Breaking: Plus500 Aims towards Cyprus, Takes First Recruiting Steps

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 Magnates has learned from a number of independent sources involved in the FX industry in Cyprus that FCA regulated CFD broker, Plus500, is looking to hire extensively in Cyprus. Such a step may imply the firm is either in the process of opening a local service office there or that it might be preparing to launch a separate entity with a full-fledged regulation 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 license.

Cyprus is a Forex industry hub with an established regulatory framework allowing financial firms to accept clients from across the European Union thanks to the MiFID “passporting” agreement, and with a large workforce experienced in the retail FX trading business which has made it an ideal jurisdiction for many brokers to set up shop in. Plus500 however, has so far avoided opening an office in the country and has relied on its FCA license to attract European clients.

Speaking with Forex Magnates, the brokerage’s Head of Investor Relations, Elad Even-Chen, said that as a large international company Plus500 is always looking to expand and grow in new markets. Therefore, after having announced its plans in the past to extend its reach to new countries in Asia and Europe, the company is constantly exploring its options in Asia and Europe, but no hiring has yet taken effect in Cyprus.

Plus500's clients are primarily from the UK market, as the company is headquartered in London and its shares are listed on the London Stock Exchange AIM. If Plus500 chooses to open an office in Cyprus in the future, it can keep operating under its same FCA license. Obtaining a CySEC licence would be counter to the current trend of brokers leaving CySEC for FCA regulation, as the British license has a better brand value.