Forex Club announces Russian market results Q3 2011 and trends for 2012
3 November 2011 / Forex Club group of companies, one of the leading groups of global retail FX companies with over 100 offices worldwide and branded as Forex Club, announces its group business in total has 6% of the world retail forexI market turnover, according to research data from Forex Magnates, the independent research company. The global turnover of retail forex (Q3, 2011) increased by 5.1% in comparison to 2010, growing to US$219 billion a dayII. Keith Goldson, Chief Marketing Officer of the Forex Club businesses, gave the news to a Russian audience of retail traders, high-profile government representatives and competing FX companies attending Moscow’s Russian Money Market 2011: current possibilities conference (26.10.11). Forex Club also presented its own findings and recommendations in session 4 of the eventIII, covering retail FX growth in 2011 and 2012 as well as its views on market trends and issues, along with presidential aide Arkady Dvorkovich, Deputy Minister of Finance Alexey Savatiugin, Head of Federal Service of Financial Markets D. Pankin, besides other high-level governmental and business representatives.
Keith Goldson went on to say that, in 2011, retail FX traders for its business in the Russian Federation had already exceeded 437,000 active clients and the volume of deposits had reached $570 millionIV. As of this year, compared to 2010, the number of Forex Club’s traders in the Russian Federation has increased by 15% and their volume of deposits has grown by 17%V.
Citing further evidence from Forex Magnates data, he said the FX market in Quarter 1 of 2012 is expected to exceed US$ five trillionVI.
Commenting on the need for greater regulation in the Russian forex market, Mr Goldson says it is essential to have proper and clear legislation of the FX market in the Russian Federation and cited the importance of the NFA and FSA regulatory bodies to ensure their respective countries’ retail FX businesses are compliant with their standards.
Forex Club in Russia actively supports the aim of the Russian Federal Financial Market Service (FFMS) to review the regulatory requirements of the FX market in 2012, as stated by Dmitry Pankin, Chief of the FFMS at a press-conference on 25th October 2011.
Mr Goldson also highlighted the fact that Forex Club was instrumental in helping to create, along with a number of other key retail FX businesses in the Russian Federation, the Centre of Regulation of Financial Instruments and Technologies (CRFIN), an independent, self-regulating body to help move the Russian FX market towards greater transparency and to prepare a set of professional standards and best practice for it. Such activity would help to ensure retail traders are appropriately protected by regulation and through education and training about the nature of the risks involved in such trading, and how best to minimise such risks wherever possible, as well as the market opportunities.
Pavel Andreev, BCS Head of Currency Market Division, also noted the importance of and reason for improvements in regulation, citing the need to protect clients and their interests from unprofessional forex companies in the market: “Retail forex in Russia is intensively developing now. And regulation system for the market is also necessary despite the fact that dishonest brokers will try to continue working only through offshore. At the same time we should pay particular attention towards misleading advertising as it may deceive beginners in a way that forex is a very easy way of earning money. It may cause their mistakes which will draw them aside from further work on financial markets.”
I About Forex Club Holdings
Established in 1997, the Forex Club Group of companies is a leading class of global retail FX businesses with over 100 offices worldwide and is branded as Forex Club. We were one of the industry’s first to offer zero spread trading and commission refunds on all unprofitable trades exclusively on the ExpressFX trading platform. Employing over 530 dedicated individuals in 12 countries and providing FX education to traders worldwide, Forex Club is committed to offering the best possible trading experience, for all skill levels, across a variety of trading platforms. For further information, please visit us at http://fxclub.biz/, call Robert White on +44 7789 923 770 (in the event you are unable to reach him, please do not hesitate to contact Constantine Koltsov on +7 903 564 0598), or e-mail us at white-r@fxclub.org and koltsov-ki@fxclub.org.
Please note that forex trading (off-exchange foreign currency trading) involves substantial risk of loss and is not suitable for all investors. Learn more »
References cited in press update
Forex Magnates’ retail forex market quarterly report for Q2 2011, published in July 2011 by Michael Greenberg. The report is privately published. For purchasing and other information about the report, please contact: michael@forexmagnates.com.
II Forex Magnates’ retail forex market quarterly report for Q3 2011, p.6-7, published October 2011 by Michael Greenberg. The report is privately published. For purchasing and other information, please contact: michael@forexmagnates.com.
III For Forex Club’s own participation that included a presentation by Keith Goldson, please click on the link in the body of the text and scroll down to session 4, where you will find a video link of both the presentation and the panel discussion. The scheduled forum details on 27 October 2011 were: 17.00-18.30 Session 4. The international currency market and possibilities of regulation in Russia.
Speakers:
- Sergei Kharlamov, Deputy Head of the Federal Service for Financial Markets.
- Pavel Andreyev, Head of Currency Market Division, BCS.
- Gabriella Stern, Global FX Editor, Wall Street Journal, Dow Jones.
- Keith Goldson, Chief Marketing Officer, Forex Club.
Topics:
- The international forex market: capital market and/or platform for speculation?
- Principles of operations on the international forex market.
- Prospects and viability of state regulation of the forex market in Russia.
- Regulation of the forex market abroad: the U.K. and U.S. experiences.
- Risk management on the forex market.
IV Internal Forex Club’s estimates 2011.
V Internal Forex Club’s estimates 2011.
VI Forex Magnates’ retail forex market quarterly report for Q3 2011, p.9, published in October 2011 by Michael Greenberg. The report is privately published. For purchasing and other information about the report, please contact: michael@forexmagnates.com.
