One of Switzerland’s largest financial services firm, Dukascopy Bank SA, offering trade execution in the popular currency markets, has announced that it has received regulatory approval to enhance its product range and offer Contract for Difference (CFD) instruments.
In a notification on the firm’s website, Dukascopy stated that “Dukascopy Bank SA has received a Securities Dealer License, issued by FINMA, and therefore will extend the scope of financial instruments offered on its trading platforms.”
Switzerland, one of the largest financial centres in the world has strict regulations in relation to derivatives products. The Swiss Financial Market Supervisory Authority (FINMA) is the country’s main financial watchdog, a Swiss government body responsible for financial regulation.
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Switzerland, pre-regulation was home to several FX brokers, however since the new rulings were intact only three major players operate. Switzerland’s financial sector is of great importance to the national economy,it employs about 6% of the total workforce and accounts for 10% of economic output.
Dukascopy will launch its extended product range later this year, up to 200 instruments, to traders which include; major indices, stocks and commodities.
CFDs are a regulated asset class under certain regulatory authorities,offered by several brokers in London, Sydney and Singapore.
Due to a national holiday in Switzerland, Dukascopy was unavailable to comment.