We’ve seen a trend among Cyprus brokers establishing a presence in the UK in connection with assisting the expansion of their global appeal. Beyond just arguably providing greater recognition to brokers, London also provides logistic reasons to be located in the city due to it being the center of the FX world. Similar to technology startups that often make their way to Silicon Valley to provide easier access to venture capital and experienced employees, London has positioned itself as one of the most important hubs of all things financial.
Following on that trend, Confisio, a provider of regulatory and operational solutions for financial services companies, has announced that it is moving its headquarters from Cyprus to London. Offering solutions for firms to become compliant with European Market Infrastructure Regulation (EMIR) regulatory requirements, Cyprus has provided a source of business for Confisio due to the abundance of Forex and binary options brokers in the country that fall under the new EMIR reporting guidelines. However, beyond Cyprus, Confisio is also seeing demand for its solutions in the greater EU and UK, thus triggering their move to London.
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Following the move, the London office will become the company’s main location for servicing UK and European customers, while the Cyprus branch will continue to operate for local clients. The London office will be headed by Andreas Roussos, Head of Sales at Confisio. Commenting to Forex Magnates, Roussos explained that customer demand beyond Cyprus is also driven by EMIR compliance, as the regulation affects all European Economic Area (EEA) countries. In regards to other regulatory trends that could trigger additional types of regulation driven business, Roussos answered, “Confisio is currently focusing on its EMIR solution. It is considering other regulatory solutions.”
In the company’s public remarks about the move, overall demand from non-Cyprus firms was mentioned as Christodoulos Papadopoulos, CEO of Confisio stated: “Our client base and business have grown significantly and increasingly the bulk of our clients are based not in our home market but elsewhere in Europe, particularly London. We want to be closer to these current and future clients as they navigate complex regulatory environments and the need for new tools and services.”