Саморегулируемая организация

национальная финансовая ассоциация


The Self-regulatory organisation «National Finance Association» (SRO NFA) is a leading professional association which brings together about 230 Russian securities market participants from all eight Federal Districts of the Russian Federation. It was established in 1996 by the major participants of the Russian securities market, under the patronage of Ministry of Finance of the Russian Federation and Central Bank of the Russian Federation.
SRO NFA effectively implements all SRO functions regarding six kinds of professional activities on the securities market and also to special depositories. More than 75% of NFA members represent banking institutions.

RSR_ICO520.png About

RSR_ICO510.png Сorporate





About Association

Essential areas of activity of the SRO NFA are assistance in the harmonisation 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. By these actions, Association contributes to the national project to create the International Financial Center.

In the field of international cooperation, SRO NFA has been consistently developing international cooperation with leading self-regulatory organisations and trade associations, including leading global financial institutions and organisations.

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. SRO NFA also actively and fruitfully cooperates with the International Association of Swaps and Derivatives (ISDA), the Association of Securities and Financial Markets Industry (SIFMA) and the Eurasian Economic Commission. SRO NFA is also a member of the European Federation of Financial Markets.

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.

On October 30, 2018, the SRO NFA became a full member of the Asian 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.

After finalisation of a merger with the National Foreign Exchange Association (NFEA) in April 2015, SRO NFA also supervises the foreign exchange market, futures market, calculates MosPrimeRate which is the first Russian OTC financial benchmark, accredited by the Bank of Russia. SRO NFA also calculates ROISFIX, NFEA FX SWAP, RUREPO benchmarks.

Since March 2005 SRO NFA has been calculating and publishing fixings of Russian market bonds – MIRP (Moscow Interbank Reference Price), which are published by credible Russian and International agencies, such as Bloomberg, Reuters, CBonds.

On June 25, 2020, SRO NFA and Bank of Russia signed an agreement on changing the procedure for administration of the RUONIA. Bank of Russia became the RUONIA administrator, and calculation agent and SRO NFA will provide market expertise to the Bank of Russia connected to its administration function.

Functions of SRO NFA

  1. Supervisory-regulatory
  2. Educational and methodological
  3. Representative capacity


The main activities for 2020

  • development of effective forms of supervision;
  • development of standards, rules and methodological materials for various activities of organisations in the financial market;
  • implementation of market development projects.

Key projects for 2020

  • Improving the legislative and regulatory framework of the financial market and its unification, optimisation of the regulatory system;
  • Development of the securities market (structured bonds, green and other sustainable bonds, instruments for the securitisation of various types of assets and others);
  • A comprehensive project for the development of a repo market and refinancing (legislation, contractual framework, the technology of operations, methodological support, accounting, taxation);
  • Facilitating the access of small and medium-sized companies to the primary capital market;
  • Development of the wholesale and retail precious metals market;
  • Contributing to the development of the derivatives market;
  • Development of financial benchmarks;
  • Accreditation of programs for electronic computers, through which individual investment recommendations are provided;
  • Development of a system of professional qualifications in the securities market.

Contact details

Head of Securities Markets Division

Andrey Krylov

+7 (495) 980-98-74 (140)


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