Swiss retail broker ACM had been vying for a precious Swiss banking license for over a year until it was denied one by Finma, the Swiss Financial Market Supervisory Authority, last month. Sources within ACM said at the time that they expected the firm to be sold up by Christmas – it seems it has happened quicker than expected.
Swissquote Bank, which received its banking license in 2000, has bought up ACM with effect from this week and following Finma approval.
Swissquote says there will be no disruption to ACM customers, who will continue to trade on the ACM platform and under the same conditions as before.