Geneva-based foreign exchange online broker Dukascopy has obtained a banking licence for Switzerland, the company told WealthBriefing.

The firm applied for the licence in 2009, after FINMA, the Swiss regulator, changed rules forcing FX trading companies to apply for a banking licence. Dukascopy is expected to officially announce obtaining the licence today.

Dukascopy, which offers direct access to the Swiss foreign exchange marketplace, was launched about 10 years ago.

FINMA told this publication that since the rules for FX traders changed, Neuchâtel-based MIG Bank has also received a banking licence.