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FX/CFD Brokers’ Island Vanuatu Shaken With 7.3 Earthquake

byadmin
December 17, 2024
FX/CFD Brokers’ Island Vanuatu Shaken With 7.3 Earthquake FX/CFD Brokers’ Island Vanuatu Shaken With 7.3 Earthquake

Tuesday, 17/12/2024 | 09:52 GMT by
Damian Chmiel

  • The hit caused widespread destruction to critical infrastructure and severely impacted the offshore financial hub.
  • Currently, about 80 brokers operate on the small island, including some of the most popular brands.
Source: YouTube, ABC News Australia

A powerful
7.3 magnitude earthquake struck Vanuatu’s capital Port Vila today, causing
widespread destruction and prompting international concern as diplomatic
facilities sustained major damage and casualties began to mount.

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The
disaster has severely impacted the nation’s critical telecommunications and
power infrastructure, potentially disrupting the operations of dozens of
financial services providers, FX and CFDs brokers who maintain their
operational presence in Vanuatu

Major Earthquake
Devastates Vanuatu’s Capital, Multiple Buildings Collapse

The tremor
hit at 12:47 local time near Port Vila, triggering landslides and causing
multiple building collapses across the capital. The quake’s shallow depth of 10
kilometers amplified its destructive power, with aftershocks ranging from 4.7
to 5.5 magnitude continuing to rattle the region.

A
significant diplomatic complex housing several Western missions, including the
U.S. Embassy, British High Commission, French Embassy, and New Zealand High
Commission, suffered extensive structural damage. The U.S. Embassy announced an
immediate closure, while staff evacuations were conducted across all affected
diplomatic facilities.

Aftermath of 7.4 Earthquake in Port Vila, Vanuatu
Extensive damage to the buildings.
December 17, 2024 #earthquake #sismo #terremoto pic.twitter.com/jGBkKwyYmp

— Disasters Daily (@DisastersAndI) December 17, 2024

The Vila
Central Hospital is currently operating at capacity, with medical staff
conducting triage operations outside the emergency department. Local emergency
services, already stretched thin by limited resources and equipment, are racing
against time to reach potentially trapped survivors in collapsed structures.

Australia’s
Foreign Minister Penny Wong has pledged support, while New Zealand’s government
expressed deep concern and is currently accounting for its citizens. Both
nations have confirmed no tsunami threat to their territories, despite initial
warnings for the immediate region.

Impact on FX and CFDs
Brokers Operations

Multiple
commercial buildings in Port Vila’s business district have sustained
significant structural damage. The earthquake has triggered widespread power
outages and communication blackouts, raising concerns about business continuity
for financial institutions operating in the region.

Until
recently, there were at least 600 brokers operating on this small island, which
took a rather lax approach to regulation . However, following changes introduced
over the past year, their number has dropped significantly, now hovering around
80. Among them are some of the biggest FX/CFD brands, including Axi,
TMGM, CFI, Exness, and Deriv.

A
simple P.O. box no longer suffices. The Vanuatu Financial Services
Commission (VFSC) now requires brokers to have a local presence. Furthermore,
the agency is preparing
to introduce cryptocurrency regulations.

Martin St-Hilaire

“The days
when a simple P.O. Box and some accounting entries were enough to claim a stake
in Vanuatu’s financial industry are over,” said Martin St-Hilaire, the
President of the Financial Markets Association (FMA), a trade group formed in
2020 to promote the highest professional and ethical standards among Vanuatu
brokers.

“Anyone who
wants to benefit from Vanuatu’s regulatory and fiscal regime must come to the
country and make a tangible contribution to the community. Vanuatu has matured
from an offshore, protected international financial centre to an onshore,
transparent international fintech centre.”

The
rationale behind these moves is that Vanuatu does not want to be associated
with an offshore haven for shady brokers, but rather become
the “new Cyprus,” which is currently a hub for retail investment firms in
Europe.

A powerful
7.3 magnitude earthquake struck Vanuatu’s capital Port Vila today, causing
widespread destruction and prompting international concern as diplomatic
facilities sustained major damage and casualties began to mount.

The
disaster has severely impacted the nation’s critical telecommunications and
power infrastructure, potentially disrupting the operations of dozens of
financial services providers, FX and CFDs brokers who maintain their
operational presence in Vanuatu

Major Earthquake
Devastates Vanuatu’s Capital, Multiple Buildings Collapse

The tremor
hit at 12:47 local time near Port Vila, triggering landslides and causing
multiple building collapses across the capital. The quake’s shallow depth of 10
kilometers amplified its destructive power, with aftershocks ranging from 4.7
to 5.5 magnitude continuing to rattle the region.

A
significant diplomatic complex housing several Western missions, including the
U.S. Embassy, British High Commission, French Embassy, and New Zealand High
Commission, suffered extensive structural damage. The U.S. Embassy announced an
immediate closure, while staff evacuations were conducted across all affected
diplomatic facilities.

Aftermath of 7.4 Earthquake in Port Vila, Vanuatu
Extensive damage to the buildings.
December 17, 2024 #earthquake #sismo #terremoto pic.twitter.com/jGBkKwyYmp

— Disasters Daily (@DisastersAndI) December 17, 2024

The Vila
Central Hospital is currently operating at capacity, with medical staff
conducting triage operations outside the emergency department. Local emergency
services, already stretched thin by limited resources and equipment, are racing
against time to reach potentially trapped survivors in collapsed structures.

Australia’s
Foreign Minister Penny Wong has pledged support, while New Zealand’s government
expressed deep concern and is currently accounting for its citizens. Both
nations have confirmed no tsunami threat to their territories, despite initial
warnings for the immediate region.

Impact on FX and CFDs
Brokers Operations

Multiple
commercial buildings in Port Vila’s business district have sustained
significant structural damage. The earthquake has triggered widespread power
outages and communication blackouts, raising concerns about business continuity
for financial institutions operating in the region.

Until
recently, there were at least 600 brokers operating on this small island, which
took a rather lax approach to regulation . However, following changes introduced
over the past year, their number has dropped significantly, now hovering around
80. Among them are some of the biggest FX/CFD brands, including Axi,
TMGM, CFI, Exness, and Deriv.

A
simple P.O. box no longer suffices. The Vanuatu Financial Services
Commission (VFSC) now requires brokers to have a local presence. Furthermore,
the agency is preparing
to introduce cryptocurrency regulations.

Martin St-Hilaire

“The days
when a simple P.O. Box and some accounting entries were enough to claim a stake
in Vanuatu’s financial industry are over,” said Martin St-Hilaire, the
President of the Financial Markets Association (FMA), a trade group formed in
2020 to promote the highest professional and ethical standards among Vanuatu
brokers.

“Anyone who
wants to benefit from Vanuatu’s regulatory and fiscal regime must come to the
country and make a tangible contribution to the community. Vanuatu has matured
from an offshore, protected international financial centre to an onshore,
transparent international fintech centre.”

The
rationale behind these moves is that Vanuatu does not want to be associated
with an offshore haven for shady brokers, but rather become
the “new Cyprus,” which is currently a hub for retail investment firms in
Europe.

  • 2058 Articles
  • 56 Followers

Damian’s adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

  • 2058 Articles
  • 56 Followers

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