The second panel at the iFX Expo International 2017 is titled: “Regulation, Regulation, Reputation.” Industry experts explain and debate the latest developments and the best ways to tackle regulatory concerns in various jurisdictions.
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Maor Lahav, COO of Panda: “We need the regulators, it’s a must. The issues are that unregulated will beat the regulated ones. Regulators need to be careful not to push the regulated towards unregulated area. The rules are changing all the time.”
Ron Finberg, Business Development, Cappitech: “Regulators don’t really care about the industry. They want to get out as much OTC as they can.” Speaking about MiFID II he added: “As a broker you have an obligation to really understand what you have to do and what you have to report.”
Representing JFD Brokers is Joseph Tsirakkis, the co-founder and Managing Partner of Joseph Tsirakkis LLC and board member of JFD Brokers Ltd. “Regulators try to clean the market from unregulated brokers and to limit regulated ones. Aggressive marketing coming from Cyprus will be over because of the regulator pressure.”
Zvi Gabbay, Partner and Head of Capital Markets, Barnea & Co: “Regulators compete over power, and when one regulator set an aggressive tone against an asset as the Israeli regulator does, other regulators wont have any other choice but to follow. If an investor will lose money the regulator will be attentive to that, but if a company will be shut down it’s a different thing for the regulator. does the regulator want to kill the industry? in Cyprus no, but in Israel maybe yes. Financial regulators couldn’t live with the way the game was played. Where a broker makes money when his client loses, this the regulator will never accept.”
Peter Tatarnikov, CEO, Financial Commission: “Regulations will never be easier and as time goes all brokers will have to become regulated. Regulators are always behind. Businesses know better about the market.”