Swiss Forex Brokers will henceforth require a banking license
The « Foreign Exchange » market, commonly abbreviated to « Forex », represents the global currency market which boasts a daily trading volume of over USD 4 trillion*. Forex trading enables investors to speculate on, and thereby benefit from, fluctuations in the value of any one currency against another.
*Source : The Economic Times
What is the implication for Swiss Forex Brokers ?
By March 2009, all Swiss Forex Brokers like GFX Group SA (www.forex.ch) will be required to submit their application to the Swiss Federal Banking Commission in view of obtaining a Banking License. Without obtaining this banking license, Swiss forex brokers will no longer be authorized to function as such in Switzerland.
The laws and regulations which are being implemented will serve to increase the protection of investors and clients in this sector, to further contribute to the good-standing and reputation of the Swiss financial industry. Read more…
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