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.
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) .
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 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.
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) .
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 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.
Broadridge Expands Global Class Action with Key Appointments in Canada, UK
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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