Kyriacos Kyriacou, CEO of Valutrades CY Ltd
- When did Valutrades CY Ltd obtain the provisional licence from the Cyprus Securities and Exchange Commission (CySec)?
Valutrades CY Ltd has successfully obtained the provisional licence from CySec on April 17, 2013.
2. For which reason did the company decide to apply for an acquisition of licence as a Cyprus Investment Firm (CIF) at the Cyprus Securities and Exchange Commission (CySec)?
The shareholders took the strategic decision to expand their operations in Europe and after an extensive research of the advantages and disadvantages of the various European jurisdictions they decided to invest at the Cypriot market; therefore, we needed to be licensed by the Cyprus Securities and Exchange Commission (CySec) in order to operate under the regulation of this authority. Consequently, when the administrative part is completed we can then plan better our strategy into the financial field. It is undoubtedly, the key for a trustful and effective collaboration with our clients.
3. Which are, from your point of view, the advantages for a Forex company which is authorised by CySec and operates in Cyprus?
In my opinion, there are a number of great advantages to be taken into account for a Forex company that wishes to operate in Cyprus. Cyprus has a well established respectable jurisdiction in regards to the licensing of a forex company due to the numerous forex companies already operating on the island. Not to mention that an Investment Firm licensed by CySec falls under the EU MiFID receiving a license valid across the EU.
Another core component to be taken into account is that Cyprus benefits from a low corporate tax regime offering a competitive package for the Investment firms that wish to operate here.
Cyprus is certainly a well-known financial and banking centre for international investors having educated personnel and a good infrastructure. These are the main reasons our company has decided to offer its financial services under the Cypriot regulatory authorities.
4. Which is the functional model of Valutrades CY Ltd?
Our strategic, at least at the initial stage, is to concentrate mainly on professional clients. We have granted licenses for the investment services of:
- Reception and transmission of orders in relation to one or more financial instruments.
- Execution of orders on behalf of clients.
- Dealing on own account.
We will act as Market Makers (MM).
5. When do you expect to have your licence activated?
We believe that before the end of this month, Valutrades CY Ltd will operate officially in Cyprus under the regulations of CySec. Therefore, we expect to have our licence activated the soonest, bearing in mind that the provisional licence is active only for a year.
6. Which are the areas that you will focus on at the early stage of the launch of the company?
Our primary goal is to organise our operations, infrastructure, agreements, documentation, and so on, in order to comply with the CySec legislation. It is important to be fully compliant with CySec’s provisions, since at the time the first client is on board and hopefully, this will be done shortly.
At the same time, Valutrades is highly aware of the competitiveness in the forex market due to the existence of several brokerage firms, thus we aim to provide the best quality services to our customers. As a result, it is important, and is one of our priorities, to have our employees trained accordingly not only to meet and satisfy but also to surpass the expectations of our clients.
Furthermore, we tend our attention to attract mainly corporate clients and accomplish in the field of legal entities.
Last but not least, we have set the interest and needs of our clients at a high level. For this reason we search to increase even more our services to reach not only the demands of our clients but also to keep up with the latest news and opportunities that the forex market has to offer.
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