CPT Markets, a forex and contracts for differences (CFDs) brokerage firm, is making strategic moves to strengthen its European presence with the inauguration of a new office in Larnaca, Cyprus, marking the firm's first physical presence within the European Union.

CPT Markets’ New Cyprus Office

The broker has inaugurated its Cyprus office today. Ioan Mihalachi will head the new unit, which has started operations with 15 staff across departments, including operations, support, back office, payments, dealing, risk management, and compliance.

Mihalachi joined CPT Markets earlier this year as the Chief Operating Officer, bringing about 14 years of experience to the role. Before joining CPT Markets, he was the CEO of Multibank's Cyprus unit and helped it receive a license in Cyprus.

“Cyprus has always been a hub for the financial services industry. The island boasts a wealth of professionals experienced in the trading sector, making it a highly strategic location for brokers,” Mihalachi told Finance Magnates, mentioning the advantages of a presence in Cyprus.

“The primary focus of the new Cyprus office will be to ensure operational effectiveness across all units of CPT Markets.”

Expanding Reach

CPT Markets (previously known as Citypoint Trading) offers trading services with margin forex and CFDs of indices, commodities, stocks, and cryptocurrencies to retail traders. However, the product offerings differ from one region to another.

Currently, CPT Markets operates with five licenses, including those from the regulators in the United Kingdom, South Africa, and Belize. However, the broker does not have any operational license within the European Union.

By establishing a presence in Cyprus, CPT Markets is poised to expand its European operations. The company also plans to apply for a Cyprus Investment Firm (CIF) license from the Cyprus Securities and Exchange Commission (CySEC) in the future.

Meanwhile, Finance Magnates reported that the revenue of the UK unit of CPT Markets jumped to £1.15 million in 2023.