A full photographic montage of the seventh FinanceFeeds Cup exclusive FX industry networking event which took place at the Limassol Yacht Club in Cyprus on March 16. Our largest event yet, covering all sectors from technology to brokerage and from regulatory reporting to resources and digital advertising, 110 executives convened. What a fantastic event.
In such an online, highly technologically advanced industry as ours, the ability for senior executives to socialize and meet with each other is paramount, and where better to do this than the global center of the retail FX industry – Limassol, Cyprus.
On Thursday, March 16 110 executives from across all sectors of the FX industry attended the Q1 2017 Cyprus Cup in a global series of FinanceFeeds networking events, “The Cup” at the exclusive and highly luxurious Limassol Yacht Club, in Limassol Marina.
The extremely comprehensive electronic trading industry in Cyprus has evolved tremendously over recent years, and is now home to an entire ecosystem including technology vendors producing specialist end to end systems for FX brokerages, digital marketing firms which dedicate their services specifically to the electronic trading business, trading platform integration firms, retail platform developers, retail brokerages with offices across the globe, liquidity providers and prime brokerages, signal providers, branding experts and educational service providers.
The Q1 2017 FinanceFeeds Cyprus Cup was enjoyed and represented by a cross section of senior industry executives from across all sectors, who were welcomed to the Limassol Yacht Club by Andrew Saks-McLeod, Noam Stiekema and Maria Nikolova of FinanceFeeds, as the seventh FinanceFeeds Cup event set the stage for corporate networking and engagement between all aspects of the FX industry.
Sponsored by financial technology company Point Nine, this event was the largest FinanceFeeds Cup event to date, bolstering the importance of this
A very important evolution which must be taken note of is that Cyprus has become a pinnacle of high quality electronic markets prowess and is now attracting dialog from regulatory technology firms with large listed derivatives giants of Chicago, Tier 1 banks of Germany, global execution solutions stalwarts and government leaders alike.
Reflecting this and exemplifying it was the address by Point Nine at the FinanceFeeds Cyprus Cup on Thursday. Point Nine, which specializes in post-trade execution, operation, processing and reporting, was founded in 2002. The company’s Head of Regulatory Reporting, Andrea Peratitis, delivered a keynote speech to the 110 delegates, centering on the MiFID and EMIR regulatory structure that is currently a vital focus for electronic trading firms across Europe.
Increasing use of technology for regulatory reporting and relationships with trade depositories has proliferated the electronic financial markets business recently, hence Ms. Peratitis having explained thoroughly how this should be navigated, along with Cypriot company Point Nine’s global relationship with large institutional reporting entities.
“All of us that are here tonight have something in common” Ms. Peratitis commenced. “All of us work in the financial sector.”
“Whether you are the CEO of a company or a compliance officer, or a financial analyst, there is essentially one thing in common. In order to adapt, you should be able to assess and manage the risk aspect of operating your electronic trading business. When the risks are tangible, then the work is easy. But what happens when these risks are intangible and they bring uncertainty?” asked Ms Peratitis.
“Our ethos is to endeavor to work closely with counterparties and also to reduce the risk element” she said.
With regard to Point Nine’s role as a FinTech company, Ms Peratitis spoke about the upcoming regulatory changes and challenges. “We have the MiFID II directive which is soon to be implemented, and managing this is a large and multi-faceted task for most electronic trading firms on both the retail and institutional side, and this is no surprise because MiFID II is by far the most complex regulatory directive in terms of infrastructure and commercial operation that we have seen yet. We also have SFTR (for securities financing transactions) which covers repos and margin lending.”
Ms. Peratitis also clarified Point Nine’s core business attributes, in explaining “Point Nine essentially offers post-trade processing outsourcing services to financial firms and corporations. We provide regulatory reporting – EMIR, MiFID, SFTR and a series of other G20 regulations. Our internally developed web-based platform called Circle is the regulatory solution utilized by many firms to meet regulatory reporting demands.”
Point Nine has previously hosted conferences in Cyprus in which major global regulatory authorities have come together with senior executives from large Tier 1 counterparties and derivatives venues including CME Group, Commerzbank and TRAX, in Cyprus, in order to discuss the methodology of continuing to modernize the technological aspects involved in maintaining pace with regulators, as well as refining the execution and post-trade processing modus operandi.
With firms such as Point Nine now sponsoring critical mainstays of the FX industry calendar such as the FinanceFeeds Cup, it is clear that Cyprus has a very comprehensive future in this industry.