CPT Markets Expands with New Cyprus Office

CPT Markets, a well-known forex and contract for differences (CFDs) brokerage service, has expanded its European presence by establishing a new office in Larnaca, Cyprus. This new office represents the firm's first physical presence in the European Union, a critical step forward in its development trajectory.

New Office in Cyprus

Ioan Mihalachi will lead the new CPT Markets office in Cyprus, which opened today. With a workforce of 15 spanning several areas such as operations, support, back office, payments, dealing, risk management, and compliance, the office is poised to become a key center for the firm's European activities.

Mihalachi, who joined CPT Markets as Chief Operating Officer earlier this year, has over 14 years of financial industry expertise. Prior to joining CPT Markets, he was CEO of Multibank's Cyprus business, where he was instrumental in obtaining the firm's license in Cyprus.

“Cyprus has long been a financial services powerhouse. ”The island has a wealth of experienced trading professionals, making it a highly strategic location for brokers, Mihalachi told Finance Magnates. He stressed that the new office's major goal would be to ensure operational efficiency across all CPT Markets divisions.

Expanding CPT Markets, formerly known as Citypoint Trading, offers retail traders margin forex and CFDs on indices, commodities, equities, and cryptocurrencies. However, the company's product offers differ depending on geography.

The firm presently has five licenses from authorities in the United Kingdom, South Africa, and Belize, among others. Notably, CPT Markets does not yet have an operating license in the European Union. The Cyprus office will allow CPT Markets to extend its European activities, and the business intends to file for a Cyprus Investment Firm (CIF) license from the Cyprus Securities and Exchange Commission (CySEC) in the near future.

Meanwhile, CPT Markets UK has published its financial results for the fiscal year ending December 31, 2023, with its growth in Europe. According to the study, turnover increased significantly in 2023, reaching £1,155,002, up from £787,845 the previous year. Gross profit also increased, reaching £1,091,169 in 2023, up from £652,968 in 2022.

Despite the increase in revenue, administrative expenditures for 2023 were £1,115,254, which was somewhat less than the £1,167,364 expended in 2022. This resulted in an operating loss of £24,071 in 2023, a significant improvement from the previous year's operating loss of £514,396.

Commitment to Service

Interest receivable and equivalent revenue was £582 for the year, down from £1,517 the previous fiscal year. After accounting for taxes, the firm recorded a loss before taxes of £23,489 for 2023, down from £512,879 in 2022. The ultimate loss for fiscal year 2023 was £23,489, which was much smaller than the £512,879 loss in the previous year.

The firm has emphasized its dedication to customer service as a key development strategy in a sector dominated by big companies. “We aim to grow our customer base in a crowded market by providing excellent service to our customers,” according to the organization.

CPT Markets also hinted at future ambitions to expand its product line and service offering to customers, with the dual goals of increasing profitability and market share while providing the greatest value to shareholders.

CPT Markets is positioned for ongoing expansion and success in the global financial markets, thanks to the opening of a new office in Cyprus and improved financial health in the UK.