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.

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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.

Since March 2005 SRO NFA has been calculating and publishing the Fixing of Russian bonds market – MIRP (Moscow Interbank Reference Price). The Fixing includes 190 instruments including Eurobonds and is based on the data from 11 contributors.

The Fixing data is used as the main price in repo transactions of the Bank of Russia on the OTC market, the reserve price for repo transactions on the Moscow Exchange (and for Eurobonds — as a priority price). The National Settlement Depository uses it for calculating fair prices by the Price Center.

The Fixing provides substantial support to the regulator and market participants in pricing for many securities issues, especially during difficult periods of lack of operations and low liquidity on the financial market.

SRO NFA organizes one of the most significant events on the Russian financial market – The NFA International Financial Forum,  

The International Banking Forum “Treasury”, The International Forum “Russian Derivatives Market”, The International Forum “Russian Bullion Market”. Further information on the events is available on https://financevent.ru/.

The main activities for 2022

  • development of standards, rules and methodological materials for various activities of organizations in the financial market; adaptation of existing standards to current economic conditions;
  • implementation of market development projects;
  • development of effective forms of supervision with an emphasis on preventive surveillance measures.

Key market development projects for 2022

  • Development of the financial benchmarks industry;
  • Development of the MIRP fixing;
  • Development of the repo market;
  • Development of Russian Defining Committee activities;
  • Development of non-mortgage securitization;
  • Adoption of the precious metals market to current economic conditions;
  • Expert examination of law drafts and regulatory acts in order to take into account interests of the SRO NFA members and other involved participants of the financial market.


Contact details

Head of Securities Markets Division

Andrey Krylov

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


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