Working sessions were conducted at the central bank with the participation of the Securities Market and Commodity Market Department head as well as representatives from the country’s FX industry.
The primary objective of this forum is to agree on necessary amendments to regulations since statues and secondary acts must be forged and published before greater part of FOREX law provisions are implemented within the year.
The short announcement regarding the meeting on the CRFIN website did not specify the type of revisions that were discussed. However, issues such as accounts of nominees; maximum leverage (supposed to be 1:50) although many think this ratio should be higher; banks that do not offer retail FOREX services; foreign currency dealers barred from offering Contract for Differences (CFD) trading; and, accounting as well as reporting policies for FOREX dealers.
CRFIN is a self-regulating and non-profit organization to enhance transparency levels and uphold growth for the over-the-counter FOREX market through an effective regulatory structure.
Meanwhile, the Central Bank of Russia announced that it cold around $3 billion during a one-year FOREX repo auction yesterday with demand going beyond $4 billion. It arranged the papers at an average yearly cost of 2.5955 percent with cut-off rate at 2.56 percent.
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