Regulatory organization kroufr
Kroufr (Commission for regulation of relations of participants of financial markets) is a Russian non-profit organization dedicated to the regulation of relations and settlement of disputes and conflicts between participants in the Forex market. Kroufr was formed in Moscow in 2003 with the assistance of brokers, Alpari, Forex Club and Teletrade – the leaders of the Russian Forex trading. They were interested in the Russian financial market was clear and safe, and traders and investors are protected from unscrupulous brokers. However, a weak legislative base of the Russian Federation is not allowed to create a strong regulator to protect the interests of traders and investors. After 13 years, members of kroufr listed only five companies, one of which is the developer of the software.
The main goals of kroufr are:
- minimization of risks of participants of global financial markets;
- improvement of the legislative base for the functioning of the international financial markets;
- increasing confidence of traders to Russian Forex brokers;
- informing the participants about the innovations in the financial markets;
- quick resolution of disputes between brokers and their clients;
- the development of quality standards of brokerage firms.
On the basis of kroufr was established the Arbitration Board for quick resolution of disputes. If the trader has any claim to the work of the broker, he may apply to the Arbitration Commission, which in a short time will consider the appeal and will help with her decision. However, the claim can be considered only to those brokers who are members of kroufr. In addition, if you require a special expertise to dispute resolution, or if the trader demands to compensate moral damages, the claim will not be considered.
In fact, kroufr is not a regulator in the full sense of the word, since he is not endowed withthe relevant authority and will not be able to hold the broker of any sanctions and all its decisions are only Advisory in nature. The advantages of kroufr include information support for traders, including analytical, educational and legal information, as well as data on brokers.
You can highlight the following shortcomings of kroufr:
- Kroufr is not a government organization and therefore does not have legal authority to conduct mandatory certification of brokers and issuing licenses;
- Kroufr cannot suspend brokers, and even in case of detection of gross violations or fraudulent activities, cannot present them with financial sanctions;
- The participation of the brokers in kroufr is voluntary, and the decision of questions applies only to its members.
Thus, kroufr is only a small attempt to create a normal financial regulatory organization, but at the moment kroufr does not meet its goals and objectives, and may not protect the interests of traders, and the activities of the Russian brokers it remains almost uncontrolled. We recommend you to take this into account when choosing a brokerage company.
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