Cyprus Securities and Exchange Commission (CySEC) announced on Tuesday that Cypriot Investment Firms (CIFs) are required to file a new report detailing trading volumes for 2018. CySEC-regulated retail brokerages are classified as Cypriot CIFs.
The new report requires companies to report their trading volumes for 2018
Trading volumes should be divided into sub-categories by property and the report should include all trades made – be it with retail traders, professional traders or counterparties.
Any margin trading, including the amount leveraged, must also be reported. For example, if you trade $100 with a leverage of 100:1, the stated amount will be $10,000.
Brokers will also have to distinguish between their clients' trades and any trading they have made on their own account. However, market makers should only report customer deals to prevent double counting.
In a statement released on its site on Tuesday, CySEC said companies must submit the report by April 12. The regulator stated that it will not provide any further reminders to the companies, that no extension will be submitted after this date and failure to provide the required information will result in fines.
Although this requested report is new, it is not the first time that CySEC has collected trading volume data from Cypriot investment firms. In the past, data collected by the regulator - including trading volumes - was used to strengthen oversight. But this time, Sisi did not explain why it sought to collect volume data.