new legal field. That is why we, along with other companies, are participating in working groups, sharing our experience in international markets - with banks, regulators and foreign CBs. They listen to us and make decisions - how to organize the work of the regulator in the Russian Federation in the framework of the new legislation.

The process is quite complicated, there are limitations, the increase in costs will be at the expense of the client, and in this sense, the quality will deteriorate and the congruence of the RF market will be lowered. But the choice of which jurisdiction to work with remains. In this case, the legislator understands the need for this and leaves this opportunity.

All large brokers, I think, will successfully pass the re-registration procedure. Now we are waiting for the rules for these procedures to be drawn up by the legislature. All major players are open and ready to go through the procedure.