Tag: Cyprus FX

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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January 31, 2013 BY Gerald Segal

CySEC recalls UFX Markets letter

Do regulators have to also pay fines themselves for making administrative errors? In a fairly quick and somewhat bizarre about-face to the story we broke earlier today (that CySEC and UFX Markets had "compromised on" an €100,000 fine for UFX Markets' regulated parent company Reliantco, for undisclosed actions), CySEC has now issued a new letter recalling…

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January 31, 2013 BY Gerald Segal

CySEC fines UFX Markets €100,000

Although the fine remains shrouded in mystery as to what UFX was actually charged with doing. Cyprus' financial regulator CySEC disclosed today it had fined UFX Markets (or more specifically, its regulated parent holding company Reliantco Investments Ltd) the sum of €100,000, The fine followed a CySEC investigation "for reasonable suspicion of committing possible violations" of Cyprus'…

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December 28, 2012 BY Gerald Segal

Alpari shuts down its Cyprus operation

All Alpari FS clients to be transferred to Alpari UK. In something of a surprise move, Alpari announced that as of February 8 it will transfer all client accounts legally situated with Alpari's Cyprus subsidiary Alpari FS, and move them to Alpari UK.  Following February 8 Alpari FS will cease providing services to clients. Alpari…

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