Forex in Russian: the eve of change

In early November, President Putin has made to the State Duma a bill on gambling, which could significantly change the situation in the Russian segment of the market Forex. Currently, companies and banks offering services to the commission deals with the world's currencies are on the four major schemes. First, this so-called Bookmaker chart (Forex Club, Yumis, E-Capital, etc.), on which the client did not commit the transaction, and makes the Internet bookmaker to bet the company on the exchange rates. According to Vedomosti (dated 23 October 2006), this scheme will be completely banned. "According to the presidential bill, activity on the organization of gambling may be" + "" solely in the gaming areas (what to create in Russia of all four), and the organization of gambling "with the use of information and telecommunication networks including the Internet, and the means of communication "+" banned. " Thus, companies tack, working on the Forex will soon have to move into those same gaming zone. However, it is difficult to imagine that thousands of customers of those dealing centers who are used to trade currencies via the Internet, go to Moscow, Kaliningrad and the Novosibirsk region in order to open or close positions on a pair of euro / dollar or pound / franc. Rather, 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: offshore scheme, when a customer sends funds to foreign accounts of the company (which sharply reduce the customer base), or work through a Russian bank, which has currency license. A fourth option for a legal work at Forex in Russia remains an urgent OTC transactions (Kalita-Finance, Optima Finance). It is this scheme of work is most promising in terms of international practice. Turning to the experience of management of operations in the international currency market, for example, in the U.S. off the transaction at different rates (stocks, indexes, etc.) are subject to the Act entitled Commodity Exchange Act (similar to our "Trade Law exchanges and stock trading) and are classified as "off-exchange foreign currency futures contracts" (off futures, or fixed-term contracts on foreign currencies). It can be assumed that Russia would like to manage the financial operations of the global path. At least at the moment the Federal Service for Financial Markets, Government of the Russian Federation is actively working on amendments to the draft law on gambling that the market does not get fixed under this Act. According to zam.rukovoditelya FSFR Vladislav Streltsov, his office is actively working with legislators and for all .. it is obvious that the immediate market + can not be equated to the roulette and other gambling. " What other steps (in addition to the definition and by law the legal nature of transactions on the Forex) could be represented by the State FSFR to create a transparent and legitimate Forex market in Russia? In my opinion, it is necessary in conjunction with the Federal Tax Service has developed an amendment to a bill defining the status of participants in this market (as legal entities and individuals) in tax matters (tax agents, the income tax with a transaction, etc.). It is important to develop the provisions on the requirements of the financial state of prof. participants (the share capital, shareholders' funds, etc.), forms for reporting to regulatory authorities (FCSM), self-regulating organizations, prof. participants, disclosure, and measures to reduce (prevent) the specific risks inherent in this segment of FY. market, the correctness of advertising these services in Russia. We need to establish provisions for the certification of software products through which transactions are carried out by the difference (currencies, equities, indices, etc.), licensing of professionals providing services to companies in this segment Fin. markets (dealers, brokers, etc.) And, finally, to develop requirements for mutual settlements between financial market participants in this transaction 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.