The market will appear SRO from the Bank of Russia?

The Association of Russian Banks (ARB), the National Association of Securities Market Participants (NAUFOR) and the National Fund Association (NFA) held the first ever meeting of the Derivatives Council (DCF).

SPFI is an unconfirmed prototype of the second SRO in Forex

SPFI is in essence a prototype of the second self-regulatory organization (SRO) on the Forex market in Russia, after the CRFIN. In addition to two stock associations and one banking association, the council included representatives of the Bank of Russia and the International Swaps and Derivatives Association (ISDA). Mikhail Soloviev, Chairman of the Management Board of Morgan Stanley Bank, became the Chairman of the Council.

Thus, the new SRO has the support of both the Bank of Russia and the ARB, which says a lot.

Market reaction to the possible emergence of a second SRO

The reaction of brokers differed from each other. According to a representative of one of the largest representatives of -companies in the country, it does not matter which SRO will be chosen, as long as it defends the interests of the Forex market.

On the contrary, TeleTrade welcomed the initiative to create a prototype of SROs established by respected organizations. In its essence, the SPFI is a consulting and coordinating body, which includes representatives of various structures, from banks to the regulator. However, it is impossible to state unequivocally that the new organization is a prototype of a new SRO.

IFC Markets positively assessed the possible creation of SROs, noting that the more of them, the better, as increased competition always has a favorable effect on the market. For the Bank of Russia, the key point is the integrity of the market and compliance with all rules. In this case, it is also important to create the necessary conditions for work, so that the dealers would stay in the jurisdiction of the Russian Federation, and not look for more favorable conditions in others. In addition, the creation of several SROs at once will be able to derive a formula for a more acceptable regulation of the market.

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