Newedge offices in Switzerland granted branch status
Multi-asset brokerage and clearing specialist Newedge is reinforcing its position in Switzerland, with FINMA, the local regulator, granting branch licenses to the firm's representative offices in Zurich and Geneva.
With full regulatory approval, Newedge in Switzerland will be able to expand the scope of the service it is already providing to Swiss institutional clients. From the existing offices, Newedge has been offering an execution service across several asset classes: listed financial derivatives, equities and ETFs, and promoting clearing and prime brokerage services. Swiss Clients will now be able to benefit from coverage served by a single local office, rather than dealing directly with several Newedge offices worldwide.
There are currently 16 people working as account executives in Zurich and Geneva. The Zurich sales people will be able to execute client orders on a global scale while benefitting from Newedge’s global liquidity. The company is in the process of hiring additional sales people with the aim of increasing its sales force by one third by the end of the first quarter 2011.
“We have been working for a long time under the constraints implicit of rep offices, so this new branch status really expands the opportunities of what we can do in Switzerland," says Franck Borgel, Country Head for Newedge Germany & Switzerland. "There is a lot of potential for growth, as we continue to offer our clients existing benefits and a high level of service with an enhanced local presence.”
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