Vanishing secrecy has Swiss banks seeking new model - News and Current Events | futures io social day trading
futures io futures trading

Vanishing secrecy has Swiss banks seeking new model
Updated: Views / Replies:219 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Thread Tools Search this Thread

Vanishing secrecy has Swiss banks seeking new model

  #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,884 since Nov 2010
Thanks: 3,303 given, 3,334 received

Vanishing secrecy has Swiss banks seeking new model

With their long-cherished secrecy practices increasingly under attack, Swiss banks are scrambling for a new way to attract wealthy foreign clients.

"Banking secrecy is no longer there. That's gone. It is over," international wealth management consultant Osmond Plummer told a gathering of Swiss bankers in Geneva last week.
And once the secrecy ends, he stressed, Swiss financial institutions will have to come up with a new magnet if they want to remain attractive for large foreign placements.

"Something has to change in Switzerland," he told the seminar, focused on wealth management and banking secrecy.
Still reeling from the decision by US authorities to hand a $104 million reward to former UBS banker Bradley Birkenfeld for blowing the whistle on the Swiss bank and handing over details on thousands of clients in a 2008 tax evasion case, the bankers and wealth managers gathered at the seminar decried their former colleague's "total lack of morality".

The United States forced UBS to pay a $780 million fine (591 million euros) based on Birkenfeld's revelations, and has since launched investigations into 11 other Swiss banks suspected of encouraging their clients to channel undeclared assets into Swiss accounts.

Several Swiss bankers have also been indicted for hiding more than $1 billion in assets.
The scandals appear to have driven a nail into the heart of once seemingly invincible Swiss bank secrecy practices, which have been entrenched in the small country of just under eight million people since a 1934 law made revealing a bank client's identity a criminal offence.

The banks' vow of silence, Plummer pointed out, was so attractive to rich foreigners eager to avoid taxation at home that they didn't mind that their accounts did not generate any income.
According to the prevailing system, "the income of the account goes to the bank. The client has no income," he said.
Without a promise of tax-avoiding confidentiality, the Swiss banks will need to "concentrate on excellence" if they want to hold onto their current clients and attract new ones.

"When a banker doesn't call back a client he loses a client," he said, lamenting that "90 percent of the (Swiss) accounts are underperforming".
Francois Reyl, who heads Swiss banking group Reyl & Co, agreed that "it is time to change".

"The storm," he told the Geneva seminar, "has swept everything away... We need to open ourselves to new cultures."
The change was not a bad thing, he reassured the assembled bankers and wealth management consultants, stressing that it brought with it a whole new market: the management of legal money declared to US tax authorities.

"It's a good opportunity to start from a blank page," he said, adding though that "Switzerland will have to learn fast".
Plummer meanwhile stressed that in the new dawn, Swiss banks would also need to be more forthright about their pricing schemes.

"Clients would like to know what they are charged for," he said, calling for an end to hidden commissions for fund management.
Swiss media also seethed over the news of Birkenfeld's windfall.
"For the Swiss financial sector, this victory for whistleblower defenders is a defeat," according to an editorial in French-language paper of reference Le Temps.

The paper insisted that "the transition to fiscal transparency for the entire Swiss financial sector is not an option, but a necessity."
Referring to the 11 Swiss banks targeted by the ongoing US probe, Le Temps said they "have no other choice but to pay up and ask for forgiveness, fast".

Testimony from Birkenfeld, who worked for UBS-Geneva from 2002 to 2007, allowed US tax authorities to lay their hands on $5 billion in back taxes from around 19,000 American UBS clients.
The former banker was released from a US prison last month after two and a half years behind bars for being an accessory to the tax evasion.

Faced with mounting international criticism of its banking practices, Switzerland has meanwhile reached deals easing bank secrecy with Germany, Austria and Britain, and is negotiating similar agreements with Italy and Greece.
According to the agreements, foreigners with non-declared funds in Switzerland maintain their anonymity, but their assets are taxed by Bern, which in turn transfers the revenues to their country of origin.

Vanishing secrecy has Swiss banks seeking new model |

Reply With Quote


futures io > > > > Vanishing secrecy has Swiss banks seeking new model

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

Wyckoff Hunting for Great Risk/Reward Ratio w/Gary Fullett

Elite only

Digging into the Details of iSystems w/Stage 5 & iSystems

Jun 5

Similar Threads
Thread Thread Starter Forum Replies Last Post
Black Swan Model redratsal Psychology and Money Management 2 November 3rd, 2012 08:43 AM
Ryan's Path to Romney's No. 2 Was Steeped in Secrecy Quick Summary News and Current Events 0 August 12th, 2012 05:30 AM
Japanese and Swiss Banks to Agree on FATCA Compliance Method kbit News and Current Events 0 June 22nd, 2012 01:36 PM
Swiss banks to hand over staff names in U.S. tax dispute kbit News and Current Events 0 April 15th, 2012 03:40 PM
Swiss Banks Must Hold Capital in Excess of Basel III Quick Summary News and Current Events 0 October 4th, 2010 02:50 AM

All times are GMT -4. The time now is 04:08 AM.

Copyright © 2018 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432,
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2018-05-28 in 0.07 seconds with 19 queries on phoenix via your IP