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As the Russian Forex industry comes closer to the implementation of the bulk of provisions of the Forex law, two of Russia’s Forex organizations have teamed up to set the stage for the new legislative piece.
The Commission for the regulation of relations on the financial market (KROUFR) and the Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN) have earlier today announced a partnership agreement. The main aim of the collaboration is to make the work of both organizations more efficient when it comes to regulating and setting the standards for Russia’s FX industry.
Those of you who tend to read LeapRate’s article on “Black Lists” and warnings must have encountered CRFIN’s name, as the organization is very active in warning about companies that share the business characteristics of financial pyramids.
CRFIN was registered as a self-regulatory organization in June 2011. Vadim Alexandrovich Vinogradov, doctor of law, is currently Chairman of CRFIN’s Governing Board.
KROUFR is probably a familiar name to those traders who have sought to complain about an FX company. The organization, registered in December 2003, has been actively resolving disputes amid FX brokers and their clients.
Since October 2013, Alexander Kuryashkin, who has a PhD in sociology, has been President of KROUFR.
Alexander Kuryashkin commented on the partnership:
“KROUFR aims to make Russia’s Forex market more accessible, open and civilized. In this respect, our goals coincide with those of CRFIN. I am confident that our co-operation will help all participants in the FX market, who promote its effective and transparent work”.
To view the official announcement about the partnership, click here.