Self-regulatory organization «National Finance Association» (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 major participants of the Russian securities market, with the support of Ministry of Finance of the Russian Federation and Central Bank of the Russian Federation. NFA members’ operations hold about 75% of the Russian banking sector market share. NFA is mainly focused on the primary and secondary markets, derivatives markets, repo and collateral markets and the sustainable capital market instruments. Current significant projects are: integrated project on repo market and refinancing system development; upgrading of the market infrastructure as well as developing new financial instruments; development of the commodities markets; development of FX and money markets instruments, improvement and unification of financial market legal and regulatory framework and others. NFA is an Associate Member of the International Capital Market Association (ICMA) and a member of the Asian Securities Forum (ASF) representing Russian financial market participants.