Brokers News 

How to Prepare for CySEC’s New Tiered Leverage

“This move is aimed directly at the amount of leverage that member firms can offer to their retail clients” writes Finance Magnates Staff for financemagnates.com. Traders, brokers, and retail clients have until June 14 to make their feelings known before final proposals are published.CySEC proposed a risk-based approach to the leverage of trading in multiple financial instruments.The Cyprus Securities and Exchange Commission (CySEC), has proposed a range of innovative leverage measures to protect retail clients and brokers who trade with Cypriot financial institutions.Tiers were defined for different segments of retail…

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News 

Exclusive: Centroid Solutions Opens a New Office in Cyprus

“Broker technology provider Centroid Solutions has shared with Finance Magnates that the company is continuing to expand its operations” writes Victor Golovtchenko for financemagnates.com. Centroid Solutions new office location in downtown Limassol, Cyprus will service existing and new clients as the firm continues its global expansion effort. Source: financemagnates.com

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Brokers News 

CySEC Adds FX Broker ECN Capital to its Warning List

“This time it is against ECN Capital Ltd, with the securities regulator warning that it is not an authorised entity” writes Celeste Skinner for financemagnates.com. Because of this CySEC urges residents of Cyprus to consult the warning section of its website before conducting business with investment firms. Source: financemagnates.com

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Brokers News 

Exclusive: New CFD Brokerage Emporium Capital Acquires CySEC License

“The latest company to join the brokerage industry on the island is Emporium Capital” reports financemagnates.com. Emporium Capital enters the space in one of the most challenging periods for the FX industry.The website of the new brokerage company is still not operating, but the firm’s office in the center of Nicosia is now open. Source: financemagnates.com

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News 

Al-Sisi meets Greek, Cyprus presidents to enhance cooperation, political consultation

“During previous summits, illegal immigration was on top of the agenda, as the three countries vowed to counter the phenomenon, suggesting two approaches” writes Fatma Lotfi for dailynewsegypt.com. Anastasiades said that Egypt has played a role in countering the illegal immigration and the constant flow of refugees streaming from crises across the region.The meeting also tackled international and regional issues of common interest, including countering terrorism and illegal immigration, recent updates in the region, and possible ways of reviving peace process between Palestinians, and Israelis. Source: dailynewsegypt.com

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GBP News 

CySEC advises firms wishing to relocate to Cyprus after Brexit on deadlines to do so

“The CySEC announcement, published today, concerns the timely submission of requests for authorisation by entities wishing to relocate to another EU member state due to the United Kingdom withdrawing from the European Union” reports financefeeds.com. Enquiries are accepted via the following email address: [email protected] The announcement by CySEC lacks any explanation on why firms willing to relocate outside of the UK would choose Cyprus as the host of their EU headquarters. Source: financefeeds.com

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Gates describes how he and Manafort funneled millions through Cyprus accounts

“In reality, it was basically money moving between accounts,” Gates said during his second day of testimony in the financial fraud trial of his former boss” writes Chad Day for sun-sentinel.com. Rick Gates, the government’s star witness, recounted how he and Manafort used offshore shell companies and bank accounts in Cyprus to funnel the money, all while concealing the accounts and the income from the IRS. “In Cyprus, they were documented as loans. Source: sun-sentinel.com

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Manafort ex-aide Gates testifies at trial on Cyprus accounts

“ALEXANDRIA (Reuters) – The top aide to former Trump campaign chairman Paul Manafort testified at trial on Tuesday that Manafort told him not to tell their firm’s bookkeeper about payments from accounts in Cyprus” writes Midwest Communications Inc for 95kqds.com. Rick Gates, the U.S. government’s star witness in Manafort’s trial on tax fraud and bank fraud charges, testified in federal court in Alexandria, Virginia, that there were hundreds of emails showing Manafort approved payments out of Cypriot accounts. Gates testified on Monday that wealthy Ukrainian businessmen paid Manafort millions of…

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