Forex dealers discussed the possibility of changing the culture of Russian trading

26-05-2021

At the last video-meeting of the Forex Dealers Association the issue of the latest trends in the Forex market was raised. VTB Forex representative Vladimir Kostyukov was also present at the event. The main topic of discussion at the meeting was clients’ needs. 

Problem Definition

Representatives of the Association of Forex Dealers noted the high rate of market development. With this in mind there is a need to change the culture of trading in Russia. V. Kostyukov underlined that representatives of VTB Forex support the need to increase social responsibility of Forex dealers. Financial regulators say that people lose money on the foreign exchange market. The problem of spreading of illegal brokers is especially acute lately in spite of the active struggle of the Central Bank and AFD with illegal companies and blocking the sites of unlicensed companies.

Options for solving the problem

During the meeting, participants determined that increasing leverage is unlikely to help remedy the situation. Experts note that high leverage is considered a problem in many markets around the world. In order to focus on the long term, it is better to prefer a differentiated approach. 

The positive moment for Russian trading will be the expansion of the list of trading instruments. As specialists assert, it is more convenient for clients when all services are available in one place. Brokers with wide range of financial instruments and assets fear that if forex dealers expand their toolkit, investors will want to switch to new competitors. 

“I think launching crypto on the platform of licensed forex dealers would be an interesting experiment. It would be good for everyone, even for the regulator (to avoid fraud),” Vladimir Kostyukov concluded. 

The meeting also touched upon the issue of uniting the holders of large amounts of assets and traders who trade regularly. However, so far all the topics raised by the representatives of the Forex Dealers Association remain only plans for the near future.

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