Regulatory challenges, along with other business decisions, have prompted the company to surrender its CySEC licence.
It will keep the Cyprus office open as a branch for supporting its international activities.
Prime brokerage firm 26 Degrees intends to surrender its CySEC licence. While the Limassol office will remain operational, it will serve as a branch supporting the firm’s international activities.
The decision is driven by the firm's desire to concentrate on institutional services, particularly hedge fund operations, amid growing regulatory challenges with the Cypriot authorities. This move may also be linked to the recent departure of Riana Chaili, the former CEO for the EMEA region. We reached out to 26 Degrees, but the company declined to comment.
Apart from Chaili, Lochlan White recently stepped down from his role as EMEA Chief Commercial Officer, based out of the Cyprus office, to join Scope Prime. He parted ways with the Gavin White-run company after spending 11 years in various roles.
Surrendering the CySEC Licence after a Year
26 Degrees is headquartered in Australia and offers prime brokerage services to broker-dealers and hedge funds. As reported by Finance Magnates earlier, the company gained its Cyprus Investment Firm (CIF) licence in 2023 to expand its presence in the European Economic Area. Interestingly, it had established and strengthened its Cyprus office even before obtaining the licence on the Mediterranean island.
Months ahead of obtaining the Cyprus licence, the company also rebranded from Invast Global to 26 Degrees. At the time, Group CEO Gavin White told Finance Magnates that his company was compelled to rebrand due to the exponential growth of its institutional prime services business in the last five years.
After surrendering the CySEC licence, the company will be left only with regulatory approval from the Australian Securities and Investments Commission (ASIC).
Meanwhile, 26 Degrees continues to innovate with its product offerings. In July, it launched Pairs CFDs, which allow the trading of index vs. index, commodity vs. commodity, or equity vs. equity, similar to forex pairs. According to the company, these Pairs CFDs can be constructed to enhance or reduce volatility, depending on the correlation between the instruments.
Prime brokerage firm 26 Degrees intends to surrender its CySEC licence. While the Limassol office will remain operational, it will serve as a branch supporting the firm’s international activities.
The decision is driven by the firm's desire to concentrate on institutional services, particularly hedge fund operations, amid growing regulatory challenges with the Cypriot authorities. This move may also be linked to the recent departure of Riana Chaili, the former CEO for the EMEA region. We reached out to 26 Degrees, but the company declined to comment.
Apart from Chaili, Lochlan White recently stepped down from his role as EMEA Chief Commercial Officer, based out of the Cyprus office, to join Scope Prime. He parted ways with the Gavin White-run company after spending 11 years in various roles.
Surrendering the CySEC Licence after a Year
26 Degrees is headquartered in Australia and offers prime brokerage services to broker-dealers and hedge funds. As reported by Finance Magnates earlier, the company gained its Cyprus Investment Firm (CIF) licence in 2023 to expand its presence in the European Economic Area. Interestingly, it had established and strengthened its Cyprus office even before obtaining the licence on the Mediterranean island.
Months ahead of obtaining the Cyprus licence, the company also rebranded from Invast Global to 26 Degrees. At the time, Group CEO Gavin White told Finance Magnates that his company was compelled to rebrand due to the exponential growth of its institutional prime services business in the last five years.
After surrendering the CySEC licence, the company will be left only with regulatory approval from the Australian Securities and Investments Commission (ASIC).
Meanwhile, 26 Degrees continues to innovate with its product offerings. In July, it launched Pairs CFDs, which allow the trading of index vs. index, commodity vs. commodity, or equity vs. equity, similar to forex pairs. According to the company, these Pairs CFDs can be constructed to enhance or reduce volatility, depending on the correlation between the instruments.
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The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
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