Leading London-based independent trading firm Mac Futures has significantly expanded its presence in the jurisdiction of Gibraltar with the May 6 opening of a new 100-desk trading facility by Chief Minister Peter Caruana.
Mac Holdings opened its office in Gibraltar in April 2001 with just four traders, although rapid expansion in the meantime has seen this grow to thirty. As a result, the Gibraltar operation now commands a significant presence in terms of volume on futures exchanges, which includes direct access to Liffe and Eurex exchanges, and accounts for up to 25% of trading on certain contracts.
“The new location in Gibraltar is now probably among the top five futures trading floors in Europe in terms of size and capacity, with the Gibraltar office offering the same level of service, infrastructure, and products that can compete on an international level,” commented Mark Compson, General Manager.
He adds that at 350 desks, the firm's London base is now the largest futures trading floor in the world.
Compson continues: “Our aim is to complement this with a large workforce of local talent that will become the experienced traders necessary to teach future Gibraltarian trainees.”
One of the attractions of trading from Gibraltar is that a trader can apply to the Finance Centre Director for Qualifying (Category 3) Individual status. Under the Category 3 Rules 1998, which fall under the Income Tax Ordinance, traders would only have to pay £10,000 tax per year, in 12 equal monthly instalments.
Applicants for Category 3 status under the 1998 Rules must possess skills or experience essential to the operation of a company, which are not available in Gibraltar, and which are important for the Rock’s economic development. In order to qualify for the status, they are required to have a suitable property in Gibraltar, either purchased or rented, for their exclusive use.
Source: OCRA
