How interbank forex works - page 6
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Oh my - where did they move the topic!!! Forex has been moved to "Stock Trading" - now look for it... People are going to lose.
All right, you guys sort it out. I'm off. I've been here too long already.
Well then THAT
Yes, Forex in Russia - in its infancy. But why do you need it? Or do you want to get under a comb of those who will not be allowed there because of illiteracy and lack of appropriate education?
So how are forex brokers regulated in our country?
Well, none of the members of the CRDUFM or the CRFIN are brokers - all the members of these organisations are Dealing Centres. IMHO, a strange topic - How to choose a reliable broker in their absence.
Read the list of CRFIN members carefully. Does not surprise you?
I am surprised by the complete absence of real brokerage firms in the list, which also provide some kind of Forex services. The truth is not limited to that. There are also strange things.
With the exception of a few posts, this whole thread could have been classified as just plain rubbish for the amusement of forum-goers.
If it were not for one BUT.
Any statement that: FOREX is a currency market in the sense that currencies are bought/sold on it - is pure WATER DIVISION. No currency is sold or bought in this market. For this we take an agreement to work in the Forex market, which states in black and white: when you place an order currency is not credited to your account! Moreover, to change the currency of the deposit is usually a separate operation with an execution time of a few hours at best.
The forex market is a betting market, just like the horse racing.... TOTALISATOR: We cannot talk about a trillion turnover in currencies, because the air is not measured in monetary units...
When an order is placed, for example for EURUSD, you are betting that the quote will either rise or fall. A deposit is taken to secure this opinion, which is then used as a settlement between bettors.
What follows from this is what made me write this post: Forex is a betting market and therefore not regulated by the civil code. There is a special article for that in the civil code.
Given the enormous popularity of the betting market called "Forex" in the world, there is an effort to drive this market under financial market law, specifically securities law, rather than foreign exchange law.
Broker is a term (for the information of some of the more advanced here) which refers to a licence entitling an organisation to provide intermediary services in the securities market. It is usually issued along with a dealer's licence, which gives the right to buy/sell securities. Today we have these licenses from the Central Bank. A little earlier the FSFM. On the website you can see a list of all the Russian resident organisations that have brokerage licences.
To buy/sell currency in Russia, only the entities licensed to conduct foreign exchange transactions have the right. Usually these are banks. Any settlements between organisations and citizens in currencies outside the Russian Federation are prohibited - jail.
PS.
As of today, there seems to be only one broker in Russia - FINAM, which received a license from the Central Bank at the end of 2015 to work in the forex market. Apart from that, the State Duma seems to be doing something...
But what some advanced people are writing here is....
Remove this floodgate from this section or else altogether.
PS.
As of today, the only broker in Russia seems to be FINAM, which in late 2015 obtained a licence from the Central Bank to operate in the forex market. Apart from that, the State Duma seems to be doing something...
Finam, in terms of forex, is just as much a kitchen as the others. The office itself is in Cyprus.
Finam, in terms of forex, is just as much a kitchen as the others. The office itself is in Cyprus.
.......Any claim that: FOREX is a currency market in the sense that currencies are bought/sold in it is a DIVINE WATER. No currency is sold or bought in this market. For this we take an agreement to work in the Forex market, which states in black and white: when you place an order currency is not credited to your account! Moreover, to change the currency of the deposit is usually a separate operation with an execution time of several hours at best. .....
In your repertoire.....
You should not embarrass yourself like that - distinguish the work of FOREX, the international interbank currency market, and the work of the "kitchens".
That's the thing, it doesn't seem to be. I haven't checked though. Previously it was as you say, but since December 2015. Then the Central Bank does not give licenses to non-residents. I specifically mentioned it, it seems to be the first swallow.
Looked it up, you are right, they got their forex dealer licence from the Central Bank in 2015. The Cypriot office is no longer mentioned. However, their forex activities are still a kitchen, judging by the materials.
This of course does not apply to their brokerage activities. I can't say anything about them as a broker.