Russia’s CRFIN admits VTB24 Forex, changes name to NAFD

Russia’s CRFIN admits VTB24 Forex, changes name to NAFD

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Russia’s self-regulatory organization (SRO) for over-the-counter (OTC) financial instruments CRFIN has announced it has admitted as a member the VTB24 Forex – a forex brokering subsidiary of the country’s VBT24 Bank.

As SMN already reported, VTB24 Forex was set up this spring and has already applied for a forex broker license from Russia’s c-bank.

In the same announcement the SRO informed it has changed its name to National Association of the Forex Dealers (NAFD) and has appointed as president Andrey Lisitsin. The NAFD also elected a board of directors:

• Alexander Lyuvovich – Chairman of the Board
• Vadim Vynogradov – member of the Board of Directors
• Ilya Volkov – member of the Board of Directors of Forex Club
• Sergey Vyazmyn – member of the Board of Directors, Director of development Aplari
• Andrey Zorin – member of the Board of Directors, senior vice president, head of the department for banking regulation at AlfaBank
• Aaron Lazor – Board member representative of Rodeler RU (24Options)
• Alexey Savatyougin – Board member
• Dmitry Savchenko – member of the board of directors, General director of “Fix Dealing”
• Alexander Sokologorskiy – member of the Board of Directors, General Director of VTB24 Forex

Kiril Ageev – Managing Director of BCS – Forex
• Vadim Faizullin – Head of customer service in the financial markets of Nefteprombank

The majority of the members, except for Ageev and Faizulin were members of CRFIN board, including the recently appointed Alexander Sokologorskiy from VTB24 Forex and Andrey Zorin from AlfaBank.

According to Andrey Lisitsin, the main task of NAFD will be to establish a well-regulated forex market in Russia, as well as combating dishonest practices and increasing the transparency of the market. “Now, as the regulation framework is already established, our tasks change,” Lisitsin said. In his words, the rebranded association will unite the efforts of the bona fide participants on the market to establish a powerful SRO, which will not only unite the regulated companies, but will prepared national standards for the Russian forex market, taking into account its peculiarities.

NAFD’s new name would likely bring some confusion, as there is already a Russian SRO of a similar name and abbreviation – Forex Dealers Association (AFD), which was established earlier this year and has also applied for registration with the Bank of Russia. Among its members are some licensed forex brokers such as TeleTrade and TrustForex.

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