This day in history: Dukascopy Swiss Forex Marketplace becomes Dukascopy Bank

Maria Nikolova

On June 16, 2010, the company announced that it had obtained a Banking Authorization from the Swiss Financial Market Supervisory Authority FINMA, thus becoming “Dukascopy Bank”.

The first seven years in the life of human beings are considered crucial for their growth and the development of certain skills and abilities. Dukascopy today celebrates its seventh birthday as a Swiss bank.

On June 16, 2010, or seven years ago, Dukascopy published an announcement that it had obtained banking authorization from the Swiss Financial Market Supervisory Authority (FINMA). Thus, Dukascopy – Swiss Forex Marketplace officially became “Dukascopy Bank”.

Back then, the company had 130 employees – that compared with 2 employees at the moment of Dukascopy creation in 2004. In June 2010, the company boasted 100,000 visitors per day through the Internet, whereas its online TV service already generated more than 110 regular topics and updates per day.

The banking authorization entailed a new Corporate Governance and an Internal Control System in line with Swiss banking requirements. To secure the license, the company had to pass FINMA’s rigorous screening while managing to develop the business to survive the financial crisis. Dukascopy Bank SA kept its Electronic Communication Network business model while paving the way for increasing its business relationships with other banks, institutions, High Net worth Individuals and retail clients.

The Banking Authorization offered additional security and value to the clients of Dukascopy and allowed a substantial growth in all market segments, especially in the interbank relations sector.

Underlining its status as a Swiss bank, Dukascopy Bank SA became a member of the Swiss Bankers Association on October 29, 2012.

In July 2013, in another spin of Dukascopy’s services development, the company obtained a Securities Dealer License from FINMA. That was not only an important strategic move, but also a chance for the company to broaden the scope of the financial instruments offered on its trading platforms.

It is useful to remember these important events and to mention the companies that actually do have Swiss bank licenses, in the face of the growing crowd of entities that have names including “Swiss” , “Geneva” and “bank” in them, whereas they have no Swiss authorization and have nothing to do with Switzerland at all.

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