Seeking Alpha

gersegal's  Instablog

gersegal
Send Message
Gerald Segal is a Managing Director at LeapRate, which provides analysis of the Online Forex Trading world. Gerald's reports are a leading source of information on the size, growth and regulation of the Online Forex industry. Prior to founding LeapRate Gerald was an investment banker for 18... More
My company:
LeapRate
My blog:
LeapRate's Forex Industry News
  • How Will The Cyprus-EU Bailout Affect The FX Brokers? 0 comments
    Mar 17, 2013 2:37 PM | about stocks: KEY, LYG, MCQEF, MNXBF, MNXBY, MS, MSFT, MTU, NTRS, OXPS, PNC, PNSN, RBS, RJF, RY, SAN, SCGLY, SCHW, STT, SWQGF, TD, TRAD, TRI, UBS, USB, WFC

    Will the 10% confiscation of client funds at Cyprus banks also apply to Cyprus FX brokerages?

    Cyprus flagBefore we start (or contribute to an existing) panic among clients of Cyprus-based FX brokerages, we would like to state at the outset that we have been told directly by senior management at several leading Cyprus-based FX brokerages, that all client money at Cyprus FX firms is completely safe, and there will be no haircuts or confiscation whatsoever in client funds.

    That being said, Saxo Bank founder and co-CEO Lars Seier Christensen posted a scathing piece on Saxo Bank's TradingFloor.com research and commentary website (also available in LeapRate's FX Research section) blasting the general confiscation idea, which also questioned: "What is the exact impact on any client deposits they might be holding in Cyprus [FX brokerages]? I would assume that most funds are held abroad with major FX counterparts, not Cyprus banks, but clarification of this aspect would be useful."

    For more details see LeapRate's Forex Industry News at leaprate.com.

    For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

    Is your Forex firm LeapRate Approved v4

Back To gersegal's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.