Forex with a license of the Central Bank of the Russian Federation
The Central Bank of the Russian Federation accredited the Association of Forex Dealers (AFD) as a self-regulating organization of forex dealers. OFAC Issues New General Licenses Authorizing Certain Transactions with the Central Bank of the Russian Federation, Designates Additional. "Authorised bank" is a credit organisation holding a license of the Russian Federation for the accomplishment of currency transactions. BIOTECHNOLOGY IPO 2018 In itself, it does not explain the extreme frequency obscure the display. Apart from this, list Stay up types: Freeware Freeware latest software releases, surely savor the. Usually this is possible to accept with Cisco endpoints tell it otherwise.
For example, the Central Bank of the Russian Federation may seek to use import or export companies to engage in foreign exchange transactions on its behalf and obfuscate its involvement. General Licenses OFAC issued two new general licenses that create the following limited exceptions to the broad prohibition set out under Directive 4: General License 13 authorizes U. The authorization is valid through eastern daylight time, on June 24, ; General License 14 authorizes certain transactions where a Directive 4 entity is involved solely as the operator of a clearing and settlement system so long as: i there is no transfer of assets to or from any Directive 4 entity; and ii no Directive 4 entity is either a counterparty or a beneficiary to the transaction.
OFAC also updated two existing general licenses: General license 9A authorizes certain transactions necessary to the receipt of interest, dividend, or maturity payments in connection with debt or equity of Directive 4 entities issued before March 1, The authorization lasts through a. The authorization applies to such agreements entered into before a. Also under discussion is the question of division of traders into categories, according to which the Bank of Russia plans to deny access to the Forex market to citizens of the Russian Federation that do not have trading experience and appropriate capital.
Leverage will be limited to , according to the regulator's decision it can be increased up to Trade will be done only currency pairs as CFDs and precious metals are outside the scope of the law. Thus, the regulation of the Forex market by the Bank of Russia is still too raw and uncertain to make any conclusions.
One can already say for sure that the law about Forex more towards support of professional investors. For novice traders trading conditions are very tough little leverage, minimum range of trading tools, the lack of PAMM-accounts, inflated spreads, the possibility of a ban of access to the Forex market. However, the law does not prohibit trade with foreign brokers.
Despite the fact that they have closed their offices in Russia, they continue to work with Rossieskimi traders that offer quality services, provide technical support and withdrawal of funds.
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Every broker needs one or more trading platforms to accommodate the needs of different clients. Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.
The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.
By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools. In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Read this Term can be obsolete, this fact will surely be overshadowed.
Selling and buying such a boiler room business package, no one thinks of an end user, a trader. Within this deal, a seller needs to sell a package, and a buyer needs to assess the negative risks of losing everything, sooner or later. Trading such boiler room packages is popular not only in Forex.
Other financial sectors such as the stock market , though less attractive due to the trading schedule , also suit for such business because of well-known brands to invest in - Google, Amazon, Netflix, etc. Unfortunately, such doubtful business schemes damage the reputation of the entire forex market. Inexperienced traders can hardly distinguish a fair service provider from a scammer, especially when the latter has an aggressive ad campaign offering tempting trading conditions and promising a fabulous profit.
The Russian regulator does its best to counteract the influx of scammers. The situation is getting worse because of a popular myth. Sometimes Forex is associated with a casino. Such statements are usually made either by amateurs or for amateurs.
The first ones make it out of ignorance. In this context, there is not point in comparing a casino bet with a forex trade. At the same time, to compare a casino bet to a sequence of forex trades with max leverage is as absurd as to compare the expected value of a forex trade to a sequence of big casino bets.
Other comparisons are also incorrect, to say the least of it. Of course, no one knows which direction the price will take, but there are a lot of tools that help to define the trend and narrow the range of outcomes. The fundamental analysis helps to determine the nature of price fluctuations, and the technical analysis helps to form the price range, the borders of which are support and resistance levels. Having learned all the tools, a trader can protect his deposit regardless of the amount and avoid bankruptcy.
Whereas playing the roulette one can count only on a pure chance. A player has a chance to lose and only to win, and no maths can help. Forex is associated not only with a casino but also with the stock market and, for some reason, in favor of the latter. When the comparison is truly objective, Forex is the leader for an expected value per trade.
However, no one makes such a profound study, so Forex always loses to the stock market, though the risk of losing money is almost the same in both markets. This gap is is widely used at comparing Forex in Russia with a casino. In spite of these notorious cases, no one compares the banking sector stock market to a lottery or a roulette making it less attractive for investors. Forex is pressurized by a distorted public opinion due to the lack of relevant competition in Russia: traders have to accept any conditions having no other choices.
The forex brokers in Russia lack basic conditions to work efficiently - this is one of the main problems in the segment. For example, last year the Bank of Russia opposed the power of forex brokers to identify their clients remotely. In such a big country as Russia, a broker needs over offices wasting money for space rental, salaries, and related financial expenses. In the end, all this is paid by the traders: there are no other sources of income for forex brokers. In fact, actions of the central bank make traders apply to the European, Belarusian or American brokers, which means that the Bank of Russia is slowing down the development of the regulated Forex in Russia declaring the opposite.
As far as consumers' interests are concerned, the ban on remote identification repels the beginning traders, especially when there are such alternativesas the European and American brokers with big players. Dry statistics show more: experts say that only K traders are served in the Russian jurisdiction, and up to K traders work with others unlicensed Russian brokers or abroad.
There are several key problems of the regulated Forex in Russia. Prohibited remote identification, a short list of instruments only currency pairs , and leverage - these are the main cons for traders. The brokers, in their turn, say that the Russian forex license is troublesome to obtain and expensive to pay for. To say more, the 5-second delay rule is one more obstacle to the development of the regulated Forex segment in Russia.
According to this rule, once a broker gets a quote from one counterparty, it is prohibited from getting another quote from other counterparties within 5 seconds. It was a matter of seconds, not minutes - the quote had significantly changed in 5 seconds, and the Russian central bank supposes that a broker must keep the price unchanged even in such situations. This rule makes brokers quite vulnerable and leads to the deliberate slowing down of the quote flow and price distortion.
As a broker is not able to provide a client with the best price within these 5 seconds, a trader de facto gets false information. The market immediately responds to the key macroeconomic releases and a 5-second delay is unacceptable.
Note that the macroeconomic statistic is published accurately to microseconds. As a result, forex brokers suffer extra non-market risks, inevitably paid by the traders. In other countries, strict regulation is harmonious with convenient trading conditions. For example, the Commodity Futures Trading Commission CFTC , an independent agency of the US government, regulates options and futures markets and oversees the commodity exchanges in general.
The US watchdog analyzes the operations of forex brokers using the automated system. When necessary, the NFA investigators can learn the details of any trade: date, time, open and close price, volume, etc. In other words, the regulator has an opportunity to investigate any deviations from normal trading. Again, if we get back to the question of remote client identification, the international experience proves that the position of the Central Bank of Russia is outdated.
Besides the EU countries and the United States, where the financial service sector has formed a long time ago and keeps developing , Belarus becomes more and more popular among the Russian traders and brokers.