The first day of the two-day iFX EXPO in Limassol Cyprus is in the books with thousands of thought leaders, executives, and individuals in attendance. Multiple panels highlighted the first day of action, which focused on key insights from the industry’s leading CEOs as well as a discussion on what traders want.
Hosted by Finance Magnates and Conversion Pros along with the University of Nicosia, the event was kicked off by a Keynote speech by Demetra CySEC 's Chairwoman Demetra Kalogerou, who touched on CySEC’s growing industry clout and upcoming legislation. The speech set the stage for the rest of the day, with a string of panel discussions, workshops, and other discussions all emphasizing the dramatic shift the FX, CFD, and cryptocurrency industry have undergone this past year.
CySEC's Chairwoman Demetra Kalogerou talks new legislation and growth #ifxexpo2018 @iFXEXPO #cyprus #FX #regulation #cysec @CySEC_official pic.twitter.com/X0DCxDCsxE
— Finance Magnates (@financemagnates) May 23, 2018
On regulations and cryptos
With a packed convention hall full of exhibitors, IBs, brokers, and tech providers, the iFX EXPO helped address a number of key issues facing the financial services industry. Whereas last year’s event struggled to keep pace with rapidly evolving cryptocurrency industry, this year’s event held a different narrative entirely.
The tone surrounding cryptos was much more dialed back relative to last year, though still largely optimistic. In particular, the CEO panel discussion during the morning also reiterated the need for compliance and regulation. Far from being a death knell for the industry, increased regulatory scrutiny was seen as a necessary element moving forward.
Andrew Ralich, CEO of oneZero was also firm in his assessment of cryptos as a rising asset class, even going so far as to proclaim it would never overtake FX. Looking ahead, the industry will continue to grow but will have to do so with new rules.
oneZero's CEO, Andrew Ralich on the rising cryptocurrency industry: “The asset class is exciting but it will never replace FX” #ifxexpo #regulation #cryptos #ICOs #FX pic.twitter.com/DPdE7qwYNQ
— Finance Magnates (@financemagnates) May 23, 2018
In terms of FX, multiple panel discussions could not avoid the elephant in the room, i.e., the lingering aftershocks of ESMA’s marquee regulatory shift earlier this year. While the regulation did see its fair share of naysayers, many executives agreed the train had left the proverbial station so to speak, with the industry forced to adapt to these new paradigms and Leverage thresholds.
ZotaPay's CEO, Avner Ziv on shifting regulations, ESMA - 'this is a good thing' @ZotaPay #ifxexpo2018 #regulation @iFXEXPO pic.twitter.com/Ucp3Z00up4
— Finance Magnates (@financemagnates) May 23, 2018
The afternoon was highlighted by a discussion from executives about the trading industry and what exactly clients are looking for. Posed with some difficult questions, the panel participants each explained their view on how to best cater to client bases, while also helping foster increased education and transparency.
What do traders really want? Divisa's Mohammad Isbeer holds optimistic outlook for industry, noting at iFX EXPO "churn and burn is a dying concept" #ifxexpo2018 @iFXEXPO #FX #trading #regulations pic.twitter.com/zESHkw1l1D
— Finance Magnates (@financemagnates) May 23, 2018
Executives and conference attendees will look to unwind tonight at the iFX EXPO Night party at Guaba Beach Bar before returning for tomorrow’s packed agenda.
