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 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 moreCySEC allows FX brokers to release client names and data to banks, to allow for release of client funds. LeapRate Exclusive... We reported (exclusively) last week that segregated client fund bank accounts held by Cyprus FX brokers at Laiki Bank and Bank of Cyprus would NOT be subject to the "haircut" (or more correctly, confiscation)…
Read moreCentral Bank of Cyprus has agreed to not haircut segregated bank accounts over €100,000, where the ultimate beneficiaries are small individual investors. LeapRate Exclusive... LeapRate has learned that Cyprus' financial regulator CySEC is working on behalf of licensed Cyprus investment firms, which include many FX and Binary brokers, to prevent the dreaded "haircut" on bank accounts…
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 moreSaxo Bank co-CEO's comments question whether the 10% confiscation of client funds at Cyprus banks will also apply to Cyprus FX brokerages. Before we start (or contribute to an existing) panic among clients of Cyprus-based FX brokerages, we would like to state at the outset that we have been told directly by senior management at…
Read more