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Abstract:We previously reported that Swissquote was growing and recruiting in Cyprus, most notably employing former Orbex, eToro, and IronFX executive Zoltan Nemeth as COO. We have now discovered that Swissquote has secured its CIF license from CySEC for its Cyprus-based company, Swissquote Capital Markets Ltd. (CY).
We previously reported that Swissquote was growing and recruiting in Cyprus, most notably employing former Orbex, eToro, and IronFX executive Zoltan Nemeth as COO. We have now discovered that Swissquote has secured its CIF license from CySEC for its Cyprus-based company, Swissquote Capital Markets Ltd. (CY).
When its EU-facing business out of Cyprus commences full operations in 2023, the firm will use the name Swissquote Capital Markets.
Muammar Behnam, Managing Director and Head of Sales at Swissquote and a board member of Swissquote Capital Markets Ltd (CY), wrote the following comment on social media today.
“Very happy to share this new milestone in Swissquotes young history. We received our license from CySec (Cyprus Securities and Exchange Commission) and are ready to start operations in the New Year. Swissquote Capital Markets will be the name of this new entity of the Group.”
“Many thanks to all those who worked hard to make this happen, the team here in Limassol – Elif Kundakci, Zoltan Nemeth, Alexandros Panagi, Fini Ioannou, Ioana Polykarpou), Daniella Karam who is the cornerstone of any project I have done at Swissquote, our four Non-Executive Directors, John Georgoulas, Sophocles Parapanos, Marc Burki, Jan de Schepper, and the 50+ Swissquote collaborators, from Staff to Directors, at our Headquarters in Gland who helped, supported and sweated a lot to get us over the line.”
On the other hand, an exclusive interview with Swissquote Cyprus CEO and FNG was conducted yesterday to notify traders that Swissquote Cyprus is now available with a diverse range of trading instruments.
Here's what she had to say about it.
FNG: Hello, Elif, and welcome to the show. Please tell us a little bit about your FNG: Hi Elif, and thanks for joining us today. Please let us know a little more about your decision to come to Swissquote.
Elif: Initially allow me to thank you for having me with you today. I see this as a step to bigger and better things. Well, Swissquote is a publicly-traded company and is regulated in many reputable jurisdictions. Working for a well-established and trusted brand with more than 25 years of experience, is great for both professional and personal development.
FNG: Swissquote was already licensed in multiple jurisdictions, including Switzerland, the UK, Dubai, Hong Kong, Malta, and Singapore. Why did you decide to also set up a formally licensed operation in Cyprus?
Elif: Cyprus is a well-established business hub, especially for companies that operate in the CFDs forex industry. Also, being a Member of the European Union and through the harmonization of rules and regulations, financial businesses that are established in Cyprus or any other EU jurisdiction are allowed, by means of a process known as ‘passporting’, to provide their services in other European jurisdictions without incurring additional regulatory fees. Hence, Swissquote passporting rights can be used to offer its services on a wide product range on a cross-border basis in the chosen EU territories.
FNG: Will the Cyprus operation be focused on serving retail clients, or on providing “B2B” services to other brokers such as liquidity and risk management? (Or both?)
Elif: Aside from servicing retail clients, Swissquote also has plans to expand its set of operations in the business-to-business sector. Initially, we will focus our efforts on growing the retail EU customer base; nevertheless, we will eventually provide trade execution and liquidity solutions to institutional clients as well.
FNG: How do you see the FX and CFDs business has evolved during this period of high market volatility in 2022, not to mention what‘s going on in the crypto world and with MetaTrader being removed from the App Store? How do you see clients’ needs evolving going forward – and what is Swissquote doing in that regard?
Elif: No doubt that the removal of MetaTrader from the App Store caused some concerns in the trading world, however, we, as Swissquote, are trying always to accommodate all the needs of our investors. Therefore, always being one step ahead of the latest technology and the extremely dynamic market of the financial industry, we offer alternative trading solutions such as our in-house developed platform, Advance Trader.
FNG: What else can we expect to hear from Swissquote in the coming months?
Elif: We aim as Swissquote Group to provide our clients access to trade an extensive range of asset classes that includes CFDs, stocks, ETFs, funds, bonds, derivatives, and more.
About Swissquote
Swissquote Group was created in 1996 in Switzerland and has since become one of the world's most trustworthy and well-known brokers. The firm has a desired Swiss stock market listing (SIX: SQN) and over 330,000 customer accounts across Europe, Asia, the Middle East, and Latin America. Swissquote traders are among the most protected as renowned heritage brokers approved by several tier-1 authorities, including Switzerland's own Financial Market Supervisory Authority (FINMA) and the United Kingdom's Financial Conduct Authority (FCA). They're also among the most successful, and they may take use of comprehensive charting tools, a diverse variety of base currencies on forex, CFDs on stock indices, commodities, and bonds, and much more inside the MT4 or MT5 platforms.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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