Saturday 30 November 2013
Financial industry professionals, distinguished economists and lawyers from Cyprus and abroad had the opportunity to discuss the new rules introduced by the European Market Infrastructure Regulation (EMIR) which impact a great number of Cypriot investment firms (CIFs). Speakers at the conference included the Honourable Minister of Finance Mr. Harris Georgiades, Chairperson of the Cyprus Securities and Exchange Commission Mrs. Demetra Kalogirou, and Dr. Stelios Platis, Managing Director of MAP S. Platis and Chairman at the Association of Cyprus International Investment Firms (ACIIF). They all commended the industry for its importance to the Cyprus economy.
The new EU regulation introduces significant changes to the spectrum of counterparties’ obligations relating to transactions in both exchange-traded derivatives (ETD) and over-the-counter (OTC) derivatives (such as currency derivatives - forex). A key change is that as of February 12, 2014, all concerned counterparties shall be required to submit comprehensive reports on trades in these types of derivatives. Other provisions of the EU regulation pertain to central clearing and risk mitigation.
Attending the conference were more than 200 people, mainly senior-level managers and executives of financial institutions of global reach, as well as people working with ETD and OTC derivatives from Europe, Russia and the Middle East.
Over the last years, and through the constant efforts of MAP S.Platis, Cyprus has successfully built up its status and credibility among foreign investor circles in the investment services field, experiencing considerable growth in the OTC market such as forex and binary options. On behalf of the event’s organisers, Dr. Platis remarked: “The staging of this conference in Cyprus is of paramount importance. It is precisely through such events that we can tangibly boost the comparative advantages of the Cyprus economy in the global financial services industry, thus improving the chances for attracting even greater interest from investors globally.”