Cyprus' Fin Min sees capital controls removed during 2014. In business, there are the things you can control and the things you can't control. While most of us in business spend time worrying about things we CAN control, it is often the other things which affect us most. Case in point -- this past Spring's…
Read moreMarks a major victory for Cyprus forex brokers. LEAPRATE EXCLUSIVE..... BREAKING FOREX NEWS.... Great news heading into the weekend for Cyprus forex brokers. LeapRate has learned that Cyprus' financial regulator CySEC has fully revered its previous, controversial position which required Cyprus forex brokers to provide very onerous disclosure regarding their operations in non-EU countries. In…
Read moreCySEC details disclosure rules required to prove funds in segregated bank accounts in fact belong to individual investors. As we reported earlier, the Central Bank of Cyprus has agreed to NOT apply the dreaded 'haircut' to bank balances above €100,000 at Laiki Bank and Bank of Cyprus, for bank accounts where the ultimate beneficiaries are smaller…
Read moreUnlike the original proposal, uninsured depositors will likely lose around 40% (not 10%) at Cyprus' two largest banks. The new (and seemingly final) Cyprus bailout agreed to Sunday night by senior Cyprus government officials, the EU and the IMF will see the complete wind-down of Laiki bank, the second largest bank in the country. The…
Read moreCySEC issues press release asserting its "authority to reach settlements". Well it seems as if we've ruffled some feathers at Cyprus' financial regulator CySEC. In an apparent response to our article Wednesday in which we claimed that CySEC is shaking down a number of FX brokers, CySEC issued a press release yesterday (full wording included below,…
Read moreCySEC threatening FX brokers if they don't settle quietly and pay large fines. LeapRate Exclusive -- Some very strange pronouncements have been coming lately from Cyprus' financial regulator CySEC relating to FX brokers. For example yesterday we see CySEC announce a €50,000 fine against eToro, with no real explanation given. (The press release mentioned a very vague…
Read moreFXNet set up by former XEMarkets (TradingPoint) execs. Cyprus' securities regulator CySEC announced that it has granted a CIF (Cyprus Investment Firm) license to FXNet, an about-to-be-launched retail FX firm. FXNet is being formed by (among others) executives from XEMarkets, including Costas Kappai, formerly senior dealer at XEMarkets. [Editor's note -- see company comment below].…
Read moreCFTC settling one-by-one with 25 firms named last year for taking US retail clients.
Read more