Cypriot financial regulator, CySec, has released its list of firms that were granted licenses during the first half of 2013. Bucking worries of the country’s financial difficulties during the period, Cyprus continues to see strong demand from companies looking to set up brokerage businesses on the island. As a result, during the first half of the year, 17 firms were granted financial licenses. The list compares to a typical announcement of in the single digits.
The list contains both some familiar and new names to the industry:
1. Skopalino Finance Ltd
2. Vistabrokers CIF Ltd
3. Roboforex (Cy) Ltd (FORMER: A.I. Gurufx Ltd)
4. Magline Investments Ltd
5. PFX Financial Professionals Ltd
6. Monex Capital Markets Cy Limited
7. Master Capital Group (CY) Ltd
8. Profitside Investments Ltd
9. PMT Matrix Capital Ltd
10. Hoch Capital Ltd
11. Keplero Holdings Limited
12. Prodigit Investments Ltd
13. Admiralex Limited
14. MPF Global Markets Ltd
15. WGM Services Ltd
16. AVFX Trading Ltd
17 FXGlobe Limited
Among the names, four of them were announced by Forex Magnates last month. They are Prodigit Investments, Admiralex (affiliated with Estonian Admiral Markets), AVFX (affiliated with AVAFX and FXGlobe (formerly only had New Zealand regulation).
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Among other names:
Master Capital Group appears to be a Cyprus subsidiary of the Beirut based broker with the same name that operates the FXCM MENA business. Skopalino Finance Ltd is a new forex broker that appears close to be launching and will offer both the MT4 and CQG platforms. Roboforex (Cy) Ltd (FORMER: A.I. Gurufx Ltd) is a New Zealand regulated forex broker that is adding a CySec license. Magline Investments Ltd is the operator of the Trading247 binary options brokerage, a growing broker that is reportedly among the top 20 largest binary brokers. Monex Capital Markets Cy Limited, is affiliated with Monex Capital Markets, a UK licensed broker targeting the UK and Asian market. Keplero Holdings Limited operates the Banc de Swiss binary options brokerage business. MPF Global Markets Ltd is a soon to be launched MT4 broker. WGM Services Ltd (Win Global Markets) is the operator of the binary options brands EZTrader and GlobalOption.
If you build it they will come
During the iFXEXPO in Cyprus, one of the noticeable happenings was a proliferation of startups that were being established in the country despite the current financial difficulties there. When speaking to Nicolas Treppides, Owner of, K.Treppides & Co Ltd, who provides accounting and consulting services to foreign firms desiring to operate in Cyprus, including brokers, at the iFXEXPO about the phenomenon, he explained that Cyprus offers a low tax rate, accommodating government, a flexible regulator, and a gateway to the European market. As a result, companies are still seeing value in entering the country. Specifically, Treppides, as well as representatives from KPMG mentioned interest among binary brokers as leading demand for new licenses. As a However, companies were mentioned to be taking things slower and taking more financial precautions, such as diversifying their cash holdings. Overall, the large list of broker getting licensed looks more like the trend than a one time anomaly.