CIMA Regulated Brokers

Cayman Islands Monetary Authority

The Cayman Islands Monetary Authority (CIMA) was established in 1997 on the basis of the Monetary Authority Law. It is completely in the ownership of the government and it consists of the Board of Directors whose members are personally selected by the Governor. The Governor is quite involved in the organization’s work and may issue directions and hire a neutral person to review the work of CIMA. CIMA is open for business Monday through Friday from 8:30 a.m. to 5:00 p.m. except on Cayman Islands Public Holidays.

The Authority was created from the merger of the Financial Services Supervision Department of the Cayman Islands Government and the Cayman Islands Currency Board. The former responsibilities, duties and activities of these two bodies now fall to CIMA. The Authority, however, was not established just to continue what was already in place under a different guise but rather to enhance Cayman’s ability to maintain a well regulated financial services regime and monetary stability.

CIMA Regulated Brokers

vt markets

VT Markets

Axiance

Axiance

EverFx

EverFx

The Cayman Islands are immensely popular with hedge funds and asset management firms, with the country hosting more than 10,000 registrations through the CIMA. The high percentage of hedge funds and individual investors is an excellent incentive for numerous Forex brokers to set up their brokerage in the country to cater to the requirements of the different companies, which can not only improve their bottom line, but most of the profits earned are tax-free. These CIMA regulated brokers also find it extremely lucrative to target global retail FX traders through their CIMA regulation by offering regulated FX trading products, which are in high demand when compared to brokers that are not regulated by any regulatory organization.

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