First Swiss discount stockbroker to go on line
The Federal Banking Commission has given its permission for Switzerland's first independent discount stockbroker to go on line.
The new internet company is to be called sb.c.swissbrokers.com and has its headquarters in Basel.
Its clients will be able to carry out transactions in stocks and shares through their own account with the broker. Until now, those wishing to trade on the Swiss market have had to use a bank as an intermediary.
Swissbrokers.com will be directly subject to federal laws governing the stock exchange and the transaction of securities.
The company was previously known as OxfordParters and was set up in 1994. It employs 50 people.
It's expected to begin operating online sometime this month and will enter the stock market itself in the near future.
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