Market News

New Zealand's Forex Regulator FPS Helps Out Cypriot Brokers

Aug 06 2013
By Forexbrokerz.com

Last week we reported on CySEC implementing a somewhat ridiculous rule banning Cypriot brokers to offer services in jurisdictions where they are no licensed (i.e. anywhere outside the European Union). The deadline for seizing operations in non-authorized countries was initially set for the end of this month but was then pushed to October.

Even with the extension, though, the new requirement didn't give brokers enough time to obtain new licenses – getting an authorization is usually a lengthy process that can sometimes take up to a year – and this is why many brokerages began seeking alternatives for their non-EU clients. The first such broker was Mayzus, which said it will be opening a new subsidiary but hasn't yet announced where. Briefly after that, XEMarkets informed its customers that it is getting authorization from Financial Service Providers (FPS) in New Zealand.

Today, the New Zealand based company Archer Consultants sheds some more light on the matter. Apparently, the quick licensing by FPS is a conscious effort on behalf of the regulator to help out Cypriot brokers and enable them to continue their operations undisrupted. Archer Consultants also seems to be playing a major role in that, facilitating the registration process (read the full press release below).

At the end of the day, this is a perfect example of how businesses and regulators work together to ensure smooth operations and keep the end customers happy, while powering local economies and maintaining healthy business environment. Something, that CySEC should definitely study, especially at a time when the economical situation in Cyprus is far from stable.

Another Blow Delivered to CySEC Brokers, New Zealand FSP Comes to the Rescue

Napier, New Zealand (PRWEB) August 05, 2013

If the banking crisis in Cyprus that occurred just a few months ago did not have an impact on the Cypriot Forex and Binary Options brokers, the just announced passing of a new CySEC ruling now restricts its brokers from accepting client funds from Non-EU clients. This ruling is effective October 2013, stipulates that brokers who operate under a CySEC license and as a result comply with MiFID rulings which allow them to attract clients from all over Europe, including the UK, will no longer be permitted to solicit business from any jurisdiction outside of the European Union. The only exception to this ruling would require a potential client of a CySEC regulated company who resides outside of the EU to provide written authorisation from their local financial markets regulator attesting that a person or entity from their country is permitted to be a client of a CySEC regulated broker. Given the complexity of this process, the average retail client will choose to do business elsewhere.

The Asian & Middle East markets are two of the hottest and most sought after markets in the FX and Binary Options industry, it will now be more difficult than ever for a CySEC regulated broker to compete with other brokers that are regulated in less restrictive jurisdictions. How can they adapt to this new reality?

The New Zealand Financial Service Provider registration solution offered by Archer Consultants is considered to be one of the top requested solutions in the Middle East and Asian markets today. Although the regulatory environment has changed drastically in New Zealand within the last year, Archer Consultants has adapted to these changes and provides expert solutions to get registered and stay registered having successfully registered over 30 New Zealand FSPs.

Archer Consultants superior solution provides our clients contracted office services in New Zealand. Archer registered companies have full accounting, tax filing and compliance, AML/KYC audits, management of dispute resolution claims, as well as customer service and sales related services provided through our call centre. When your clients contact your brokerage's office in NZ, the trained Archer staff can assist in account registration, deposits, and withdrawals as well as account inquiries in coordination with your own office located anywhere else in the world. Utilisation of Archer Consultants services provides a complete Turn Key solution to your business while remaining compliant with the NZ registrar. It is a considerably fast, efficient, and effective solution.

About Archer Consultants

Founded by Lior Shmuely, an expert in the B2B Forex and Binary Options markets, Archer Consultants specialising in B2B Solutions for the Forex and Binary Options industry, Archer International Consultants is comprised of experts in the field with a wealth of experience and proven successes behind them. Having worked with many of the top brokers worldwide, Archer continues its efforts in providing complementary solutions for our clients.

TAGS: forex forex tradingl forex broker forex regulation binary options CySEC New Zealand FPS

Broker	Advantages
	FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.


	XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
	FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
	FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
	FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
	FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
	HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.
	Exness is a leading forex broker, offering MT4 and MT5 platforms. Traders can take advantage from a true ECN environment and trade on ultra tight spreads, starting from 0 pips.



	HYCM is global forex broker with more than 40 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 0.2 pip

Broker	Country	Regulation	Platform	Min Deposit	Review
	Cyprus, UK, Mauritius	CySec, FCA, FSC	MT4, MT5, Web	$10	Review Website
	Cyprus, SVG	CySEC	MT5, Web, cTrader	$100	Review Website
	Australia, Cyprus	ASIC, CySEC	MT4, MT5, IRESSTrader	$100	Review Website
	Cyprus, Australia	CySec, ASIC	MT4, MT5	$5	Review Website
	UK, Australia, South Africa	FCA, ASIC, FSCA	MT4, Trading Station, NinjaTrader	$50	Review Website
	UK, Cyprus, UAE, South Africa	FCA, CySEC, DFSA, FSB	MT4, MT5, FxPro Markets, cTrader	$100	Review Website
	Cyprus	CySEC	MT4, MT5, Web	$1	Review Website
	Belize	IFSC	MT4, MT5	$100	Review Website
	Cyprus, UK, South Africa, UAE	CySec, FCA, FSCA, DFSA	MT4, MT5, Web	$5	Review Website
	Cyprus, UK	CySEC, FCA	MT4, MT5	$1	Review Website
	UK	FCA	MT5	$5	Review Website
	UK	FCA	MT4, Web, MT4 for Mac	$100	Review Website
	Australia, UK	ASIC, FCA	MT4, MT5, cTrader	$200	Review Website
	UK, Cyprus, Dubai	FCA, CySEC, DFSA	MT4, MT5, Web, PrimeTrader	$100	Review Website

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