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“Troughout 2011, as in 2010, we continued to see a lot of recruitment activity in the forex trading sector as existing international FX players and start-up FX companies opened new offices in Cyprus,” said Donna Stephenson, director of Global Recruitment Solutions with offices in Limassol and Nicosia in the report. “Tis increased the demand for candidates with strong language skills both from within and outside the European Union.”


“It is really pleasant to note that, despite the current prevailing uncertainty and financial hardship in Europe and the rest of the world, we still observe a continuous growth in CIFs in terms of the number of entities, financial services offered, size and sophistication,” agrees Kalogerou. It’s a viewpoint with which many agree. “In times of global crisis, the advantages of establishing a business in Cyprus are more evident than ever, the strategic location,


the lowest tax rate in Europe, high standard of living and business services offered - we believe these are the most important factors and this is why we’re in Cyprus and why we always strive to promote it among financial organizations worldwide,” advocates Fivos S. Georgiades, senior manager with MetaQuotes Software, a leading FX technology provider.


Attractive to overseas brokers


A substantial percentage of EMEA retail FX trading activity is internalized in Cyprus which has managed to position itself successfully as a base to a large crop of FX brokers by offering low-cost, ‘MiFID passport access’ to EU countries, while also proving to be attractive to US, Asian and Middle Eastern brokers.


“Te industry has reshaped over the last six years,” says Vladimir Kisyov, a director with DF Markets. “We’re even seeing US brokers seeking opportunities in Europe, as their domestic regulations become tighter, for example the restriction on leverage multiples offered to clients. Tey’re looking for new business and are placing subsidiaries usually in jurisdictions like the UK and Cyprus,” he adds.


Tis rapid sectoral development of the investment services in Cyprus has seen licensed CIFs grow from only 18 in 2003 to 123 today. Te mantra for setting up in Cyprus is threefold: low tax, regulatory oversight and geographic position


Mrs. Demetra Kalogerou


“The most important advantages for foreign entrepreneurs include the favourable tax regime and the direct access to the EU market, which enables them to reach the European client pool and take advantage of the EU passport for the provision of financial services in other EU Member States,”


“Te most important advantages for foreign entrepreneurs include the favourable tax regime and the direct access to the EU market, which enables them to reach the European client pool and take advantage of the EU passport for the provision of financial services in other EU Member States,” says Kalogerou.


“I’d say that Cyprus offers an ideal investment framework combined with modern and efficient legal, accounting,


INSTITUTIONAL FX SERVICES - THE BROKERS HANDBOOK 2012/2013 | 45


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