Russia’s Self Regulatory Association Rebrands as NAFD

Russia’s self regulatory association, previously known as CRFIN, announced today that it has rebranded as NAFD (National Association of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Dealers) following a General Meeting of the Association Members which took place last Friday.

Today our work goes into a new quality, which is reflected in the new name and decisions.

In conjunction with the new name, the association has also announced that Andrei Lisitsyn will become Chairman of the Board at NAFD and that a Board of Directors would be created. This will include, among others, Vadim Alexandrovich Vynogradov as a board member, Ilya Vladimirovich Volkov, a member of the Board of Directors of Forex Club and Alexander Sokologorsky, General Director of VTB 24 Forex.

Other new members representing banking and financial groups include Kirill Ageev, Managing Director of BCS Forex and Vadim Marsovich Faizullin, head of customer service at Nefteprombank.

Commenting on the new branding, the new Chairman of NAFD Andrei Lisitsyn said: "The main objective of the Association since its inception has been to build the foundations of a civilized regulated OTC market margin instruments against unfair practices, increasing market transparency."

He continued: "Today, with the foundations of the legal framework regulating the activities of the industry laid, our work goes into a new quality, which is reflected in the new name and decisions. We have created a stable and powerful self-regulating organization that can not only combine the holders of the relevant licenses, but realize the development of national standards activity OTC financial markets while taking into account the peculiarities of all its segments.”