Financial and Business News

MIG is the first Swiss broker to get FINMA's license

Thursday, 10/12/2009 | 09:59 GMT by Michael Greenberg
MIG is the first Swiss broker to get FINMA's license
Hisham Mansour MIG

Well friends, the unbelievable has happened: FINMA has finally rolled up its sleeves and got to work. As a result, M I G is the first Swiss Forex broker to have been approved by the Swiss regulatory authority and will subsequently change its status to a bank. This will gradually happen to all Swiss Forex brokers, at least these will be approven.

It has taken FINMA A LOT of time to do this - almost a year and as a result all Swiss brokers were in the dark regarding their future. Some brokers have even chosen to move offshore instead of waiting for the regulatory approval.

Anyhow, M I G have scheduled a press conference today (December 10th at 10:00 am Zurich time) where this will be officially announced.

This is the official statement:

Neuchâtel-based Foreign Exchange Broker M I G, is the first currency trading company in Switzerland to be approved by the Federal Financial Market Supervisory Authority (FINMA), thus becoming M I G Bank Ltd.

The press conference will take place today, December 10th at 10:00 am at the:

Park Hyatt Zurich

Ballroom 1

Beethoven-Strasse 21, 8002 Zurich

MIG gets FINMA approval -

Hisham Mansour MIG

Well friends, the unbelievable has happened: FINMA has finally rolled up its sleeves and got to work. As a result, M I G is the first Swiss Forex broker to have been approved by the Swiss regulatory authority and will subsequently change its status to a bank. This will gradually happen to all Swiss Forex brokers, at least these will be approven.

It has taken FINMA A LOT of time to do this - almost a year and as a result all Swiss brokers were in the dark regarding their future. Some brokers have even chosen to move offshore instead of waiting for the regulatory approval.

Anyhow, M I G have scheduled a press conference today (December 10th at 10:00 am Zurich time) where this will be officially announced.

This is the official statement:

Neuchâtel-based Foreign Exchange Broker M I G, is the first currency trading company in Switzerland to be approved by the Federal Financial Market Supervisory Authority (FINMA), thus becoming M I G Bank Ltd.

The press conference will take place today, December 10th at 10:00 am at the:

Park Hyatt Zurich

Ballroom 1

Beethoven-Strasse 21, 8002 Zurich

MIG gets FINMA approval -

Topics
forex
regulation
trading
brokers
finma
fx
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