National Finance Association (SRO NFA)
The Self-regulatory organization «National Finance Association» (SRO NFA) is a leading professional association which brings together more than 200 Russian financial market participants from all eight federal districts of the Russian Federation. It was established in 1996 by the major participants of the Russian financial market, under the patronage of the Ministry of Finance of the Russian Federation and the Central Bank of the Russian Federation.
SRO NFA effectively implements all SRO functions regarding six kinds of professional activities on the securities market and of special depositories. More than 75% of NFA members represent banking institutions.
About The Association
Essential areas of activity of the SRO NFA are representation and protection of the interests of the Association members, market support in difficult periods, market development, assistance in the harmonization of the Russian and international financial markets practices and regulation, ensuring optimal working conditions for Russian participants, as well as adapting the national legislative and regulatory framework to the international standards and wide-spreading the best available market and regulatory practices.
In the field of international cooperation, SRO NFA has been consistently developing international cooperation with leading global financial institutions and organizations.
On October 30, 2018, the SRO NFA became a full member of the Asia Securities Forum and joined the Bali Forum Declaration, which aims to advance the United Nations Sustainable Development Goals (UN SDG) and reaffirms the commitment of the Forum members to achieving the goals of the UN SDG.
In February 2018, the SRO NFA and the National Association of Institutional Investors in the Financial Market (NAFMII) of China entered into a Memorandum of Understanding, which is aimed at developing the financial markets of both countries within their competencies.
SRO NFA also actively cooperates with the International Association of Swaps and Derivatives (ISDA), Bombay Stock Exchange Brokers' Forum (BBF), Shanghai Gold Exchange (SGE)
SRO NFA carries out fruitful cooperation with the International Association of Capital Markets (ICMA). SRO NFA has been an associate member of ICMA and has been a representative of the Russian market in ICMA since 2003. The associations conduct several joint projects, primarily on the development of repo operations and capital markets, as well as jointly conduct international events. Starting from March 2022, SRO NFA membership is temporarily suspended.
SRO NFA has been actively developing the industry of financial benchmarks. The Association owns and administrates MosPrime Rate, ROISfix, NFEA FX Swap Rate, RUREPO financial benchmarks. RUONIA benchmark has been developed by SRO NFA together with the Bank of Russia and has been administrated by the Association. In 2021 administration and calculation of the benchmark has been finally transferred to the Bank of Russia. But SRO NFA still provides market expertise to the Bank of Russia connected to the RUONIA administration function.