The problem lies in the competitive environment and high cost of acquisition facing brokers today. The solution lies in automation according to OSYSTEMS’ COO and Advocate Keith Isaac.
Live: CySec Chairman Demetra Kalogerou goes ballistic, gets executives of Cyprus FX firms in a room and absolutely lambasts them
CySec Chairman Demetra Kalogerou dresses down the entire retail FX industry on the island, telling executives that she does not like IBs, wants to outlaw call centers and has drastic changes ahead, delivered in a powerful and extremely assertive manner
What is today’s meeting in Cyprus about? All responsible officers at Cyprus FX firms are due to attend a meeting hosted by CySec Chairman Demetra Kalogerou. Why now, why did CySec whitewash its purpose, and will there be extreme discontent?
Corruption in Cyprus: Ombudsman goes against clients in FAVOR of IronFX – FinanceFeeds investigation
Astonishingly, the Cyprus authorities, which should protect clients, are attempting to prove IronFx right to withhold clients funds ($176 million), thus invoking contractual terms which are unfair under European law
Less flashy adverts, refusal to accept French clients and use of questionaries for investors, are amid the findings.
IronFX’s lawyers that have been instrumental in helping IronFX withhold withdrawals of profit and initial deposits by sending nasty legal threats to customers have been prosecuted for bribing a public official and abuse of power. Andreas Neocleous has been charged, and his son Panayiotis Neocleous is now in jail. Is this the end of the massive protection that has kept IronFX in business?
Cyprus will request that the investment firm has authorization in the third country.
Why is BDSWISS allowed to continue to pretend to be a Swiss company when actually it is a CySec licensed binary options, CFD and OTC FX broker operating a b-book? Misleading advertising is one thing, pretending to be a Swiss firm is much more serious
All CIF applications submitted to CySEC from March 15, 2017 onwards should be using the updated Form.
Cyprus is a global center of institutional regulatory and market infrastructure evolution: In-depth report from Limassol
Cyprus has become a pinnacle of high quality electronic markets prowess and is now attracting dialog from regulatory technology firms with large listed derivatives giants of Chicago, Tier 1 banks of Germany, global execution solutions stalwarts and government leaders alike. FinanceFeeds exclusively details Cyprus’ elevation on the world stage
Despite the recent increase in capital requirements by offshore regulators, they still have zero credibility. To license offshore means to loose all credibility.
The coincidentally named STP in Cyprus will likely pave the way toward a future of advanced financial technology for Cyprus
The regulator says it will monitor how these products are sold and will consider future action.
Tenor of binary options should be at least 5 minutes, with investors to be able to exit before expiry.
“New CySec rulings will squeeze already stretched retail FX firms” says Leverate General Manager Sami Mana
The big risk that faces the brokerage sector in the European Union is that there will be further consolidation in that many will close, and others will merge meaning that there will be less brokerages but the ones that continue to operate will be large due to consolidation” – Sami Mana, General Manager, Leverate
The French regulator urges traders to contact the broker and the Cypriot regulator.
Irony in action at CySec: BDSWISS settles with regulator for misleading marketing, but allowed to call themselves Swiss and display Swiss flag
Whilst CySec points the finger at BDSWISS for misleading marketing material, what about pretending to be Swiss, using the Swiss flag, and calling themselves a bank?
Playtech’s Markets.com makes changes to leverage, margin call procedure, margin close-out level and, very interestingly adopts the market execution method in the advent of new rulings from CySec
Jonathan Baumgart, CEO, MoneyMatters.pl & Atomiq Consulting, expects continued growth in competition in the retail FX sector.