Tag: Cyprus bailout

May 07, 2013 BY Gerald Segal

Forex brokers find ways to exploit the Cyprus situation

Ads and landing pages have been popping up with "We're not in Cyprus" type ads. Forex brokerages (at least some) had been known years ago, rightly or wrongly, for advertising which goes beyond 'aggressive' and borders on 'offensive'. Well it seems as if some of that type of advertising is back in vogue, following the…

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April 22, 2013 BY Gerald Segal

Cyprus details how FX brokers can avoid the 'haircut'

CySEC 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…

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April 09, 2013 BY Gerald Segal

Cyprus FX brokers allowed to skirt customer privacy laws

CySEC 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)…

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April 03, 2013 BY Gerald Segal

CySEC working to free client funds at Cyprus FX brokers

Central 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…

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March 26, 2013 BY Gerald Segal

Cyprus final bailout agreement is worse for the FX brokers

Unlike 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…

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March 21, 2013 BY Gerald Segal

Cyprus FX brokerages scramble to reassure clients

The website home pages of several leading Cyprus FX and Binary brokers now lead with "Your Funds Are Safe" ads. As the Cyprus bailout fiasco heads into its fourth day -- and as Cyprus banks remain closed -- the Cyprus-based FX and Binary brokers caught in the middle of all this have been scrambling to reassure…

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March 20, 2013 BY Gerald Segal

Cyprus-EU bailout and the FX and Binary Brokers

Wall Street Journal quotes LeapRate research in its article on Cyprus FX brokers and the bailout. First of all, we'd like to say that we're very proud that the Wall Street Journal decided to base its article on the fallout for Cyprus FX brokers on research and comments made by LeapRate Managing Director Gerald Segal.…

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March 17, 2013 BY Gerald Segal

The Cyprus EU bailout – will it affect FX brokerages?

Saxo 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…

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