FlowBank traders are looking for a new trading partner due to FlowBank's recent bankruptcy. In response, Dukascopy has announced a special offer for former FlowBank clients. Dukascopy is offering a 50% CashBack on volume commissions for the lifetime of the account.

This offer is available to all FlowBank clients who open an account with Dukascopy and inform their personal account manager of their eligibility.

Trading across Multiple Assets with Dukascopy

Dukascopy aims to enhance the trading experience for its clients through this CashBack offer. The offer is intended to provide value and support traders in achieving their financial goals.

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Additionally, Dukascopy emphasizes Swiss banking security standards. Clients benefit from transparent pricing and deposit protection up to CHF 100,000.

FINMA Halts FlowBank SA Operations

Earlier, FlowBank, a Geneva-based online brokerage and trading bank, entered bankruptcy proceedings as mandated by the Swiss Financial Market Supervisory Authority (FINMA), as reported by Finance Magnates. Effective 13 June 2024, FINMA revoked FlowBank's banking and securities dealer licenses, halting all commercial activities.

Clients with cash deposits in Swiss accounts are eligible for reimbursement up to CHF 100,000 each. Custody assets like shares and bonds will be returned to clients, subject to liquidators' conditions.

Walder Wyss SA, based in Geneva, has been appointed as bankruptcy liquidator, overseeing the dissolution process. FlowBank is prohibited from conducting any financial activities without liquidators' approval. This ban includes payments, securities trades, and legal transactions.

Since October 2021, FlowBank has been scrutinized by FINMA for serious supervisory law breaches, particularly concerning capital requirements, organizational adequacy, and risk management. Despite measures and an independent auditor's appointment in 2022, the bank continued to violate capital ratio requirements and showed operational deficiencies.

All agreements between FlowBank and its clients, including those for financial instruments and derivatives, are terminated immediately. Clients and stakeholders should await further communications from Walder Wyss SA regarding reimbursement, asset transfers, and contract implications.