Switzerland’s FINMA takes aim at CIS institutions with new anti money laundering rules LeapRate

February 11, 2015 BY Mike Fox

Switzerland's FINMA takes aim at CIS institutions with new anti money laundering rules

The Swiss Financial Market Supervisory Authority FINMA has opened a consultation on the draft revised version of the FINMA Anti-Money Laundering Ordinance. The revised ordinance reflects both the revised Anti-Money Laundering Act of 12 December 2014 and the revised Financial Action Task Force recommendations. The revised ordinance also includes insights gained from supervisory practice and…

February 03, 2015 BY Andrew Saks-McLeod

Stronger Swiss Franc begins to hurt Swiss Banks, Julius Baer lays off 200

Due to the rising value of the franc, Switzerland's Julius Baer may consider reducing its payroll by 200, however profits are continually increasing, and the firm may capitalize by looking to conduct a deal similar to that of its acquisition of Merrill Lynch's wealth management division, in that publicly listed companies that report their performance in other currencies than francs are of interest

January 19, 2015 BY Andrew Saks-McLeod

It's not over yet! Swiss National Bank President poised to act again

"We will continue to consider the exchange-rate situation in our decisions and intervene in the foreign-exchange market if necessary" - Thomas Jordan, President, Swiss National Bank

December 17, 2014 BY Mike Fox

Reuters: Global forex reserves set to post first quarterly drop since 2008/09

Global foreign exchange reserves may have fallen in the third quarter for the first time since the financial crisis as central banks stepped up interventions to prevent their currencies from falling too sharply. As the U.S. Federal Reserve gears up to raise interest rates next year, dollar-funded "carry trades", in which traders borrow in low…

December 08, 2014 BY Andrew Saks-McLeod

Swiss derivatives trader Giuseppe Rosamilla full of eastern promise as he joins Oriental Pearl Group

The Asia Pacific continues to be attractive to institutional and bank traders as Swiss executive Giuseppe Rosamilla furthers his electronic trading career in Hong Kong with Chinese giant Oriental Pearl Group's international investment division

December 08, 2014 BY Mike Fox

FT: Credit Suisse to shrink prime brokerage unit

Being reported is that Credit Suisse is seeking a more aggressive push towards electronic trading within its “global macro” unit, which includes government bond and forex trading...

November 26, 2014 BY Andrew Saks-McLeod

SEC fines HSBC's Swiss operations $12.5 million for brokering US clients

HSBC's Swiss private banking division has agreed to pay $12.5 million in order to settle charges by the SEC that it solicited North American clients whilst being an unregistered entity

November 19, 2014 BY Mike Fox

Switzerland seen as delaying cap on the franc into 2017

“With monetary easing under way by the ECB and Swiss inflation still trending below target levels, the SNB will have to extend the currency cap against the euro into mid-2016 at the very least,” said Bernard Yaros, associate economist at Moody’s Analytics in West Chester, Pennsylvania.

November 12, 2014 BY Andrew Saks-McLeod

FINMA takes multi-faceted action against UBS for FX rate manipulation

Swiss authorities have concluded that UBS acted improperly with regard to FX rate manipulation, ordering disgorgement of profits gained from fixing FX rates, as well as ordering UBS to automate its FX trading, removing the possibilities of human intervention and unlawful conduct

October 30, 2014 BY Andrew Saks-McLeod

Switzerland's regulator overhauls enforcement policy, takes new view toward communication

The Swiss Financial Market Supervisory Authority FINMA has updated its policy on enforcement, while also issuing a new policy on communication. Whereas the enforcement policy indicates when FINMA takes enforcement action to investigate breaches of supervisory law, the policy on communication sets out the criteria under which FINMA informs the public about its supervisory activity.…

Tag: Switzerland