CySEC - a Leading European Forex Regulator
The Cyprus Securities and Exchange Commission (CySEC) is the
regulatory body for the provision of financial services in Cyprus. They
regulate a range of financial service firms on the island, including retail
foreign exchange brokers and binary options brokers along with the supervision
and regulation of the Cyprus Stock Exchange.
CySEC is perhaps best known in foreign exchange markets
since a large number of forex brokers have chosen to base their operations in
Cyprus, thereby falling under CySEC regulation. It is estimated that close to
80% of European retail foreign exchange transactions are now processed by
Cypriot based brokers.
Why do so many forex brokers base themselves in Cyprus?
Cyprus has become a hub for foreign exchange brokers for a
number of reasons, not least of which is a favourable corporation tax rate of
just 12.5%. This rate is one of the lowest rates in the European Union, with
only Bulgaria offering a lower rate at just 10%.
The fact that Cyprus is also a member of the European Union
also makes it a popular choice for brokers due to the European Markets in
Financial Instruments Directive (MiFID) law, which sets out a regulatory
framework which must be followed by all countries in the European Economic
Crucially, MiFID also provides passporting rights, enabling
brokers based in Cyprus to offer their services to citizens based in other
European Economic Area countries, without incurring further regulatory
Cyprus also has a reliable telecoms infrastructure, with
ultra-fast fibre-optic broadband rolled out across the island. This enables
brokers to host their platforms without the risk of failure, which would prove
costly to both their bank balance and reputation, especially if an outage takes
place during a busy trading period.
Forex companies are in need of skilled workers
But financial services firms need more than strong
regulation and good telecoms infrastructure, they also require a skilled
workforce. Forex brokers in particular require large numbers of experienced
staff, including brokers, account managers, traders, risk analysts, business
development managers and auditors. With such a large number of brokers based on
the island, Cyprus has a large pool of qualified staff to choose from.
This is where Cyprus Job Market comes in, as one of the largest job listing based on the island. Both employers and jobseekers can register with us and post their jobs in Cyprus or CV respectively. This is the right place to find the financial services job in Cyprus, with roles available in Limassol, Nicosia or Larnaca. Both trainee and experienced positions are waiting to be filled, so if you are currently working in the financial services sector or are looking to enter the field, get in touch with us.