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Orchard Сourse Markets: The Situation Around the Cypriot Banking System Will Not Affect Their Clients

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					Orchard !ourse Markets: The Situation Around the Cypriot Banking System
Will Not Affect Their Clients

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).




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Contact Information:

Chander Handa
+64 4 894 85 06
Contact via Email
http://orchard-cm.com/


Online Version of Press Release:
You can read the online version of this press release at: http://www.pr.com/press-release/483418




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Description: 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
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