Original bill to be brought to the Duma spring session, special Forex license to be required.
It has been nine months since the first reading of Russia’s proposed new Forex law in the Duma, back in June 2013, but it does now seem as if the process is picking up steam.
According to Russian self-regulatory organization CRFIN, Chairman of the National Association of Securities Market Participants (NAUFOR) Alexei Timofeyev has stated that the bill’s second and third reading are likely to be brought to the spring session of the State Duma.
Furthermore, it seems as none other than Vladimir Putin himself has requested an amendment to the original bill, to introduce a separate type of license with special requirements for the operation of a forex dealer, which were not in the version adopted on first reading.
We earlier reported that Russian regulators are also looking at limiting leverage in Russia forex trading, perhaps to as low as 50:1, as well as introducing specific standards in advertising forex trading services.
Russia forex trading volumes have skyrocketed early in 2014, as the Ukraine crisis combined with the Sochi Olympics have created a perfect storm of Ruble volatility, pushing the Ruble to multi-year lows against major currencies — and bringing volatility-loving forex traders to the trading table.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.