Elie Aoun, CEO of Credit Financier Invest (CFI) in Cyprus, has joined the Managing Committee of the Cyprus Investor Compensation Fund (ICF). The CEO announced the new role on LinkedIn on Friday.
Aoun, who joined CFI Cyprus in February 2013, has been the CEO of the online trading provider for over a decade now. The company is a subsidiary of CFI Group, a holding company that provides a range of trading platforms to retail and institutional investors.
Aoun’s appointment by the Cyprus Securities and Exchange Commission (CySEC) comes a month after the Cypriot financial watchdog withdrew the ICF membership of three former Cypriot Investment Firms (CIFs), Inveza Capital, F1Markets and FF Simple and Smart Trades Investment Services, after which it decided to step down. for their CIF licenses.
ICF is a fund that can be accessed by qualified CIFs other than credit institutions. The fund provides protection to clients of member CIFs when claims arise against the companies.
Apart from CIFs, other companies such as subsidiaries of investment firms and a third country investment firm, alternative investment fund managers and Undertakings for collective investment in transferable management companies (UCITs), can also join the ICF.
According to Salvus Funds, sources of ICF funds include income from ICF’s investment operations, donations, voluntary causes, and unclaimed client funds. In addition, the funds transferred to the ICF under the procedure for the suspension and withdrawal of the operating license become the funds of the ICF three years after the date of the transfer.
CIF Finance remains strong
Meanwhile, CFI Financial, which operates regulated subsidiaries in London, Larnaca, Beirut, Amman, Dubai and Port Louis, has maintained strength in business. During the first three quarters of 2022, the global financial markets provider reported a 94% growth in trading volume. The company’s new customer acquisition also jumped 155% year-over-year, a similar growth pattern for new accounts added during the period.
CFI Financial, which is heavily focused in the Middle East, recently revealed plans to expand into other jurisdictions by acquiring new licenses. The broker, who recently debuted in Egypt with local acquisition broker, El Mahrousa, says it plans to open a new company. Offices in Africa, the Middle East, North Africa and Latin America.
Elie Aoun, CEO of Credit Financier Invest (CFI) in Cyprus, has joined the Managing Committee of the Cyprus Investor Compensation Fund (ICF). The CEO announced the new role on LinkedIn on Friday.
Aoun, who joined CFI Cyprus in February 2013, has been the CEO of the online trading provider for over a decade now. The company is a subsidiary of CFI Group, a holding company that provides a range of trading platforms to retail and institutional investors.
Aoun’s appointment by the Cyprus Securities and Exchange Commission (CySEC) comes a month after the Cypriot financial watchdog withdrew the ICF membership of three former Cypriot Investment Firms (CIFs), Inveza Capital, F1Markets and FF Simple and Smart Trades Investment Services, after which it decided to step down. for their CIF licenses.
ICF is a fund that can be accessed by qualified CIFs other than credit institutions. The fund provides protection to clients of member CIFs when claims arise against the companies.
Apart from CIFs, other companies such as subsidiaries of investment firms and a third country investment firm, alternative investment fund managers and Undertakings for collective investment in transferable management companies (UCITs), can also join the ICF.
According to Salvus Funds, sources of ICF funds include income from ICF’s investment operations, donations, voluntary causes, and unclaimed client funds. In addition, the funds transferred to the ICF under the procedure for the suspension and withdrawal of the operating license become the funds of the ICF three years after the date of the transfer.
CIF Finance remains strong
Meanwhile, CFI Financial, which operates regulated subsidiaries in London, Larnaca, Beirut, Amman, Dubai and Port Louis, has maintained strong business. During the first three quarters of 2022, the global financial markets provider reported a 94% growth in trading volume. The company’s new customer acquisition also jumped 155% year-over-year, a similar growth pattern for new accounts added during the period.
CFI Financial, which is heavily focused in the Middle East, recently revealed plans to expand into other jurisdictions by acquiring new licenses. The broker, who recently debuted in Egypt with local acquisition broker, El Mahrousa, says it plans to open a new company. Offices in Africa, the Middle East, North Africa and Latin America.