Firemné Správy

5 January 2016

FINMA's Christmas circular

FINMA opens the discussion on online client identification through the Internet and declares its support of FinTech.

 
FINMA's initiative is a great Christmas present for the finance industry. It is definitely positive, long-awaited by the professional community and has been widely supported by the press. L'Agefi, Bilan, Le Temps and Finnews initiated the public discussion of this topic a year ago.
 
The point of the question is: should it be allowed for Swiss financial institutions, including banks, to accept, instead of certified copies of clients' identity documents (ID), uncertified copies (simple copies), as it is done in most of the competing jurisdictions such as the USA and European Union?
 
Essentially, all the participants of the process - FINMA, Swiss Bankers Association and of course the banks, are unanimous: simple copies have the right to life in Switzerland, and should have value as evidence of identity, which is not yet the case under the current Swiss legislation. This is the very reason why FINMA's initiative is in fact revolutionary.
 
But when it comes to procedures and ways of using such copies, discord is reigning: everybody has their own opinion on details, and it is well known that the true meaning hides in the details. It depends precisely on the details, whether FINMA's regulatory initiative is going to be useful to the industry or not. The way I see it, FINMA's project requires only a few improvements in order to become truly successful. Not for the sake of criticism, but simply in order to make a feasible contribution to the debate, I will touch upon a few key aspects.
 
Unfortunately, FINMA has set too short a deadline (18 January 2016) for the public discussion of its initiative: most of the allocated time falls on Christmas and New Year holiday periods. I think it would be good to extend this deadline, so people can express their opinions and an actual discussion can take place.
 
Now let us discuss the really important details. Here is the first of them. FINMA suggests allowing the use of simple copies of ID in cases when the first transfer on the account opened by the client is executed from another account of this same client in another Swiss bank. This first transfer is used as a confirmation of the client's identity. It is not a secret that Swiss banks' services are export-oriented. In fact, limiting this first transfer exclusively to Swiss banks would considerably reduce the usefulness of this initiative by limiting to the Swiss market.
 
In competing foreign jurisdictions, this kind of regulation is not limited to only transfers from banks of the same jurisdiction. Moreover, this regulation works very well and has been tested very well in Europe. I can bring up the example of the practice of Dukascopy Bank's European subsidiary, which has been opening hundreds of accounts each month under this procedure for several years, and never had any problems with the identification of clients under the corresponding procedure. This is why, in order not to devalue FINMA's initiative, I suggest extending the norm of this first transfer to foreign banks as well. Of course, with the statement that these banks must be subject to adequate anti-money laundering regulations, as it is the practice abroad.
 
It would make sense to remind that at the present day, we allow potential clients to have copies of their ID certified (as true copy of the original) by a foreign bank for identification purposes. As it certifies our potential clients' ID, the foreign bank takes virtually no risk. However, we rely on it... Then why should we not rely on its first transfer? Especially if we take into account that this bank bears a fully tangible regulatory responsibility for wrong client identification as it proceeds with the transfer. And this responsibility is much stricter than in case of a wrong ID certification for our potential client.
 
The next detail in FINMA's suggestion that attracted my attention is the initiative that requires the financial institution to perform the verification of ID authenticity with the help of technical means in the process of client identification. The keyword here is “technical means”. I would like readers to understand the important difference between the current “authentication” and the new one proposed by FINMA. So far it was enough to get a confirmation that the ID copy was a true copy of the original (current certification), while now the FINMA wants the institution to verify the authenticity of the original ID (detection of forged ID) based on the copy, which is a new requirement.
 
I think that the banking community has been reluctant to introduce such a norm. Indeed, such a procedure would be disproportionate and counter-productive, as it would ultimately lead to the transformation of compliance departments and front offices of banks into a semblance of border checkpoints. That would involve a huge number of employees and as a consequence, can probably create an interesting new market for software producers, but unfortunately not for the banking industry.
 
I am afraid that no foreign authority of a major financial center requires this kind of technological procedure, neither in case of identification “in person”, nor in case of identification through the Internet. It seems to me that the attempts to catch up with the foreign competitors without taking their experience and practice into account might lead to a new serious disadvantage for Swiss institutions. Furthermore, requiring the banks to proceed with the authentication of IDs with the help of technical means makes the circular technologically non-neutral, contrary to what FINMA pretends. As a logical consequence, FINMA will ask financial institutions to do new controls based on newly available technology instead of moving towards more swiftness and competitiveness. This is not the expectation of the industry.
 
These are all the comments I can make on possible improvements of the circular proposed by FINMA. Even though there are only two, I hope that my suggestions will be taken into account and will positively influence the competitiveness of the Swiss banking system. I thank FINMA for its initiative and wish FINMA and the entire Swiss banking industry a very successful New Year 2016! 
 
Dr. Andre Duka, co-CEO-CTO, Dukascopy Bank SA
28 December 2015

Holidays in Russia

Please beware of holidays affecting trading of the Russian Ruble in coming days. As of Thursday 31 December and until Monday 11 January markets in Russia will celebrate New Year and Christmas holidays. This will lead to reduced liquidity where prices of the RUB may be very wide or become unavailable altogether.

Please further note that RUB has no value date from 31.12 to 8.01. On positions that are kept open during 22:00 GMT settlement on Tuesday 29 December a 12-day rollover will be applied.

We recommend to close existing positions and refrain from trading RUB over the holiday period.

11 December 2015

Market closures on Christmas and New Year

Please note that weekend leverage will be applied as of 18:00 GMT on 24.December and at 18:00 GMT on 31. December. All markets will remain closed on Friday 1. January 2016. All times in GMT.

  Thursday 
24.12
Friday 25.12  

 

Sunday 27.12 Monday 28.12 Thursday 31.12 Friday 1.1
FX   close 8.00       closed
 
Gold & Silver close 18.30 closed         closed
 
Commodities  
BRENT close 18.00 closed  

 

    close 18.00 closed
LIGHT close 18.00 closed     close 18.00 closed
 
Indices  
AUS close 05.30 closed  

 

 

 

 

 

 

 

 

 

 

 

closed closed close 05.30 closed
CHF closed closed     closed closed
DEU closed closed     closed closed
ESP close 13.00 closed     close 13.00 closed
EUS closed closed     closed closed
FRA close 12.00 closed     close 12.00 closed
GBP close 12.00 closed closed closed close 12.00 closed
JPN close 18.00 closed     close 18.00 closed
HKG close 04.00 closed     close 04.00 closed
USA30 close 18.00 closed     close 18.00 closed
USA500 close 18.00 closed     close 18.00 closed
USATECH close 18.00 closed     close 18.00 closed

 

27 November 2015

Swiss Forex app on Android Smartwatch

Shortly after the iOS update, it is now the Android version of Dukascopy’s Swiss Forex app that has been modified to support Android Smartwatch. It allows easy access to the main features of the smartphone application: quotes list (customizable from main application) and details with bid/ask, spread and daily high / low, charts, latest news (Forex, Finance, Stock, Commodities) and watchface quotes.

Click here for more information and download link.

24 November 2015

US Thanksgiving holiday Trading hours

Beware of reduced liquidity on Thursday 26th November and Friday 27th November.

Trading hours:
FX
Regular trading hours on Thursday 26th November and Friday 27th November

Gold and Silver
Trading stops at 18:00 GMT on Thursday 26th November
Markets re-open at 23:00 GMT on Thursday 26th November
Trading stops at 18:45 GMT on Friday 27th November
Markets re-open at 23:00 GMT on Sunday 29th November

CFD INDEXES
Trading stops at 17:30 GMT on Thursday 26th November for the USA30.IDX/USD, USATECH.IDX/USD, USA500.IDX/USD.
Markets re-open at 7:00 GMT on Friday 27th November
Trading stops at 18:00 GMT on Friday 27th November for the USA30.IDX/USD, USATECH.IDX/USD, USA500.IDX/USD.
Markets re-open at 7:00 GMT on Monday 30th November
Trading stops at 17:30 GMT on Thursday 26th November for the JPN.IDX/JPY.
Markets re-open at 1:00 GMT on Friday 27th November
Trading stops at 18:00 GMT on Friday 27th November for the JPN.IDX/JPY.
Markets re-open at 1:00 GMT on Monday 30th November

CFD COMMODITIES
Trading stops at 17:45 GMT on Thursday 26th November for the LIGHT.CMD/USD
Markets re-open at 23:00 GMT on Thursday 26th November
Trading stops at 18:30 GMT on Friday 27th November for the LIGHT.CMD/USD.
Markets re-open at 23:00 GMT on Sunday 29th November
Trading stops at 17:45 GMT on Thursday 26th November for the BRENT.CMD/USD
Markets re-open at 1:00 GMT on Thursday 27th November
Trading stops at 18:30 GMT on Friday 27th November for the BRENT.CMD/USD.
Markets re-open at 1:00 GMT on Monday 30th November 

20 November 2015

Dukascopy now on Apple Watch

Dukascopy’s Swiss Forex application now supports Apple Watch. Keeping an eye on the latest information about the Forex markets has never been easier! The Apple Watch version provides real-time pricing and charts on 50+ currency pairs, as well as precious metals, commodities and indexes. All of this visible on your wrist, anytime!

Click here for more information and download link.
Android version is under development and will be available shortly.
20 November 2015

Meet Dukascopy in Lugano on November 23rd-24th

Dukascopy Bank SA is participating in Lugano Fund Forum on November 23rd-24th. You are welcome to visit our booth during the exhibition days and meet our representatives in person.
02 November 2015

Full launch of Dukascopy Japan

Dukascopy Group announces full launch of Dukascopy Japan on the day of the Group’s 11th anniversary. The Japanese subsidiary of Dukascopy Bank becomes fully operational with a number of additional services such as mobile application and Quick Deposit terminal now offered to customers. The company invites back former Alpari Japan customers with a "Welcome back!" campaign, which grants a 50% commission discount for 3 months.
Learn more: www.dukascopy.jp
27 October 2015

New trading instrument – Pair binary options

A new type of instruments is now available for trading on Demo and Live environment via binary options platform - Pair Binaries. Traders are free to set up any Index/Stock combinations out of the offered wide range of market indices, including US, major EU and Asian indices. Pair options are one trading session long and the outcome is based on the daily relative performance of two assets.
23 October 2015

Daylight savings time ends

On Sunday 25 October, clocks in Europe are turned back one hour as daylight saving time ends. Please note that there will be no change in the opening hour of our systems on Sunday and the daily settlement done at 21:00 GMT / 5pm EST. European clients may take note that the market opening will be done at 22:00 CET / Swiss Time.

Daylight savings time ends Sunday 1 November in North America. Market opening of our systems and daily settlement will be changed to 22:00 GMT / 5pm EST / 23:00 CET / Swiss Time on that date.
21 October 2015

Daily News Portal

 Dukascopy announces plans to launch a Daily News Portal and is seeking applications for the newly created full-time position of Chief Editor. Responsibilities will include overseeing content creation and content management on a daily basis. Candidates must be able to prove a high professional level and must have experience in English language financial mass media as well as provide a portfolio of published articles.

Today the Dukascopy group includes financial television in many languages, streaming news service FXSpider as well as online financial data and fundamental/technical analysis. With a media services staff exceeding 70 in locations around the globe, the new Daily News Portal will place Dukascopy’s media presence in the forefront of the financial industry.

16 October 2015

Dukascopy Japan launches services

Dukascopy Japan (former Alpari Japan) proudly announces the soft launch of its services. As of today, clients of Dukascopy Japan are able to trade currencies only. Binary options, Metals and CFDs will be made available at a later time. Dukascopy Group confirms strict compliance with Japanese regulation and announces that residents of Japan will be entitled to open accounts with Dukascopy Japan exclusively.
16 October 2015

Meet Dukascopy in Milan on October 21st-23rd

Dukascopy Europe (EU-based subsidiary of Dukascopy Bank SA) will participate in "Trading Online Expo 2015" in Milan on October 21st-23rd.
You are welcome to visit our booth during the exhibition days and meet our representatives in person.
29 September 2015

FinDating business meetings taking place at the Four Seasons Hotel des Bergues in Geneva on Friday, 9th of October, 2015.

The exclusive and comfortable atmosphere will embrace meetings between VIP guests, visitors & exhibitors including: UBS, SocGen, Morval, JP Morgan, Morgan Stanley, SIX Group, Cysec Vice Chairman Mr. Andreas Andreou, Baring Brothers Sturdza Bank, MetaQuotes Software Corp., Swiss Resource Capital AG, CHECKus Media Group, CRFIN, HD Forex, Solid FX, Dukascopy Bank; MKB Conseil, Rampartners, Swiss Global Consulting, Stash Trading GmbH, Strategic Asset Management SA, Rietumu Bank, Webster University, UBIS University.

For this major event of 1'000 persons with central focus on Regulation, banking payments, new technologies & growth, Dukascopy Community announces two Guest Speakers: 

  • Dr. Otmar Issing, Advisor at Goldman Sachs, Founder, Former Chief Economist & Executive Board Member of the European Central Bank.
  • Jon Matonis, Founder of Bitcoin, Board member of First Global Credit.

Read more

24 September 2015

Dukascopy recognized as "The Best FOREX Brand 2015" on China Financial Investment EXPO

Dukascopy Group is proud to announce its victory in the nomination of "The Best FOREX Brand 2015" on Financial Investment Exposition in China and is grateful to the organizers for their high professionalism in arranging the event.
China Financial Investment Exposition is the largest and most influential financial exhibition in Northern China, creating a unique communication platform for traders. Therefore, the victory in this nomination is exceptionally important and valuable for Dukascopy. 

23 September 2015

Meet Dukascopy in Moscow on September 25th-26th

Dukascopy Bank SA will participate in Moscow Forex Expo on September 25th-26th. You are welcome to visit our booth during the exhibition days and meet our representatives in person.

During the Expo, Dukascopy will hold a seminar about new products and services of the Bank. The seminar is scheduled for September 25th at 16.20. Should you like to attend it, please register here

4 September 2015

US Labor Day holiday on Monday, September 7th

Beware of reduced liquidity on Monday, 7. September.

Trading hours:
FX
Regular trading hours on Monday 7. September

Gold and Silver
Trading stops at 17:00 GMT on Monday 7. September
Market opens at 22:00 GMT on Monday 7. September

CFD
Trading stops at 16:30 GMT on Monday 7. September for the following instruments: LIGHT.CMD/USD, JPN.IDX/JPY, USA30.IDX/USD, USATECH.IDX/USD, USA500.IDX/USD.

Markets open at 22:00 GMT on Monday 7. September

4 September 2015

Dukascopy Bank is looking for FX brokers to buy

After Japan, Dukascopy Bank is willing to get physical presence in Australia, South Korea, South Africa and Canada.

Small-medium size licensed FX brokers incorporated in those jurisdictions are welcome to contact Dukascopy Bank and start negotiations for full or partial take-over.

4 September 2015

Dukascopy Bank published its half-year financial results 2015

Dukascopy Bank is pleased to publish records as at 30 June 2015.

For the first semester 2015:

  • total income is the best ever in Dukascopy Bank history at CHF 17.0 million which is 52% above first semester 2014 due to strong business volume and market volatility;
  • operating expenses decreased by 8% compared to first semester 2014 at CHF 11.6 million thanks to Group structure and marketing approach improvements.

As a result, the half-year gross profit reached an unprecedent level at CHF 5.3 million.

These excellent results confirm the rightness of our strategy and previous statements according to which Dukascopy Bank passed the 15th January 2015 shock safely. We thank clients, employees and counterparties of Dukascopy Group for their continued trust in Dukascopy.

Complete figures are available at Annual Reports

26 August 2015

Gold Accounts

From now on, Dukascopy Bank offers its clients XAU as basic currency for current and trading accounts. Dukascopy's gold accounts are an excellent alternative to purchasing of physical gold. Investors can benefit from absence of need to store physical gold as well as from attractive exchange rates offered by Dukascopy when funding or withdrawing their XAU account. Similar to accounts in other currencies client’s deposits on XAU accounts are protected by Swiss government in the amount of CHF 100’000 for each client. Read more
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Pre viac informácií o Dukascopy Bank CFD / Forex obchodných platformách a ostatných záležitostiach
nás prosím kontaktujte alebo požiadajte o hovor od nás.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Pre viac informácií o Dukascopy Bank CFD / Forex obchodných platformách a ostatných záležitostiach
nás prosím kontaktujte alebo požiadajte o hovor od nás.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.