Swiss Newedge offices granted branch status
07 January 2011 Zurich
Image: Shutterstock
FINMA, the Swiss regulator, has granted Newedge branch licenses, which turn representative offices into branches in Zurich and Geneva.
With full regulatory approval, Newedge in Switzerland will be able to expand the scope of the service it's 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 the sales force by one third by the end of the first quarter 2011.
Franck Borgel, country head for Newedge Germany & Switzerland, commented: "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. 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."
Nicolas Breteau, CEO Newedge Group, said: "We are delighted to benefit from a branch status in Switzerland, one of the biggest markets in asset management. We view this as an important step in our strategy to deliver execution, advanced trading solutions and efficient clearing to clients, asset managers included. Newedge is a leader with global access to liquidity, and a trusted partner on service, innovation and ideas. We are committed to servicing Swiss clients for the long run."
With full regulatory approval, Newedge in Switzerland will be able to expand the scope of the service it's 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 the sales force by one third by the end of the first quarter 2011.
Franck Borgel, country head for Newedge Germany & Switzerland, commented: "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. 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."
Nicolas Breteau, CEO Newedge Group, said: "We are delighted to benefit from a branch status in Switzerland, one of the biggest markets in asset management. We view this as an important step in our strategy to deliver execution, advanced trading solutions and efficient clearing to clients, asset managers included. Newedge is a leader with global access to liquidity, and a trusted partner on service, innovation and ideas. We are committed to servicing Swiss clients for the long run."
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