Theory and Practice of Financial Regulation

In Russia today there is a very ambiguous situation in the foreign exchange market (Forex). The activity on this market began to be officially regulated in our country quite recently, and now only the first steps towards effective and reliable regulation have been taken. In 2016, the Law “On Forex Markets” came into force, for the first time having legalized relations between Forex dealers and customers of banks. Until 2016, there was a very ambiguous legal situation in the event of conflicts between customers and dealers, the law did not establish clear rules on the conditions under which firms have the right to provide their services, and there were many unreliable agents on the market. The adoption of the law on the regulation of Forex was an inevitable decision; its development took into account the experience of foreign regulators, who had been successfully operating for a long time, and also introduced its own features not found in other countries. This work is mainly devoted to the review of regulatory measures in the currency market of the Russian Federation, as well as the international experience of countries leading in the Forex market. As a rule, in articles on currency markets, only one region is analyzed, which is understandable, since the legislation is very different from country to country. In this paper, an attempt was made to bring together and briefly describe the regulators of countries that occupy leading positions in foreign exchange markets and have successful experience in financial regulation. In addition, an assessment was made of the impact and effectiveness of the reform of the regulation of the foreign exchange market in Russia.