Switzerland

Switzerland is one of the world's leading financial centers. The main factors that helped Switzerland to achieve this position area a stable political environment, the country's capacity for saving, a stable currency with minimum transfer restrictions, traditionally low interest rates, and highly sophisticated and secure financial institutions. The past few years have seen rapid consolidation in the financial services industry. The consolidation process culminated in December 1997 in the merger of Swiss Bank Corp. and Union Bank of Switzerland to form UBS. Furthermore, in 1997, federal securities regulation was introduced. The recent past has seen a number of domestic initiatives in the field of e-banking and online trading, some promising and others less successful.