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
Congratulations MIG. This is great news for the entire FX industry.