Swiss retail FX rules spell consolidation
The amendments, which came into force on April 1, require dealers to hold a minimum of Sfr10 million in capital reserve. The capital reserve requirement can be met by cash or global assets authenticated by a SFBC-approved auditor.
Dealers will also become accountable to Swiss banking laws. Any firm that deals in foreign exchange on behalf of clients must register with the SFBC within three months of April 1 and file an application for a banking licence by July 1, 2009.
The changes are thought to
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