"In the current situation, after January 1, a vacuum is formed in the market..." - on the receipt of the license of the Bank of Russia with Yaroslav Dyusuch, Finam JSC
In our December interview, we asked Yaroslav Dyususha, Head of Remote Client Services at FINAM, about regulation in Russia. We would like to remind you that FINAM was the first company to submit all the necessary documents to the Bank of Russia to obtain a license.
- Was it difficult to prepare the necessary documents for submission to the CBR? What was the most problematic?
- We have nothing to compare it with, we have never had to apply for a Russian broker's license before. Any task can be solved if it is approached systematically and with the right means. We have recruited a good team of professionals, so we hope that everything is prepared at the right level. The difficulty was that the requirements for the application appeared as it was being prepared, and there were not always clear instructions as to what and how it should look.
- In your opinion, why do your competitors delay filing? What are the reasons for this?
- The reasons are the same. Some companies waited until the full set of requirements was published before they started preparing. We, on the other hand, started preparing immediately and updated our documents as the legislation was updated.
- Do you hope to get your license the first time?
- Of course we hope so:) But we also hope for live communication with the Central Bank in case revisions are necessary. We would like to be given the opportunity to correct and update documents online, if this is required from the regulator's point of view.
- How do you feel about the norms of the law "On "? Many companies complain about their lack of competitiveness. How have you decided to fight these problems?
- The law is the law, and we do not plan to fight it. We will fulfill the existing strict requirements to the dealers themselves. But there are slightly different trading conditions on the market: higher leverage, more extended tools, for example, we are offering CFD on metals, these are the most obvious differences for clients. It is likely that the regulator will pay attention to this over time.
- How do you think things will change on the e in Russia after January 1?
- In the current situation, after 01.01.2016 a vacuum will be formed in the market, because even having a license, companies must join SROs, which do not exist now, and they are unlikely to appear in January.
- Do you anticipate customer interest in your company after being authorized to provide dealership services?
- Undoubtedly. "FINAM" is a well-known company with a good reputation in the market, one of the largest players in the market, will not be an exception. We will make every effort to do so and hope that our clients will appreciate our services and conditions at face value.
- Do you think it is reasonable to take a one year break before the O " " law is operational, as Mr. Chestyukhin suggests? What might change in the meantime?
- We categorically support this idea. Extension of the transition period will give all market participants a number of advantages. The entire legislative base regarding dealers and SROs will be finalized and described in more detail. It will happen not one-step, but smoothly, which will give an opportunity to qualitatively prepare for compliance with all requirements. The market itself will start to redistribute client bases. Companies with dubious reputations will gradually go into the shadows, consumers of services will be redistributed in favor of companies that have obtained a license, joined SRO and are under the control of the Central Bank. There will be no shock for clients if the process of transition to new conditions is gradual and smooth.
- How do you see the future in Russia?
- Positive. The market capacity is huge, the population is clearly interested in the currency direction. If dealers will meet all requirements, additionally increase financial literacy of the population on the one hand, and be under the control of the Central Bank on the other hand, then confidence in this market will begin to grow, which will lead to the development of the market as a whole.
About the "
- -Dealers went to the Central Bank for a license: Forex Club is next in line
- Nominal Dealer Account: What do I need to know about it from January 1, 2016?
- Who to trade with? Not a single dealer will have time to obtain a license from the Bank of Russia before January 1
I agree, the main thing is to gain the trust of customers. And that requires action.
Well done Finam, do not stand still! Pioneers)
I have been with FINAM for a long time. It is a broker "of the old guard". There are many different platforms. They are good at holding contests on demo accounts with the opportunity to get prize money, real funds for trading.
The management of FINAM understands perfectly well that the one who starts first has a better chance of success. Good luck to the company!
It is high time to weed out one-day companies, but in my opinion FINAM will have no problems with obtaining a license.
I sincerely wish FINAM to obtain a license without any problems and to gain authority and trust in the Russian market. But it seems to me that the Central Bank is not yet ready to work under the new legislative conditions. This is confirmed by Yaroslav himself, that there are no clear instructions. This means that all problems have to be solved manually, i.e. there will be an individual approach or as luck would have it. But it will not be easy to get a license.