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investments,” observes Vitali Boutbaev - Head of Saxo Bank Cyprus A/S. He adds that, “We’re keen to explore potential growth in the Cyprus market, which we believe is emerging quite rapidly and improving.”


Part of the process of continuing to be an environment that attracts investment is not only keeping abreast of regulatory developments but also being aware of new opportunities and adapting to market demands.


“We’ve proceeded promptly and pro-actively with the regulation of the forex market,”


observes Kalogerou. “Tis involves regularly re-evaluating the legislation and revising it where necessary, as well as being very vigilant in monitoring and ensuring that the supervised entities abide by the relevant legal framework. We’ve harmonized the national legislation with the UCITS IV Directive which opens up the market to Collective Investments in Transferable Securities (UCITS) and allows UCIT management companies to step up local UCITS in Cyprus. Tis launches a whole new framework for the operation of UCITS in Cyprus, a sector which is very promising and is


expected to attract a considerable number of foreign investors and entrepreneurs,” she explains.


“Te new executive members of the CySEC have undertaken a number of initiatives with respect to investment firms as well as hedge funds in enhancing Cyprus’ competitive edge, by for example, bringing increasingly popular binary options trading under regulation,” Stelios Platis points out.


“Te growing interest in a new financial product, called the binary option, is another trend which characterizes the securities


Fivos S. Georgiades “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..”


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


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