ESMA's Toughened Policies Await but Cypriot Brokers Seem Unfazed

The toughening of the regulatory policy of the Cypriot financial authorities in relation to participants of the over-the-counter industry has not appeared to have significantly harmed the current operations of brokers on the Mediterranean island.

Despite the fact that some representatives of the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and Binary Options industry are afraid of pressure from 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 Read this Term, the latest advertising campaigns of other companies paint a completely different picture.

As recently as last month, Cypriot forex broker Exness, owned by Peter Valov (who is well known in post-Soviet countries), acquired a fleet of 150 new MINI Cooper S Countryman cars for its employees, the local Cypriot edition of Offsite reported. Thus, the forex broker was able to combine perks for its employees and an effective advertising campaign, as the cars were painted in company colors and marked with company logos.

Branded Audis

Interestingly, the provider of binary option trading, IQ Option, owned by Dmitry Zaretsky, undertook the same advertising move. Another Cypriot publication Cyprus Butterfly published a video showing a new fleet of 15 cars, made up of Audi A4s and A6s, carrying the IQ Option company logo.

As recently as December 2017, Demetra Kalogeru advised the Cypriot financial companies (CIF) to start preparing for new, complex realities. Meanwhile, the new rules of the European regulator ESMA, have been approved, but have not yet entered into legal force.

So, for the time being, Kalogeru and other representatives of the Cyprus financial sector will be able to see the colorful fleet of brokerage cars from the windows of their offices.