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CySEC statistics: After some records have been achieved in 2016 and 2017, what’s next?

 

According to data published by the Cyprus Securities and Exchange Commission (CySEC), the number of licensed forex brokers in the country peaked in 2017, while the largest trading and net income was reached in 2016.

 

 

Looking at the statistics, the total number of Cypriot Investment Firms (CIFs) in 2017 amounted to 235, and their clients were about 1.5 million. Furthermore, Cypriot brokerage companies got about €1.68 billion of revenues last year, and their net income totaled to €222.7 million, which represents a YoY decrease by 32% and 77% respectively, when compared to 2016.

 

 

 

Regretfully, CySEC did not publish any key industry metrics for the year 2018, which is about to end. Given the new regulatory environment across Europe, however, it is more than certain that the forex and CFDs industry in Cyprus is contracting.

 

The main reason is that it is difficult for brokers to survive the new restrictive regulations, and especially for who haven’t managed to build a solid-enough book of clients. All the more so, considering that ESMA keeps renewing the restrictions, and that some regulators have already announced their plans to make these measures permanent on a national level.

 

The main strategy many of the CySEC-regulated brokers seem to choose these days is to establish offshore or Australian subsidiaries, as this would allow them to provide higher leverage. While there are no limits for EU citizens to open accounts with offshore brokers, licensed entities are not permitted to solicit their clients to move accounts outside of Europe.

 

So, 2016 was the year of the largest income derived by CIFs, and 2017 saw the largest number of regulated brokers in Cyprus. In light of the said above, we suppose that in 2018 most of the metrics covered by CySEC will be on the decline.

 

TAGS: CySEC  statistics  Cyprus  regulation  forex brokers 
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