Exclusive: OptionRally Lays Off 20 Employees, Demolishes Presence in Israel
- Company sources told Finance Magnates that the CySEC bonus ban makes positions less lucrative for Israelis.
One of the big binary options brokerages in Cyprus, OptionRally, has laid off 20 employees from its English desk located in Israel, which leaves the broker with almost no presence in the country, Finance Magnates has learned.
At its peak, OptionRally employed about 300 service providers in Israel, and now it has moved all activities to Cyprus. The firm was involved in one of the bigger sponsorship deals in the industry with the company’s logo appearing on Ferrari’s Formula 1 race cars.
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OptionRally is regulated under CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision and in Belize. The decision is a direct outcome of CySEC’s ban on employee bonuses, which affected the amount of money they were paid each month. Moving activity to Cyprus is expected to bring a decrease in service costs to the broker as well as bringing it closer to the regulator.
OptionRally went through a few rounds of staff reductions in Israel in the passing year, the latest occurring in July when 120 employees were released. The company has dramatically reduced its support staff at a time when CySEC has issued a series of circulars pointing companies into a new business model, which is much less reliant on direct sales. Just like the bulk of the binary options industry, OptionRally is one of the brokerages that have been relying on just such a business model.
OptionRally made headlines last September after CySEC fined it €138,000 over misleading information on its website. Last week the broker responded to Finance Magnates’ inquiry regarding a possible shutdown of its Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real : “OptionRally Financial Services who manages and operates the website www.optionrally.eu, is working as usual. In regards to the fine, the Company is obliged to act fairly, honestly and professionally in accordance to our clients best interests.”
One of the big binary options brokerages in Cyprus, OptionRally, has laid off 20 employees from its English desk located in Israel, which leaves the broker with almost no presence in the country, Finance Magnates has learned.
At its peak, OptionRally employed about 300 service providers in Israel, and now it has moved all activities to Cyprus. The firm was involved in one of the bigger sponsorship deals in the industry with the company’s logo appearing on Ferrari’s Formula 1 race cars.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong.
OptionRally is regulated under CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision and in Belize. The decision is a direct outcome of CySEC’s ban on employee bonuses, which affected the amount of money they were paid each month. Moving activity to Cyprus is expected to bring a decrease in service costs to the broker as well as bringing it closer to the regulator.
OptionRally went through a few rounds of staff reductions in Israel in the passing year, the latest occurring in July when 120 employees were released. The company has dramatically reduced its support staff at a time when CySEC has issued a series of circulars pointing companies into a new business model, which is much less reliant on direct sales. Just like the bulk of the binary options industry, OptionRally is one of the brokerages that have been relying on just such a business model.
OptionRally made headlines last September after CySEC fined it €138,000 over misleading information on its website. Last week the broker responded to Finance Magnates’ inquiry regarding a possible shutdown of its Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real : “OptionRally Financial Services who manages and operates the website www.optionrally.eu, is working as usual. In regards to the fine, the Company is obliged to act fairly, honestly and professionally in accordance to our clients best interests.”