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Foreign Exchange

Swiss clamp down on retail

In a move that looks similar to the action taken by the US National Futures Association, the Swiss Federal Banking Commission has sent out a reminder that an amendment to its Banking Ordinance came into force on April 1.

Under it, FX dealers who accept money from their clients are now governed by its Banking Law. They must also register with the SFBC within three months and comply with Banking Law requirements within the next year. There is talk that they will have to set aside SFr10 million ($10 million) of free capital to cover their activities.  

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