This page contains a Flash digital edition of a book.
Cyprus


Over the last decade Cyprus has become a magnet for many new businesses operating in the financial markets and has found particular favour amongst those in the world of Retail FX trading with many big industry names finding it useful to position themselves there.


requirements of the international treaties and standards and European Union Directives


C


yprus maintains today the most efficient tax system in the EU, whilst it applies all


with respect to Anti-money Laundering provisions. Tis, combined with the ability to passport the Cyprus license into the rest of the EU, makes the Cyprus investment Firm License very valuable indeed.


Another important factor has been the presence of Metaquotes Software Corporation in Cyprus, which is the favourite platform provider of a great majority of brokers in the sector, whilst more recently the presence of MAP S.Platis, which is currently the only consultancy firm in the region which is able to provide a true comprehensive regulatory support to the sector, also adds to Cyprus’ competitive advantages.


“In the last few years, of the average 30 applications that the Cyprus Securities and Exchange Commission (CySEC) receives each year for granting of Cyprus Investment Firms (CIF) authorization, around two thirds of them concern the setting up of CIFs for the provision of foreign exchange trading services,” says Mrs. Demetra Kalogerou, chairwoman of CySEC.


Increased recruitment activity


Te industry has been growing at such a rate in Cyprus, that in spite of it facing the same economic downturn as everyone else in the European Union, FX brokers are finding it hard to find the right candidates to fill open positions. According to a Global Recruitment Solutions survey of Cyprus, one in six people or 13.4% of the placements made during the first quarter of 2012 were in the forex sector, ranking it as the third busiest sector for the first quarter of this year.


44 | INSTITUTIONAL FX SERVICES - THE BROKERS HANDBOOK 2012/2013


Country Spotlight


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124