FXTM is an international forex company that is headquartered in Cyprus and licensed and regulated by the Cyprus Securities and Exchange Commission. The head of the company, Andrey Dashin, is a prominent and successful figure whose views are often sought and well respected. In a recent interview to local press in Cyprus he had some interesting things to say, so let us have a look at the most important points that he touched upon.
Mr Dashin admitted that the image of Cyprus as an international business centre was tarnished since the events of March 2013, but he was quick to point out that he himself is convinced about the country’s dynamics and its ability to restore its credibility, by wiping out any negative impressions. In his own words: “the crisis is the time when the ‘winners’ will progress, the time when they will demonstrate their real power and grow by turning their disadvantages into advantages.” Having said that he pointed to the many advantages that Cyprus still has to offer including a very talented, skillful and hardworking workforce as well as a perfect geographic position in the crossroads between Europe and the Middle East.
Invited to give his own advice on how Cyprus will be become more competitive he said that there is a need for the country to reposition itself on the map as an international financial and business centre. The political and business system in Cyprus will have to prove that the country still possesses the necessary requirements to overcome the crisis and emerge stronger both as an economy and as a business centre. Dashin also pointed out that Cyprus’ greatest weaknesses is the highly bureaucratic system, which entails long waiting periods that may because the causes of interrupting possible investments, especially due to the fast pace that business is done through. He therefore suggests that both the corporate and legal procedures in the country need to be simplified in order to assist investors.
Asked about the current situation with regards to his own company against the backdrop of developments that had upset the forex market and the trading companies he said that he remains committed to the growth strategy that he had planned pointing out that during his long experience he has already dealt with crises of a similar nature and that his associates have also successfully done so and are well prepared for any scenario. He was also quick to point out that forex trading itself was born through a financial crisis and that the most valuable lesson he has kept is that any company may triumph even under the most adverse conditions, provided certain core values are in place and adhered to. Thus, he highlighted that clients are always his company’s priority and that his aim is to keep offering them a regulated yet flexible transactions experience based on cutting edge technology and the support of experienced staff.
Finally, Dashin was asked to give his view on whether a period of intense volatility in the markets is possible given the developments in the Middle East, the Ukraine and the fluctuation of oil prices. He admitted that the forex market is volatile as it is exciting and that it is possible that current developments may complete change the market. As an example of this, he cited the fact that the crisis between Russia and the Ukraine had a multiplier effect on the ruble but also on the euro and the USD, pointing that this is not necessarily a negative development but instead that it demonstrates that markets are truly open and responsive to what is going on around them. This is why it is important that perhaps one of the most valuable assets in the field of retail forex trading is the existence of strong risk management policies, meaning that brokers need to aim at effectively forecasting events and situations and preparing well to be able to deal with all possible scenarios.