Finance Magnates met Demetra Kalogerou for a special interview, discussing the IronFX story that shook the industry.
CySEC Chairwoman Demetra Kalogerou
Demetra Kalogerou, the Chairman of the Cyprus Securities Exchange Commission (CySEC), is one of the most prominent and influential figures in the global financial regulations landscape.
Finance Magnates managed to sit down with her for a special and exclusive interview in light of the ongoing IronFx scandal that is far from being resolved.
We are following IronFX's misbehavior and your response to it. There are claims that the investigation has been delayed. What is your response?
“We actively respond to indications of potential misconduct or failure to full comply. In this case, we started getting investor complaints in February 2015 and started our investigation shortly after. It’s a big firm with hundreds of thousands of clients and all complaints received had to follow the process in place. The case took some time to complete due to its scale. It takes time to properly scrutinize any potential wrongdoing.”
You recently reached a settlement with IronFX. Why settle for 335,000 EUR when it's not enough to compensate its clients?
“The amount of a settlement isn’t directly or indirectly linked to the amount potentially needed for compensation. CySEC does not have any restitution powers over compensation of investors. Those who seek compensation have the right to go to the financial ombudsman or the courts. CySEC has issued a Circular which explains the procedure in place for investor complains which is available on its website. Our mandate is to supervise and CySEC will continue to closely supervise all CIFs under its supervision and will not hesitate to bring further enforcement forward in the event that the law is breached.”
We are an independent authority that works under the rule of law and not the political administration
Some claim that it is not nearly proportionate to the company's misbehavior.
“This settlement amount was the second highest that CySEC agreed to with a CIF. Generally, when a settlement is reached by CySEC, it indirectly implies that the firm accepts misbehavior. And having to immediately pay the amount is certainly a form of punishment. The primary issue was that the company’s Risk Management failed to identify potential misuse of its bonus system. We took this matter very seriously as managing risk is what underpins any financial organisation. The bonus practices prompted CySEC to issue a Circular in April 2015, which effectively sets a road map of the accepted market practices in terms of trading benefits. It's important to note that, in addition to the settlement amount, CySEC has imposed a list of corrective measures to be implemented by the company, as well as some restrictions on the company's activity.”
What are your comments on the allegations that IronFX’s ties with the President of Cyprus have helped? Did the president pressure you?
“We are an independent authority that works under the rule of law and not the political administration. Therefore, I don't have anything to say about that.”
You recently launched the Investor Compensation Fund (ICF): It currently holds around €17.5 million. What steps will CySEC take in the case a regulated broker goes bankrupt andis this amount is insufficient to compensate clients?
“The creation of the CIF Investor Compensation Fund (ICF) emanates from our mandate to protect the investors. Having this in mind and the risks in the market, we took the decision to review the regulation of the ICF. This process is currently underway. CySEC will hire an external advisor mandated to assess the ICF regulation. The aim is to ensure the ICF reflects the needs of the industry and its clientele and the prevailing risks. Our goal is to have this completed by the end of the year. We are considering various amendments, for example, whether the high risk firms might need to have a higher contribution to the fund in comparison to the ones with lower risks, i.e. the fees will depend on the risk profile.”
Demetra Kalogerou with Finance Magnates' correspondent
How does CySEC evaluate the conditions under which clients are entitled to compensation? What are your guidelines?
“A special committee is set to examine the applications of CIF clients towards the ICF and to assess the amount of compensation that each investor is entitled to. Having said that, it's important to underline that the activation of the ICF is the last resort. The ICF cannot be activated unless the CySEC revokes a CIF’s license, the CIF commits bankruptcy, and it is not in position to cover its outstanding obligations vis-à-vis its clients after the liquidation of its assets.”
This is the first part of the special interview with the head of CYSEC. The second part will be published later this week. The full interview, that includes many other hot topics, can be found in the new issue of the Quarterly Industry Report. To get the Q1 2016 report, please send an email to qir@financemagnates.com
Demetra Kalogerou, the Chairman of the Cyprus Securities Exchange Commission (CySEC), is one of the most prominent and influential figures in the global financial regulations landscape.
Finance Magnates managed to sit down with her for a special and exclusive interview in light of the ongoing IronFx scandal that is far from being resolved.
We are following IronFX's misbehavior and your response to it. There are claims that the investigation has been delayed. What is your response?
“We actively respond to indications of potential misconduct or failure to full comply. In this case, we started getting investor complaints in February 2015 and started our investigation shortly after. It’s a big firm with hundreds of thousands of clients and all complaints received had to follow the process in place. The case took some time to complete due to its scale. It takes time to properly scrutinize any potential wrongdoing.”
You recently reached a settlement with IronFX. Why settle for 335,000 EUR when it's not enough to compensate its clients?
“The amount of a settlement isn’t directly or indirectly linked to the amount potentially needed for compensation. CySEC does not have any restitution powers over compensation of investors. Those who seek compensation have the right to go to the financial ombudsman or the courts. CySEC has issued a Circular which explains the procedure in place for investor complains which is available on its website. Our mandate is to supervise and CySEC will continue to closely supervise all CIFs under its supervision and will not hesitate to bring further enforcement forward in the event that the law is breached.”
We are an independent authority that works under the rule of law and not the political administration
Some claim that it is not nearly proportionate to the company's misbehavior.
“This settlement amount was the second highest that CySEC agreed to with a CIF. Generally, when a settlement is reached by CySEC, it indirectly implies that the firm accepts misbehavior. And having to immediately pay the amount is certainly a form of punishment. The primary issue was that the company’s Risk Management failed to identify potential misuse of its bonus system. We took this matter very seriously as managing risk is what underpins any financial organisation. The bonus practices prompted CySEC to issue a Circular in April 2015, which effectively sets a road map of the accepted market practices in terms of trading benefits. It's important to note that, in addition to the settlement amount, CySEC has imposed a list of corrective measures to be implemented by the company, as well as some restrictions on the company's activity.”
What are your comments on the allegations that IronFX’s ties with the President of Cyprus have helped? Did the president pressure you?
“We are an independent authority that works under the rule of law and not the political administration. Therefore, I don't have anything to say about that.”
You recently launched the Investor Compensation Fund (ICF): It currently holds around €17.5 million. What steps will CySEC take in the case a regulated broker goes bankrupt andis this amount is insufficient to compensate clients?
“The creation of the CIF Investor Compensation Fund (ICF) emanates from our mandate to protect the investors. Having this in mind and the risks in the market, we took the decision to review the regulation of the ICF. This process is currently underway. CySEC will hire an external advisor mandated to assess the ICF regulation. The aim is to ensure the ICF reflects the needs of the industry and its clientele and the prevailing risks. Our goal is to have this completed by the end of the year. We are considering various amendments, for example, whether the high risk firms might need to have a higher contribution to the fund in comparison to the ones with lower risks, i.e. the fees will depend on the risk profile.”
Demetra Kalogerou with Finance Magnates' correspondent
How does CySEC evaluate the conditions under which clients are entitled to compensation? What are your guidelines?
“A special committee is set to examine the applications of CIF clients towards the ICF and to assess the amount of compensation that each investor is entitled to. Having said that, it's important to underline that the activation of the ICF is the last resort. The ICF cannot be activated unless the CySEC revokes a CIF’s license, the CIF commits bankruptcy, and it is not in position to cover its outstanding obligations vis-à-vis its clients after the liquidation of its assets.”
This is the first part of the special interview with the head of CYSEC. The second part will be published later this week. The full interview, that includes many other hot topics, can be found in the new issue of the Quarterly Industry Report. To get the Q1 2016 report, please send an email to qir@financemagnates.com
Only 7% of New XTB Clients Pick CFDs Now, Down From 80% in 2019
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
