Demetra Kaloyirou, Chairman of the Cyprus
Securities and Exchange Commission that regulates more than 180
investment firms and fund managers, said that 24 companies had lost an
accumulated 42.5 mln euros from their client trading accounts.
She added that of the vast majority, or 158 approved investment firms, have not been affected.
“The remaining CIFs said that they experienced some losses, which either do not affect their capital adequacy or are insignificant,” she said.
“The affected investment firms maintain equity and capital adequacy ratio above the minimum limit, set by the law, which is 9%”, Kaloyirou noted.
Meanwhile, Denmark’s retail forex broker Saxo Bank, that also has a Cyprus presence, reports that due mainly to negative client balances on which it may not be able to collect, the bank may be forced to take a loss of up to DKK 700 mln, or about $107 mln. However, even if no collections take place and it takes the maximum possible loss, it will remain capitalised well in excess of regulatory requirements.
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She added that of the vast majority, or 158 approved investment firms, have not been affected.
“The remaining CIFs said that they experienced some losses, which either do not affect their capital adequacy or are insignificant,” she said.
“The affected investment firms maintain equity and capital adequacy ratio above the minimum limit, set by the law, which is 9%”, Kaloyirou noted.
Meanwhile, Denmark’s retail forex broker Saxo Bank, that also has a Cyprus presence, reports that due mainly to negative client balances on which it may not be able to collect, the bank may be forced to take a loss of up to DKK 700 mln, or about $107 mln. However, even if no collections take place and it takes the maximum possible loss, it will remain capitalised well in excess of regulatory requirements.
Read More at Click here / www.trade4x.net
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