It emerged on Wednesday that the Chairman of the Swiss Stock Exchange (SWX), Jorg Fischer, is to step down from after 15 years in the position.
Following a Federal Banking Commission inquiry into his former position as CEO of the Vontobel private bank in Zurich, where he was dismissed after being held responsible for the failure of the bank's online project, Mr Fischer announced that he was resigning in order to preserve the standing of the Swiss exchange.
'The Federal Banking Commission proceedings in which I have had to defend myself against far-reaching criticism for almost a year look set to continue for some time to come,' he explained in a statement, continuing: 'This has been of increasing concern to me and cannot be in the interests of the Swiss Exchange.' Mr Fischer announced that he would also be resigning from his positions at Eurex and virt-x.
He will be replaced at the SWX by Swiss-born Reto Francioni, who also heads Consors, the German online discount brokerage.
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