Oneworld Global Business Services

Forex sector continues to grow

Recent insights provided by GRS Global Recruitment Solutions bring to light that Cyprus’ foreign exchange (forex) sector is doing well and is one of the key growing sectors in Cyprus. 

By adding retail forex as a regulated financial product under the Markets in Financial Instruments Directive (MiFID) (Directive 2004/39/EC), the Cyprus Regulator, the Cyprus Securities and Exchange Commission (CySEC) has established Cyprus the second EU Member State to do so in Europe, following the footsteps of the FCA in the UK

Consequently, many international forex brokers decided to choose Cyprus over other jurisdictions in order to take advantage of passporting to Europe. There are currently 193 CySEC regulated and registered entities operating in Cyprus.

In addition to forex brokers, Cyprus continues to attract a high number of binary options firms. It also needs to be noted that in 2012, CySEC was the first financial regulator globally to recognise and regulate binary options as a financial instrument, and ever since the legislation allowing trade in international markets came into force, binary trading has risen in popularity. As a result, some of the world’s biggest financial institutions now also add binary trading options to their portfolios of financial trading instruments. 

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