Swiss Financial Markets Regulator CEO Patrick Raaflaub Resigns Amid Ongoing Forex Probe
- This Swiss Financial Market Supervisory Authority announced its CEO has resigned effective January 31, 2014, in the midst of a global Forex probe, although it cited to Forex Magnates the resignation wasn't related to it.
Patrick Raaflaub, CEO, FINMA
Amid the global Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term probe that first sprung up last year when the Swiss Financial Market Supervisory Authority (FINMA) announced it had started looking into the potential manipulation of FX rates by some of its members, the regulator today announced that its CEO,Patrick Raaflaub has resigned effective of the end of January 2014.
As per the announcement, the interim role of chief executive will be held by the deputy CEO, Mark Branson at the beginning of February 2014, until a new CEO is chosen by the FINMA board, following the voluntarily planned departure.
Departure Not Related to FX Probe, as Per FINMA Spokesperson
Forex Magnates' reporters spoke with a FINMA spokesperson who explained how Mr. Raaflaub’s resignation had nothing to do with any ongoing investigations or was related in any way, instead was related to personal matters of Mr. Raaflaub.
According to Vinzenz Mathys a spokesperson at FINMA, during a call with Forex Magnates' reporters, it was explained that Mr. Raaflaub will stay an extra month to help transition work at FINMA, even though his executive powers at the regulator are set to expire at the end of January. Following this period, a six-month “cool-off” period will commence (starting February 1), in order to prevent any potential conflict of interest, as per existing mandates - before new work elsewhere is taken.
People familiar with the matter said to Forex Magnates that Mr. Vincent knew upon taking this role at the beginning of 2009 - when he was 43 years of age - that it wouldn't last until his retirement age, and therefore, may have anticipated to move into either the private sector or public office sector – although no decision has been made yet – as mentioned above regarding his future career path (as the cool-off period and transitional month adds a total of seven months until the end of July 2014 at the minimum) .
Mark Branson, Deputy CEO, FINMA
The official press release, acknowledged Mr. Raaflaub’s responsibility for the supervisory authority's management over the past five years, and his overseeing of the successful Merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term of the predecessor authorities that occurred during that time. It was also noted how the FINMA Board of Directors regrets his decision to resign, but thanks him for his commitment and achievements, as per the release.
While the process of selecting a new CEO has already been initiated, Mr. Branson will be at the helm of FINMA’s Management at the start of February 2014, and until further notice as per the official announcement.
Forex Probe Not Over, More In-store for 2014
In the mean time, more news surrounding the ongoing FX probe, both by FINMA and other regulators involved in the globally reaching investigation of Forex dealers in various countries, is expected as its latest developments continue to unfold. The latest news came from Citibank when it announced it had let go of a senior person in its FX division, and subsequent visits by US regulators to its London office that occurred today, as reported by Reuters. Forex Magnates contacted the FCA today regarding this, and they declined to comment due to ongoing investigations, and a Citibank spokesperson said its office was unable to provide any comments regarding this.
Patrick Raaflaub, CEO, FINMA
Amid the global Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term probe that first sprung up last year when the Swiss Financial Market Supervisory Authority (FINMA) announced it had started looking into the potential manipulation of FX rates by some of its members, the regulator today announced that its CEO,Patrick Raaflaub has resigned effective of the end of January 2014.
As per the announcement, the interim role of chief executive will be held by the deputy CEO, Mark Branson at the beginning of February 2014, until a new CEO is chosen by the FINMA board, following the voluntarily planned departure.
Departure Not Related to FX Probe, as Per FINMA Spokesperson
Forex Magnates' reporters spoke with a FINMA spokesperson who explained how Mr. Raaflaub’s resignation had nothing to do with any ongoing investigations or was related in any way, instead was related to personal matters of Mr. Raaflaub.
According to Vinzenz Mathys a spokesperson at FINMA, during a call with Forex Magnates' reporters, it was explained that Mr. Raaflaub will stay an extra month to help transition work at FINMA, even though his executive powers at the regulator are set to expire at the end of January. Following this period, a six-month “cool-off” period will commence (starting February 1), in order to prevent any potential conflict of interest, as per existing mandates - before new work elsewhere is taken.
People familiar with the matter said to Forex Magnates that Mr. Vincent knew upon taking this role at the beginning of 2009 - when he was 43 years of age - that it wouldn't last until his retirement age, and therefore, may have anticipated to move into either the private sector or public office sector – although no decision has been made yet – as mentioned above regarding his future career path (as the cool-off period and transitional month adds a total of seven months until the end of July 2014 at the minimum) .
Mark Branson, Deputy CEO, FINMA
The official press release, acknowledged Mr. Raaflaub’s responsibility for the supervisory authority's management over the past five years, and his overseeing of the successful Merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term of the predecessor authorities that occurred during that time. It was also noted how the FINMA Board of Directors regrets his decision to resign, but thanks him for his commitment and achievements, as per the release.
While the process of selecting a new CEO has already been initiated, Mr. Branson will be at the helm of FINMA’s Management at the start of February 2014, and until further notice as per the official announcement.
Forex Probe Not Over, More In-store for 2014
In the mean time, more news surrounding the ongoing FX probe, both by FINMA and other regulators involved in the globally reaching investigation of Forex dealers in various countries, is expected as its latest developments continue to unfold. The latest news came from Citibank when it announced it had let go of a senior person in its FX division, and subsequent visits by US regulators to its London office that occurred today, as reported by Reuters. Forex Magnates contacted the FCA today regarding this, and they declined to comment due to ongoing investigations, and a Citibank spokesperson said its office was unable to provide any comments regarding this.