Elie Aoun, a long-time Chief Executive
Officer of Credit Financier Invest (CFI) in Cyprus, has joined the
Administrative Committee of the Cyprus Investor Compensation Fund (ICF). The CEO announced the new role on Friday through LinkedIn.
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 the CFI Group, a holding company that
provides a suite of trading platforms to individual 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 ex-Cyprus Investment Firms (CIFs), Inveza
Capital, F1Markets and FF Simple and Smart Trades Investment Services after they opted to renounce their CIF licenses.
What’s the ICF?
The ICF is a fund accessible to
eligible CIFs other than credit institutions. The fund provides protection to clients of member
CIFs when claims arise against the
companies.
Apart from CIFs, other firms such as branches of
investment firms and a third-country investment firm, alternative
investment fund managers and Undertakings for Collective Investment in
Transferable (UCITs) management companies can also join the
ICF.
According to Salvus Funds,
sources of ICF funds include income from the ICF’s investment operations,
donations and voluntary causes and unclaimed customer funds. In
addition, funds transferred to the ICF under the procedure for the suspension and
withdrawal of operating licenses become the ICFs after three years from the
date of transfer.
CIF Financial Continues Strong
Meanwhile, CFI Financial, which
operates regulated subsidiaries in London, Larnaca, Beirut, Amman, Dubai and Port
Louis, has remained strong in business. During the first three quarters of
2022, the global financial markets provider reported a growth of 94% in its trading volume. In addition, the company’s new customer
acquisition jumped 155% year-over-year, which is a growth pattern similar to new accounts added during the period.
CFI Financial, which is heavily focused in
the Middle East, recently disclosed plans to expand to other jurisdictions with
the acquisition of new licenses, The broker, which recently
debuted in Egypt with the acquisition of local broker, El
Mahrousa, says it plans to open new
offices in Africa, Middle East and North Africa, and Latin America.
This article was written by Solomon Oladipupo at www.financemagnates.com.
