Auckland, New Zealand, April 04, 2013 --(PR.com
)-- Clients of Orchard Course Markets will not be affected by the freezing of accounts in Cyprus: neither Orchard-cm, nor its partners have transit or current accounts registered within the jurisdiction of Cyprus. “All settlements are cleared through our Baltic partner banks,” comments Chander Khanda, executive PR director of Orchard-cm. “The Russian media exaggerates the problem," he says; “only Russian oligarchs who optimized their taxes through Cypriot offshores will be affected by the ECB actions. This situation does not create any additional load for the banking system of other countries of the Euro zone, so we do not plan to change our existing relations with European banks.”
Two weeks ago, it was reported that the creditors were not willing to loan Cyprus 17 bn Euro necessary to cover the budget deficit. Among other things, the International Monetary Fund demanded a substantial restructuring of banks, imposition of a bank deposit levy and improvement of the system transparency. During the last week, Cypriot authorities were searching for other options and even held some talks in Moscow. However, an alternative decision could not be found, so the requirements of the lenders will be satisfied. Cyprus is the main offshore zone for Russian companies, that’s why the news on freezing of accounts over 100 000 Euro in two largest banks (Laiki Bank and Bank of Cyprus) was met with dismay by Russian businesses. Yet, Orchard thinks that the current situation opens new possibilities for banks, brokers, book runners and intermediaries from the Baltic states, British territories, Singapore and New Zealand. "We are awaiting lots of new customers in the coming months," says Chander Khanda, executive PR director of Orchard-cm. "Although the majority of the customers won’t be affected, the confidence in the Cypriot banking system will be dented. Clients of Cyprus-registered broker companies will also be looking for new investment options with a lower risk. I’m convinced that we are very well positioned on the market: our commissions are low, we offer a broad palette of different instruments and, not the least, we are operating within the jurisdiction of New Zealand."
Orchard Course Markets is a New Zealand-based broker specializing in providing access to American stocks and derivatives. The company is registered in the Financial Dispute Resolution service of New Zealand (FDR).