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.

CFI 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.