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Forex in Russian: on the eve of change

In early November, President submitted to the State Duma a bill on gambling, which could significantly change the situation in Russia's segment of the forex market. At present, companies and banks offering services to the commission deals with international currencies, are working on four main schemes. First, it is called bookmaker scheme (Forex Club, Yumis, E-Capital, etc.), on which the customer does not commit the transaction, and makes the online bookmaker rates the company at the exchange rates. "According to a presidential bill, activity on the organization of gambling can be" + "" exclusively within the gaming areas (what are required to establish in Russia just four), and gambling activities, using information and telecommunication networks, including Internet and and means of communication "+" banned. "

Thus companies bookmakers operating on the Forex market very soon will have to move into these most play areas. However, it is difficult to imagine that thousands of clients dealing centers who are accustomed to trading currencies online, go to Moscow, Kaliningrad and Novosibirsk region in order to open or close positions on a pair euro / dollar or pound / franc. Most likely, the organization scheme of the bookmaker will be forced to stop taking money from clients in the Russian ruble and to offer them a choice: an offshore scheme, when a customer sends money to foreign bank accounts of the company (thereby sharply reducing the customer base), or work through the Bank of Russia, which has currency license. A fourth option for legal work on Forex in Russia remains quite urgent OTC transactions (Kalita-Finance, Optima Finance). It is this scheme of work looks most promising in terms of world practice.

If we turn to the experience of management operations in the international currency market is, for example, in the U.S. OTC trades on any exchange (shares, indexes, etc.) fall under the Act, entitled Commodity Exchange Act (similar to our "Law on Trademark exchanges and exchange trade ") and are classified as" off-exchange foreign currency futures contracts "(off-exchange futures, ie, fixed-term contracts on foreign currencies). One can assume that Russia will go in regulating such transactions on the global path. At least at the moment the Federal Service for Financial Markets under the government of Russia is actively working on amendments to the bill on gambling business to derivatives market has not got under the Act. According FFMS zam.rukovoditelya Vladislav Streltsov, his office has been actively working with legislators .. and for all clear that the derivatives market + can not be equated with roulette and other games of chance.

What other steps (in addition to defining and legislative consolidation of the legal nature of transactions in Forex) could take the state on behalf of Federal Financial Markets Service to create a transparent and legal forex market, in Russia?

In my opinion, needs to work with the Federal Tax Service to develop amendments to draft laws defining the status of the participants of the market (both legal entities and physical) in matters of taxation (tax agents, income tax on transactions, etc.).
It is important to develop the provisions on the requirements of the financial status of Professor. members (the charter capital, shareholders' funds, etc.), forms of accountability to regulatory bodies (Federal Financial Markets Service), self-regulatory organizations prof. participants, disclosure and measures to reduce (prevent) the specific risks inherent in this segment of the fin. market, the correctness of commercial data services in Russia.
It should also create provisions for the certification of software products through which transactions are the difference (exchange rates, equities, indices, etc.), licensing specialist companies providing services in this segment of the fin. markets (dealers, brokers, etc.)
And, finally, to develop requirements for financial settlements between the parties to the market transactions for the difference, margin lending, segregated accounts prof. participants, etc.

All of the above, would help to protect Russian clients dealing centers, as well as to make the market more civilized and transparent.

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