Gold Magazine Issue 70, January - February 2017 pages 1-12

Page 1

Global Broker with a Local Touch ForexTime (FXTM) is an award-winning online forex broker committed to providing a superior trading experience for clients around the world • Trade currencies, metals, and CFDs • Extremely competitive trading terms • Attractive partnership programs

• Free & comprehensive forex education • Regular contests and promotions • Security, safety, and transparency

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ForexTime (FXTM) is an international online forex broker offering financial services in forex, spot metals and CFDs. ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 185/12. There is a high level of risk involved with trading leveraged products such as forex and CFDs. You should not risk more than you can afford to lose. It is possible that you may lose more than your initial investment. You should not trade unless you fully understand the true extent of your exposure to the risk of loss. When trading, you must always take into consideration your level of experience. It is the responsibility of the Client to ensure that the Client can accept the Services and/or enter into the Transactions in the country in which the Client is resident. If the risks involved seem unclear to you, please seek independent advice. 34 | GOLD | The Business Magazine of Cyprus @2016 FXTM

ISSUE 70 JANUARY 15, 2017

T H E

B U S I N E S S

M A G A Z I N E

O F

C Y P R U S

CONTENTS 6 | (',725,$/ 8 | %86,1(66 %5,(),1* Economic & Business Highlights of the past month.

COVER

STORY

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0Z [OL ÄUHUJPHS ^VYSK ^L ZLL PU movies like The Wolf of Wall Street and The Big Short an accurate picture of the real one? We asked this question and seven more of Dealing Room representatives in Cyprus to discover whether their workplace is, indeed, the exciting, high-octane extension of the global markets that Hollywood would have us believe

Sunil Kapoor’s management style.

12 | ),9( 0,187(6 :,7+ª Olga Rybalkina

14 | 7+(< 6$,' :+$7" Some of the more remarkable statements uttered by well-known Cypriots over the past month.

FEATURES 40 | ,1 +,6 (/(0(17 Interview with Savvas Liasis, Managing Partner of Elements Capital Partners Ltd

SPECIAL PROMOTIONAL FEATURE 71 | Shipping Services in Cyprus Six leading firms present their services.

43 | $17, )5$8' &21)(5(1&( Photos from the “Re-enforcing the Anti-Fraud Infrastructure: Best Practice Initiatives” conference.

40

12

44

44 | 0,/726¶ %,* $8675$/,$1 $'9(1785( 3$57 From 2001-2006, Miltos Michaelas was General Manager of Laiki Bank Australia. Now he’s gone back again, this time as CEO of Bank of Sydney.

47 | $ %5$1' 1(: <28 4 Andrie A Penta on Personal Branding. B

92 48 | 7+ &<3586 %$1.,1* )2580

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Photos from the conference.

How Action Global Communications creates meaningful connections in the workplace.

50 | 7+528*+ 7+( 3$*(6 2) *2/' Excerpts from our favourite interviews of last year.

68 | (032:(5,1* */2%$/ &,7,=(16+,3 Armand Arton on the growing power of the Cypriot passport. 4 | GOLD | The Business Magazine of Cyprus

87 | %86,1(66 &/$66 Yangos Hadjiyannis

88| 7,0( 2)) We Are Sailing.

91 | %22.6+(/) Six of the latest business titles.

98 92 | /81&+ :,7+ *2/' Despina Panayiotou Theodosiou 96 | :+$7¶6 21 GOLD’s guide to the best cultural events of the coming month.

98 | $ '$< ,1 7+( /,)( Marios Skandalis

Geophysic Universal Time watch Philippe Jordan, Chief Conductor and Music Director in Paris and Vienna

Open a whole new world

| EDITORIAL |

Deal or No Deal?

ISSUE 70 JANUARY 15, 2017 PRICE â‚Ź2.00

CITIZENSHIP 7KH JURZLQJ power of the Cyprus passport

2016

From our favourite interviews

PLUS %XVLQHVV %ULHĂ€QJ :KDW¡V 2Q 7LPH 2II Books & more

5 29 1 2 9 5 0 0 0 5 7 7

INTERVIEWS

Savvas Liasis Miltos Michaelas 2OJD 5\EDONLQD

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Inside Cyprus’ Dealing Rooms

PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

George Michail

GENERAL MANAGER

O

ur cover story this month may be about life in the Dealing Room but as I write this first editorial of 2017, efforts are being made in Geneva to reach a very different kind of deal, one whose influence will outstrip even the most lucrative trades being carried out by banks, Forex companies and individual traders around the world. By the time you read these words, we should have a better idea about whether this year could be the most important one in the 57-year existence of the Republic of Cyprus. Agreement on reunification is far from certain, despite the tremendous progress that President Anastasiades and the Turkish Cypriot leader Mustafa Akinci have made over the past 18 months, and agreement between the two leaders is still only the penultimate step to peace: it must still be ratified by the people of both communities in twin referendums. Recently, the results of such votes in places as diverse as the UK (where the majority voted to leave the EU), Italy (where the Prime Minister’s reforms were rejected) and Columbia (where the peace deal was not accepted by the people) have shown that the referendum process is one that must not only be taken very seriously but has to be well-prepared if the government is to achieve its objectives. At present, there are rejectionists on both sides of the Cyprus divide and their voice grows louder with every step forward. A lot has been said during the past three years about the maturity of the Cypriot people in the way they dealt with the financial crisis, austerity measures and the need for sacrifices. It is to be hoped that they are given a chance to show this maturity once again and asked to approve a settlement of the Cyprus Problem. In this first issue of the New Year, we look back at 2016 but not in the media’s usual manner of reminding you of the biggest new stories. Instead, we have made a selection of some of the most interesting interviews in our last 12 issues and extracted a characteristic paragraph or two to remind you of the broad range of people that have figured on the pages of GOLD. Moreover, we start 2017 with several new interviews – Savvas Liasis (page 40), Miltos Michaelas (page 44) and Armand Arton (page 68) all have things to say about their areas of expertise – and of course our cover story features the people who spend their days (and nights) working on currency and trading deals. Is life in the Dealing John Vickers, Room really how it’s portrayed in the movies? Check what our Chief Editor eight experts have to say, starting on page 16 to find out. As for this month’s real deal, we can only wait and hope. john@imhbusiness.com 6 | GOLD | The Business Magazine of Cyprus

Daphne Roditou Tang MEDIA MANAGER

Antonis Antoniou EDITOR-IN-CHIEF

John Vickers JOURNALISTS

Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE

Andrie Penta ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

ASSISTANT DESIGNER

Stephanie Andreou, George Yiamiadakis PHOTOGRAPHY

Emma Louise Charalambous, Jo Michaelides, Christos Tsekouras MARKETING EXECUTIVE

Kevi Chishios

SALES MANAGER

Neofytos Constantinou SALES EXECUTIVE

Stavros Epifaniou

OPERATIONS MANAGER

Voulla Nicolaou

SUBSCRIPTIONS

Myria Neophytou PRINTERS

Cassoulides Masterprinters CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com

LEGENDS LIVE FOREVER EL PRIMERO

I Chronomaster 1969

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Tour Auto Edition

BUSINESS BRIEFING

APPOINTMENTS

KLEOVOULOS ALEXANDROU IN THE NEWS

*Y\JPHS 9L\UPĂ„JH[PVU ;HSRZ in Geneva

As this issue of GOLD went to press, President Nicos Anastasiades and Turkish Cypriot leader Mustafa Akinci were in Geneva, continuing their latest crucial round of talks to reunite the island, some 43 years after the 1974 Turkish invasion. On January 9, the two men discussed the property issue at the Palais des Nations, followed on January 10 with talks on governance, the EU and the economy. An international conference, focusing on security and guarantees, was scheduled to begin on January 12, with the participation of Greece, Turkey and the UK, the three Guarantor Powers under the 1960 constitution.

NEW OFFICES

MICHAEL KYPRIANOU & CO. LLC

;OL SH^ ÄYT VM 4PJOHLS 2`WYPanou & Co. LLC has announced the start of its operations in Dubai, United Arab Emirates, with the establishment of Michael Kyprianou (Middle East) +4** ;OL +\IHP VɉJL WYVvides, inter alia, general company incorporation services, general administrative services, the opening of corporate and personal bank accounts and assistance in the issuance of residence permits.

LEPTOS GROUP

The Leptos Group has announced [OL VɉJPHS VWLUing of its new headquarters in the heart of Moscow’s international ÄUHUJPHS JLU[YL ;OL 4VZJV^ VɉJL is considered a dynamic asset and a crucial addition to the company’s operations worldwide. The Group has an outstanding portfolio of more than 325 prime projects in Cyprus (Paphos, Limassol, Nicosia), and Greece (Athens, Crete, Paros and Santorini).

CYPRUS SIGNS JUNCKER FUND AGREEMENT

C

yprus signed its first agreement with the European Fund for Strategic Investments, also known as the Juncker Fund, just before Christmas. The fund aims to encourage lending to small and medium-sized enterprises in Cyprus. The agreement, signed

8 | GOLD | The Business Magazine of Cyprus

The Central Bank of Cyprus (CBC), acting as the Resolution Authority, has appointed Kleovoulos Alexandrou as the new special administrator of Cyprus Popular Bank (Laiki Bank), which has been placed under resolution in March 2013. Alexandrou is the third special administrator to be appointed. The previous one, Chris Pavlou, did not accept a renewal of his contract. Alexandrou served under Pavlou in the Special (KTPUPZ[YH[VYGZ VɉJL

LARS KRAMER Hellenic Bank has announced the appointment of Lars Kramer as its new *OPLM -PUHUJPHS 6ɉJLY *-6 ^P[O LɈLJ[ from 3 April 2017. Kramer joins the Bank from the ING Group, where he has been CFO of ING Wholesale Bank since 2012. He has spent the last two decades with 05. PU H U\TILY VM Ă„UHUJL YLSH[LK WVZPtions based in London, Hong Kong, Singapore and the Netherlands.

IOANNIS MATSIS Hellenic Bank has appointed Ioannis 4H[ZPZ HZ .YV\W *OPLM ,_LJ\[P]L 6ɉJLY replacing Bert Pijls, who has resigned for personal and family reasons, following his wife’s illness. He will continue to ad]PZL [OL )HUR VU ZWLJPÄJ Z[YH[LNPJ PZsues. Matsis is a Member of the Board of Directors of the Bank and chairs the Risk Management Committee. He is a partner and co-founder of Point Nine Ltd.

INVESTMENT

by EIB President Werner Hoyer and RCB bank, provides for the provision of guarantees amounting to â‚Ź10 million for SMEs funding. Similar agreements will be signed with Bank of Cyprus (â‚Ź40 million) in early 2017 the Cooperative Central Bank at a later stage.

MARIOS IOANNOU Louis plc has announced the appointment of Marios Ioannou as Chief FinanJPHS 6ɉJLY *-6 ^P[O PTTLKPH[L LɈLJ[ Ioannou, who joined the company in 1988, worked for several years in the Internal Audit Department and, since 2001, has been the CFO of the subsidiary, Louis Hotels plc. In a statement, Louis plc said that Ioannou will continue in this position in parallel with his new duties.

BANKING

PIRAEUS BANK SELLS MAJORITY STAKE IN CYPRUS SUBSIDARY Greece’s largest lender, Piraeus Bank, completed the sale of a majority stake in its Cyprus subsidiary to Holding M. Sehnaoui SAL for €3.2 million, reducing its stake to 17.7%. The divestment is part of Piraeus Bank’s EU-approved restructuring plan and will boost its core equity tier-1 capital by about 15 basis points, the bank said. Holding M. Sehnaoui SAL was established in 2000 and is majority owned by Maurice Sehnaoui, who has been Chairman of USB Bank since 2011.

COOPS APPROVE MERGER An extraordinary General Meeting on December 30 approved the merger of the 18 cooperative credit institutions (CCIs) into a single legal entity, in a move the Cooperative Central Bank (CCB) described as “a natural development in the cooperative sector`s restructuring”. The Cooperative sector was nationalised in 2014 and its restructuring plan provides for a CCB listing on the Cyprus Stock Exchange by September 2018, thus enabling what it describes as “the return of the coop sector to a broader and domestic shareholder base.”

CIM COOPERATION WITH CAUCASUS UNIVERSITY

T

he Cyprus Institute of Marketing (CIM) has signed a cooperation agreement with the internationally renowned Caucasus University (Georgia), which includes lecturer and student exchanges, joint academic research and the co-organizing of conferences. Caucasus University was founded in 2004 on what

BANK OF CYPRUS COMPLETES ELA REPAYMENT

cdbbank was named the Best Corporate Bank in Cyprus for 2016 by the international ÄUHUJPHS HUK I\ZPULZZ THNHaPUL Capital Finance International. Commenting on the award, acting CEO George Spyrides ZHPK [OH[ P[ JVUZ[P[\[LZ ZPNUPÄJHU[ recognition of the bank’s JVU[PU\V\Z LɈVY[ [V Z\WWVY[ local business and international clients through comprehensive banking solutions. “We will continue to contribute to the growth of entrepreneurship and the country’s economy,” he ZHPK ;OL H^HYK PZ H ZPNUPÄJHU[ distinction for the Bank, which celebrates its 53rd anniversary this year.

Bank of Cyprus announced on January 5 that it had fully repaid €11.4 billion of ELA (emergency liquidity assistance) funding, most of which it inherited from Laiki Bank in 2013. Finance Minister Harris Georgiades congratulated the Bank on the successful repayment, KLZJYPIPUN P[ HZ ¸H ZPNUPÄJHU[ KL]LSVWTLU[ ^OPJO YLHɉYTZ the strengthening of the bank and the restoration of JVUÄKLUJL PU [OL IHURPUN system of our country.” Bank of Cyprus shares start trading on the London Stock Exchange on January 19.

POLITICS

EDUCATION

was the Caucasus School of Business, set up in 1998 in cooperation with the State University of Georgia, Atlanta, USA, during the ex- Soviet Union country’s transitional period. It is now one of the most famous higher education institutions in Georgia and the South Caucasus, comprising eight schools: the School of Business, the Law School, the School

41,852

INTERNATIONAL AWARD FOR CDBBANK

of Media, Technology School, the Government School, the School of Social Sciences, the Tourism School and the School of Health.The CIM has adopted a strategy of expansion of international cooperation and this latest agreement follows other recent collaborations with universities in Germany, the Netherlands, Denmark and Spain.

.V]LYUTLU[ HUK <UPVUZ HNYLL VU W\ISPJ ZLJ[VY ZHSHY` PUJYLTLU[Z framework agreement between the Ministry of Finance and the country’s two largest trade unions (SEK and PEO) paves the way for salary increments to be restored in the public sector. They OH]L ILLU MYVaLU ZPUJL ;OL HNYLLment will serve as a framework for the renewal of collective agreements in the broader public sector for the period 2015 HUK ZPNUPÄJHU[S` WYV]PKLZ MVY [OL increase in the public sector wage bill not to exceed the growth rate of nominal GDP in 2017 and 2018.

A

THE NUMBER OF UNEMPLOYED PERSONS, REGISTERED AT DISTRICT LABOUR OFFICES ACROSS THE ISLAND ON THE LAST DAY OF DECEMBER 2016. IT MARKED A DECREASE OF 2,698 OR 6.1% COMPARED TO THE DECEMBER 2015 FIGURE, A FALL WHICH WAS MAINLY OBSERVED IN THE CONSTRUCTION, MANUFACTURING, TRADE, PUBLIC ADMINISTRATION AND TRANSPORT SECTORS.

www.goldnews.com.cy | GOLD | 9

BUSINESS BRIEFING

REAL ESTATE

BINARY OPTIONS

OPTIONRALLY MOVES TO CYPRUS

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7HĂ„SPHÂťZ Ă…HNZOPW KL]LSVWTLU[ 65, ^VU Ă„YZ[ WYPaL PU [OL ,\YVWLHU YV\UK VM [OL WYLZ[Pgious International Property Awards. Two TVU[OZ HNV P[ WPJRLK \W [OL Ă„]L Z[HY H^HYK in the country round in the ‘Best Residential High-rise Development’ category. At 170 metres in height, ONE will be the tallest residential seafront tower in Europe. 7HĂ„SPH YLJLU[S` ZPNULK [OL JVUZ[Y\J[PVU contract, worth â‚Ź77M, with J&P and ACC, THYRPUN H ZPNUPĂ„JHU[ TPSLZ[VUL MVY [OL JVTpany, Limassol and island as a whole.

Real estate sales rose by 43% in 2016, acJVYKPUN [V Ă„N\YLZ YLSLHZLK I` [OL +LWHY[ment of Lands and Surveys (DLS). The number of sale contracts submitted to the DLS during the year was 7,013, compared to 4,952 in 2015. The data exclude sales to foreign buyers, to be released at a later stage. December contracts spiked by 121%, up to 1,134 in 2016 from 513 in 2015. The highest increase (59%) was seen in Limassol.subject to regulatory approval.

CIFA JOINS ICMA

FUNDS

TOURISM

T

he Cyprus Investment Funds Association (CIFA), a representative industry body of over 230 members based in Cyprus, has become an associate member of the International Capital Markets Association (ICMA), which will support the development of Cyprus’ position as an emerging European funds jurisdiction. CIFA’s affiliation with the ICMA follows its upgrade to full member status of the European Fund and Asset Management Association (EFAMA), granted in June 2016. CIFA President Angelos Gregoriades said, “Bolstered by CIFA’s membership of ICMA, 2017 will be a landmark year in the development of the coiuntry’s funds industry. Registered alternative investment funds, following the appointment of an authorised fund manager, will soon be able to encourage fund sponsors to re-domicile and upgrade their offshore structures to Cyprus, bringing a robustly-regulated, European passportable fund to market quicker than ever before. We look forward to collaborating with ICMA and its members in driving growth in the European asset management industry to channel more private finance to the real economy.�

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ENERGY

A project by the FOSS Research Centre for Sustainable Energy of the University of Cyprus, entitled “Promotion of higher penetration of distributed PV through storage for allâ€? (Acronym: StoRES), has recently been approved for funding by the European Regional Development Fund, through the Interreg MED Programme. The three-year project, which has a budget of approximately â‚Ź2 million started in November 2016. StoRES MVYLZLLZ [OL KL]LSVWTLU[ VM HU VW[PTHS WVSPJ` MVY [OL LɈLJ[P]L PU[LNYH[PVU VM photovoltaics (PV) and energy storage systems (ESS) via testing smart solu[PVUZ PU Ă„]L 4LKP[LYYHULHU PZSHUKZ HUK Y\YHS HYLHZ

10 | GOLD | The Business Magazine of Cyprus

yprus-regulated binary options broker OptionRally has laid off most of its employees in Israel who serve English-speaking customers, shrinking its presence in the country to almost zero, following the recent ban on bonuses, which makes positions less lucrative for Israelis. OptionRally, which used to employ some 300 employees offering 24/7 phone support in Israel, has now moved its operations to Cyprus where binary options regulation is somewhat more flexible and will cut service costs. OptionRally is a brand name of CySEC-authorized OptionRally Financial Services Ltd. The broker has a sister company, TCM Investments Ltd., which is regulated in Belize. In September, CySEC fined OptionRally â‚Ź138,000 for providing investors with misleading information on its website.

ORION ON AIRWAYS EXPECTS FIRST AIRCRAFT ;OL Ă„YZ[ HPYJYHM[ VM [OL UL^S` established Larnaca-based Cypriot airline Orion Airways is due to arrive in Cyprus in mid-January, with the goal of OH]PUN H Ă…LL[ VM Ă„]L )VLPUN 737- 800 aircraft by the end of the year.

RY RYANAIR R YANAIR STARTS PAPHOS-TEL AVIV FLIGHTS IN MARCH 9`HUHPY SH\UJOLZ H KHPS` Ă…PNO[ between Tel Aviv and Paphos in March, with a special introductory fare of â‚Ź30 for April and May. At the same time, the airline has decided to halt its 7HWOVZ ([OLUZ Ă…PNO[Z

ADVANCED + )067905;05. LAB FOR CYPRUS

TECHNOLOGY

he University of Cyprus will be opening an advanced 3D bioprinting laboratory in 2017. The lab is being initiated in partnership with IQJetArtisia and in collaboration with Russia-based NextGene Biosystem, Amur State Medical Academy, and IQDemy SA Holding. The bioprinting lab’s research will reportedly focus VU KL]LSVWPUN KPZLHZL [YLH[TLU[Z [OH[ ILULĂ„[ MYVT + bioprinting or tissue engineering. All the parties involved in P[Z KL]LSVWTLU[ HYL JVUĂ„KLU[ [OH[ [OLPY IPVWYPU[PUN SHI ^PSS IL one of the most advanced in Europe. The 3D bioprinting lab is expected be located at the University of Cyprus, ^OPJO OV\ZLZ LPNO[ KPɈLYLU[ MHJ\S[PLZ

T

Sunil Kapoor MY WAY

Director, FML Ship Management Limited

TRANSPARENCY AND HONESTY IN PERSONAL RELATIONSHIPS HAVE PLAYED A KEY ROLE IN HIS BUSINESS SUCCESS. A TEAM PLAYER, HE HAS LEARNT MUCH OF WHAT HE KNOWS FROM THE ORDINARY PEOPLE WITH WHOM HE HAS INTERACTED OVER THE YEARS. AWAY FROM THE OFFICE, HE CAN BE FOUND ON THE GOLF COURSE OR ENJOYING A GLASS OF WINE WHILE WATCHING A GOOD GAME OF CRICKET.

“I

am a team player. I encourage everyone to give their input at the initial decision- making stage, which creates commitment to the organisation and builds consensus among the staff. This increased ownership creates a sense of empowerment, allowing them to grow outside their current roles. Of course, my work doesn’t stop at decision-making; I follow up on dayto-day activities to rigorously enforce implementation.�

“I

have been fortunate to interact with a variety of people during my time on ships or working in different countries. For the last twenty years I have had only one boss and I have learnt a lot from him.�

“M

y greatest personal achievement has been my role in setting up and building Fleet’s branch office in Cyprus. During our initial years in Cyprus, we faced a very tough time but we are now a very professional and dynamic ship management organisation, providing all kind of services to this part of the world and being consistently recognised as an obvious choice for ship owners in Europe.�

“T

ransparency and honesty in all my professional relationships have helped me most throughout the course of my career. This is a people’s business, which is why I have a commitment to building long-term relationships. I also have the tenacity and ability to simplify complex issues and come up with workable solutions.�

“I

do not believe in he biggest mistake that idols and managers make is to lose celebrities. touch with reality and stop I have, listening to the real problems that affect his/ instead, her staff and business. Many companies learnt a great deal from ordimay have great systems in place but they nary people, with whom I’ve often forget PCS – Plain Common Sense.â€? had the pleasure of working with on board vessels. Sports here is a never a dull mopeople and their achievement in shipping. Every day ments – or an underdog has its own challenge and doing well – always excitement. For me, working in the office inspire pire me and enis not a job but a way of life. My personal courage urage me to Sunil Kapoor and professional life is harmoniously dovedo better.â€? is the Director of FML tailed.“ Ship Management Limited, based in Cyprus, and is also responsible here is something about Cyprus for the company’s London, where a walk by the sea, a hike in 8YVOI] ERH (YFEM SJĂ GIW the mountains or a game of golf at He joined Fleet Management in the weekends are enough to keep me relaxed. 1996 as a Superintendent and I love reading non-fiction and playing golf, or gradually rose to his current just sitting with a glass of wine and watching a position. He set up the Cyprus good game of cricket.â€? SJĂ GI MR 1E] ERH MX

“T

“T “T

GYVVIRXP] STIVEXIW ZIWWIPW in full technical management. www.goldnews.com.cy | GOLD | 11

FIVE

MINUTES WITH

H

ow do you aspire to provide for the best trading conditions for your clients and what do you perceive these to be? At FXTM our core mission is to maximise the value our clients get from their most precious commodity – time. Providing the best trading conditions is a vital part of this and that means offering a fast client approval time, swift client fund processing, and an exceptional speed of execution. To achieve this, we are continually investing in the latest technology so that we can offer a fair and reliable service, which pushes the expected industry standards. In mid-2016, we launched our ‘Performance Statistics’ webpage which shows comprehensive data for order execution speed, slippage and requites, with the charts reflecting a consistently high level of performance, even under the most demanding market conditions. In line with our commitment to transparency, these statistics are updated monthly, having been checked by PricewaterhouseCoopers Limited. How have your services evolved over the years to respond to both technological innovations and clients’ needs? Keeping ahead of the curve, in terms of technological innovation, is key to FXTM’s ongoing success. The forex industry is rapidly developing, with traders seeking increasingly sophisticated products and services, greater mobility via mobile trading and the best trading conditions. By focusing on offering our clients cutting-edge products and services, tailored to their trading needs, we saw our global footprint expand significantly in 2016. Last year alone, we launched

12 | GOLD | The Business Magazine of Cyprus

OLGA RYBALKINA

FXTM Invest, the new FXTM Shares Account and developed the ForexTime App to improve the user experience and enable FXTM traders to fully manage their account. We were also one of the first brokers to introduce the highly-anticipated version of the MT5 trading platform with the option of hedging.

CEO, ForexTime Ltd (FXTM) What do you consider to be ForexTime’s greatest achievement so far? I am very proud of our company’s overall development and the growth we’ve achieved over the past three years. This success comes down to building the right teams of people at FXTM, who have a shared desire to continuously push the boundaries in everything we do; from technology to customer service and dealing, all the way through to human resources and the back office. These teams ensure the successful day-to-day operations of the company and, without such talented and

hardworking individuals, FXTM would not have achieved the level of growth we’ve seen in such a short period of time. Why is trader education a key commitment for FXTM and how does the company supporting this initiative? Recently we have seen many regulators re re-shape the industry to protect traders, esp especially new, inexperienced traders. This go goes along with our company values of res responsible trading and we are continuou ously developing our renowned educatio tional programme by providing engaging se seminars and workshops, easily-accessible w webinars and online training videos. Last year we held several highly popular seminars and workshops for beginner, intermediate and advanced traders in oover ten countries, which drew more th than 1,500 attendees. Additionally, our hig highly respected team of market analysts –w who are frequently cited by and featured in Forbes, BBC, CNBC, the Financial Ti Times and the Wall Street Journal, to na name a few – provide FXTM traders with the essential in-depth market analysis they need to keep up with the fast pace of the financial markets. What are ForexTime’s goals for 2017? 2016 was a very busy year for FXTM and this year we will look to build upon these developments as we continue to grow our global footprint. Through our continuous investment in technology, we are always looking to take our clients’ trading to the next level and we have several new and exciting product launches in the pipeline. We’ll also continue to invest in trader education and we look forward to expanding our educational programme by offering even more local seminars and online resources.

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