Thema: JFD Brokers
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Alt 18.03.13
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Und jetzt kommt für das Zypernkonto bei JFD die 6,75% Zwangsabgabe?

Kunden von JFD Brokers erhielten mit dem Handellstart in die neue Woche folgende Mitteilung:

Cyprus Bail-out Tax / Zero Impact on JFD Client Funds

Dear Traders,

We would like to provide you with the following important information:


Cyprus has been struggling to repay its debt following its exposure to the recent Greek financial crisis.
On Saturday March 16th, 2013, following on from months-long negotiations, representatives from the Eurozone, the IMF and the European Central Bank have finally reached a bailout agreement with Cyprus. The main source of contention in was whether to make depositors pay a levy on their holdings in Cypriot banks.
In effect, this decision includes a one-time tax of 9.9 percent on Cypriot bank deposits that exceed 100,000 euros, as well as a tax of 6.75 percent on smaller deposits. This one-time tax which could raise almost 6 billion euros must be ratified by Cyprus’ parliament. Cyprus's parliament has postponed until Monday March 18th, 2013 an emergency session to vote the levy on bank deposits.
Cyprus is concerned that this decision will prompt a massive withdrawal among bank clients, who have grown accustomed to generous conditions on their savings on the island.


Without any exceptions and since JFD Brokers’ inception, all JFD Brokers clients’ funds have been kept safe outside of Cyprus with Top Tier European Banking Institutions. Our depository Banks are Lloyds, NatWest (parent of RBS) and Wirecard, as well as AAIB (i.e. for Middle Eastern clients who prefer to use a local Bank), all of which are highly rated by Moody's, Fitch and S&P.
As an immediate result and without any exceptions, our client funds will NOT be affected by the tax on Cypriot bank deposits. This also applies to JFD Brokers’ own company funds.


Moreover, JFD Brokers is committed to keeping its Clients’ money safe and operates under strict European regulations. Any funds held on behalf of our clients are governed by a number of principles to ensure maximum safeguarding.

Supervision by the Regulators
The Cyprus Securities and Exchange Commission (CySEC), a mature world-class regulator, has long experience of the CFDs and Forex industry, allows passporting to other European territories’ jurisdictions and is viewed as a leading regulatory authority in Europe. All firms regulated by the CySEC have to meet strict financial standards, including capital adequacy requirements. Authorised companies, including JFD Brokers, are required to submit financial reports to the regulator on a regular basis and the CySEC has the right to fine companies and/or terminate a company’s regulatory status for violations.

Funds deposited in Top Tier banking institutions
All clients’ funds are kept safe with Top Tier European Banking Institutions. Our Banks are Lloyds, NatWest (parent of RBS), Wirecard, and AAIB, all of which are highly rated by Moody's, Fitch and S&P. Partnering with such banking institutions ensures that funds deposited carry some of the lowest credit risks available in the market.

Segregation of client funds
All client funds, without any exceptions, are fully segregated and kept separate from JFD Brokers’ company funds. Client funds segregation ensures that client funds will not be used to pay back creditors in the unlikely event of our company’s default or insolvency. Our annual financial reports are audited by a leading Cyprus financial auditor, and our regulatory status (i.e. 100% Agency Only model, read below) gives our clients assurance that we will never engage into proprietary trading with their funds or take the opposite side of their trades, and that any client funds held with us are secure with the assurance that our resources are adequately managed at all times

100% DMA/STP Agency Model
Unlike Market Makers (including those promoting Non-Dealing-Desks - NDD, Straight Trough Processing - STP, or Electronic Currency Network - ECN models) JFD Brokers does NOT run any dedicated dealing desks to constantly monitor its financial position and set appropriate risk limits. In effect, full or partial Market Making Brokers are systematically exposed to risk, as if a larger proportion of their clients are in profit, they may not be able to meet their financial obligation to pay all clients which may possibly lead them to bankruptcy. This is precisely why Regulators do systematically require Market Makers for high capital requirement and greater control in order to cover the risks inherent to such business models. This is also why Regulators are constantly monitoring retail clients’ interests against all possible deviations such as stop hunting, price manipulation or execution manipulations operated by Market Makers. It is important to note that unlike the vast majority of
Retail CFDs and FX Brokers, JFD Brokers deliberately chose NOT to be authorized to conduct the following activity: “dealing on own account”. The activity of “dealing on own account” authorises Retail Brokers to Make the Market by taking the opposite side of their clients’ trades, hence creating a systematic conflict of interest. Both CySEC and FSA Registers present the different levels of license/permissions held by Retail Brokers. As an example, all of the companies listed hereby offer ECN Accounts, or PRO Accounts, yet have the permission to Make the Market in order to generate profits on client losses: Alpari (UK), Etoro, Easy Forex, FX Pro, FX Sol (company of City Index), FXCM Securities Limited, ODL Securities, FXDD Malta Limited, Tadawul (now Liquid Markets), Windsor Brokers, etc. A clear and straightforward regulatory status (i.e. one that does not hold the permission of “dealing on own account”) is one of the most important factors to look for whenever
considering Transparency, Broker’s Integrity and Safety of Client Funds. Both CySEC and FSA Registers present the different levels of license/permissions held by Retail Brokers here: CySEC Register and FSA Register.

100% MiFID Compliant Post-Trade Transparency
Every single one of our Clients’ orders are systematically Straight Through Processed to our Liquidity Providers on a "Fill or Fill" basis (i.e. no requotes) with both positive and negative Slippage enabled (i.e. no broker intervention). Hence, we pride ourselves for being able to provide upon Clients’ requests all relevant Post-Trade Execution Reports presenting Execution Times (often averaging sub 2 milliseconds) and naming which Liquidity Providers filled our Clients’ orders. Post-Trade transparency is one of the most important factors to look for whenever considering Transparency, Broker’s Integrity and Safety of Client Funds, a factor that we believe is an absolute JFD Brokers’ exclusive.

Protection through the Investors Compensation Fund
JFD Brokers is a member of the Investors Compensation Fund (ICF) providing retail clients with additional protection. In effect, our clients may be eligible to put a claim into the Investor Compensation Fund (ICF) in the event JFD Brokers is unable to meet its financial obligations. Read more about the ICF (link to PDF).

Custom Risk Management – Airbag and Lower Leverage Setup
JFD Brokers’ automated risk management system, also called the Airbag, coupled with lower leveraged client trading accounts is designed to reduce the risk of your trading account being depleted to zero or turning negative. This is especially useful to prevent negative impacts generated by weekend Market Gaps.

Prime Brokerage Model
JFD Brokers’ best execution commitment is tied to the prime brokerage model. This model enables JFD Brokers to offer accurate and ultra-low latency execution on aggregated multibank liquidity, with the added bonus of lower costs (i.e. Core Spreads with a 0.1pip average on the EUR/USD). Our Technology coupled with our Business Model gives us the opportunity to deliver an absolute trading environment to the Retail Trading Community.

Established in Cyprus
In the last few years many brokers have appeared on the CFDs and Forex marketplace operating from Cyprus.
Cyprus offers some of the lowest tax system in the European Union (i.e. 10 % on taxable profits, possibly 12.5% following on from the latest bail-out situation) coupled with the local availability of highly skilled yet affordable professionals, and mostly the EU accession (i.e. Cyprus joined the EU on the 1st of May 2004). Lower operational costs and high degrees of Client Protections is what Cyprus has to offer, and why JFD Brokers established its headquarters locally.

Should you have any questions please do not hesitate to contact us.
Kind regards,

Your JFD Brokers Team