The official letter of the Russian Association of the Financial Market Members to the financial community of Russia

Dear colleagues!

In 18 century a French philosopher Boisguillebert in his classical "Treatise on the Nature of Wealth, Money and Taxes" said that the financial crisis is not defined only by lack of resources, but also by their surplus as well. “Imagine”, - he wrote, - “ten people are chained to the ground wide apart from each other. One has a lot of food, but nothing else. Another – a lot of water, the third one has clothes, but being chained they cannot make an exchange. It is not a secret that such state of things can describe the present situation of the economic downturn in the world on the whole and in Russia particularly, the financial system is appealed to stop it, rebounding the neglected interactions between economic entities.

In connection with the current events in the financial markets the Russian Government, as the most of other countries governments apply to the state regulation tightening of the national sectors in the world’s financial markets. It is clear that authorities’ activity in our field can often be hasty, heedless and unprofessional. In our opinion, the financial community of Russia as a professional cooperation of people involved, who understand the very core and prospects of existing processes, must make their contribution within their self-regulatory organizations and unions to the stabilization, expurgation and steady development of all financial market sectors in Russia.

For this purpose, a number of independent financial market members decided to establish the Russian Association of the Financial Market Members (RAFMM). Worth noticing that our Association is not targeted to stand against any similar professional partnerships in Russia and abroad, but quite the opposite, it calls for active and concerned dialogue regarding the range of topical issues mentioned above. Despite a strict certification system of its members, the Russian Association of the Financial Market Members always keeps the gates open for responsible and high-qualified companies and it is ready to consider claims of joining the Association.