Cypriot Regulator CySEC Grants Four CIF Licenses To New Arrivals In Cyprus
by
Andrew Saks McLeod
Cypriot law firm MAP S. Platis has today confirmed that four FX firms have been granted CIF licenses by Cypriot regulator CySEC, further alluding to the island's attractiveness to firms wishing to enter the European market.
The Cypriot FX industry appears to show no sign of contraction following the island nation's banking crisis earlier this year, evidence of which was abound at this year’s Forex Magnates IFXEXPO in Limassol, where Chairman of Cypriot financial markets regulator CySEC Demetra Kalogirou confirmed to attendees that the regulator had 36 pending applications for licenses awaiting authorization at the time of the IFXEXPO.
Today, Cypriot law firm MAP S. Platis announced that four firms were granted a Cyprus Investment Firm (CIF) license by the regulator having instructed the law firm to act on their behalf in gaining regulation with CySEC.
These firms are:
• Prodigit Investments Ltd, which was granted CIF License Number 200/13
• Admiralex Ltd which was granted CIF License Number 201/13
• AVFX Trading Ltd which was granted CIF License Number 204/13
• FXGlobe Ltd which was granted CIF License Number 205/13
FXGlobe already operates in other jurisdictions, and is registered as a Financial Services Provider in New Zealand, but is not regulated in any jurisdiction, the receipt of a CySEC license therefore representing the firm’s foray into the retail market as a regulated firm.
Admiralex belongs to Admiral Markets, a firm which has been furthering its presence overseas lately, having established an office in London and gained an FCA license in the UK earlier this month.
On the sustained recent growth of the retail sector in Cyprus, Dr. Stelios Platis, Managing Director of MAP S. Platis explained to Forex Magnates: “Cyprus has not only done well in attracting well-established FX brokers from around the world. What is more important is the tens of start-up FX brokers who thrive and grow from Cyprus to conquer the retail FX industry."
Cyprus Continues To Attract Overseas FX Firms
Dr. Platis made an interesting point regarding the practicalities surrounding operating laws in Cyprus, which is of particular interest when bearing in mind that one of the companies which received its license today was AVFX a company whose Israel operation ATrade faces the effects of proposed stringent rulings scheduled for the Israeli market later this year.
“Whereas in other jurisdictions, FX brokers have to work around burdensome and restrictive rules on leverage, excessive capitalization or expensive operating requirements, which restrict growth and consume valuable human and monetary resources, Cyprus’s FX brokers enjoy a stable and reasonable regulatory regime coupled with low operating costs” stated Dr. Platis.
Speaking to Forex Magnates today on the granting of these four licenses by CySEC through the law firm, Dr. Platis concluded that he remains optimistic about the future of the industry in Cyprus. “The sector in Cyprus appears to still be growing strong and expect it to continue to do so at least in the short-term, judging from new applications and new requests in front of MAP S.Platis today. In the face of risk and uncertainty, markets and brokers undoubtedly reach out to quality and our firm has invested significantly in this direction over the years. This is why we manage to grow the sector even in the aftermath of this banking crisis” said Dr. Platis.
Low Entry Barriers & Access To Continental Market
Pambos Panayotou, Executive Director of Trading Point of Financial Instruments Ltd addressed the Regulation Panel at this year’s Forex Magnates IFXEXPO, during which he reinforced the attraction of the passport: “Cyprus still has attraction because of the passport. This is still a major reason for firms coming to Cyprus. There is also the advantage of being able to employ good and qualified staff which can be part of the management of the firms. “
This was further borne out by Tal Ron, Advocate at law firm Tal Ron, Drihem & Co who explained during the Regulation Panel: “The fees and set up costs which CySEC apply are competitively priced. It is considerably cheaper to gain regulation with Cyprus rather than other regulators which will allow access to Europe such as the FSA/FCA. I use that example because in the UK it is often 5 times the cost of obtaining a licence in Cyprus, and it achieves the same end. You get an FSA registration number with a CySEC license due to the EU passport. This has a tremendous value.”
The Cypriot FX industry appears to show no sign of contraction following the island nation's banking crisis earlier this year, evidence of which was abound at this year’s Forex Magnates IFXEXPO in Limassol, where Chairman of Cypriot financial markets regulator CySEC Demetra Kalogirou confirmed to attendees that the regulator had 36 pending applications for licenses awaiting authorization at the time of the IFXEXPO.
Today, Cypriot law firm MAP S. Platis announced that four firms were granted a Cyprus Investment Firm (CIF) license by the regulator having instructed the law firm to act on their behalf in gaining regulation with CySEC.
These firms are:
• Prodigit Investments Ltd, which was granted CIF License Number 200/13
• Admiralex Ltd which was granted CIF License Number 201/13
• AVFX Trading Ltd which was granted CIF License Number 204/13
• FXGlobe Ltd which was granted CIF License Number 205/13
FXGlobe already operates in other jurisdictions, and is registered as a Financial Services Provider in New Zealand, but is not regulated in any jurisdiction, the receipt of a CySEC license therefore representing the firm’s foray into the retail market as a regulated firm.
Admiralex belongs to Admiral Markets, a firm which has been furthering its presence overseas lately, having established an office in London and gained an FCA license in the UK earlier this month.
On the sustained recent growth of the retail sector in Cyprus, Dr. Stelios Platis, Managing Director of MAP S. Platis explained to Forex Magnates: “Cyprus has not only done well in attracting well-established FX brokers from around the world. What is more important is the tens of start-up FX brokers who thrive and grow from Cyprus to conquer the retail FX industry."
Cyprus Continues To Attract Overseas FX Firms
Dr. Platis made an interesting point regarding the practicalities surrounding operating laws in Cyprus, which is of particular interest when bearing in mind that one of the companies which received its license today was AVFX a company whose Israel operation ATrade faces the effects of proposed stringent rulings scheduled for the Israeli market later this year.
“Whereas in other jurisdictions, FX brokers have to work around burdensome and restrictive rules on leverage, excessive capitalization or expensive operating requirements, which restrict growth and consume valuable human and monetary resources, Cyprus’s FX brokers enjoy a stable and reasonable regulatory regime coupled with low operating costs” stated Dr. Platis.
Speaking to Forex Magnates today on the granting of these four licenses by CySEC through the law firm, Dr. Platis concluded that he remains optimistic about the future of the industry in Cyprus. “The sector in Cyprus appears to still be growing strong and expect it to continue to do so at least in the short-term, judging from new applications and new requests in front of MAP S.Platis today. In the face of risk and uncertainty, markets and brokers undoubtedly reach out to quality and our firm has invested significantly in this direction over the years. This is why we manage to grow the sector even in the aftermath of this banking crisis” said Dr. Platis.
Low Entry Barriers & Access To Continental Market
Pambos Panayotou, Executive Director of Trading Point of Financial Instruments Ltd addressed the Regulation Panel at this year’s Forex Magnates IFXEXPO, during which he reinforced the attraction of the passport: “Cyprus still has attraction because of the passport. This is still a major reason for firms coming to Cyprus. There is also the advantage of being able to employ good and qualified staff which can be part of the management of the firms. “
This was further borne out by Tal Ron, Advocate at law firm Tal Ron, Drihem & Co who explained during the Regulation Panel: “The fees and set up costs which CySEC apply are competitively priced. It is considerably cheaper to gain regulation with Cyprus rather than other regulators which will allow access to Europe such as the FSA/FCA. I use that example because in the UK it is often 5 times the cost of obtaining a licence in Cyprus, and it achieves the same end. You get an FSA registration number with a CySEC license due to the EU passport. This has a tremendous value.”
Webull Introduces "Lite" Version of Trading App for Retail Users
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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