A chronology of Geneva’s commodity trading
| Date | Event |
|---|---|
| 19th century | Swiss commodity trading pioneers in Winterthur, Vevey and Lausanne |
| 1915 | Establishment of the Société générale de surveillance in Geneva |
| 1956 | Arrival of Cargill; its subsidiary Tradax organises the grain trade from Geneva |
| 1960s | Grain sales to the Soviet Union organised from Geneva |
| 1973 and 1979 | Oil shocks; birth of the spot market and of independent oil trading |
| 1970s-1980s | Establishment of the first independent oil traders in Switzerland |
| 1990s-2000s | Trafigura, Gunvor and Mercuria founded or established in Geneva |
| 2013 | Federal Council background report on commodity trading (27 March) |
| 2018 | Federal Council report with sixteen recommendations (November) |
| 2019-2025 | Convictions of Gunvor, Glencore and Trafigura for corruption |
| 2020 | Commodity trade finance frauds in Singapore; Geneva tax reform |
| 2022 | Sanctions against Russia; record profits; relocations to Dubai |
| 2024 | OECD minimum tax applied in Switzerland |
| 2025 | First monetary values from the FSO: CHF 19.2 billion, of which 58.4% in Geneva |
This chronology reveals two rhythms. The first, a long one, is that of settlement: a century separates the pioneers of Winterthur from the Geneva independents of the 2000s, and each stage added a function to the cluster, inspection, grain, oil, metals and finance. The second, a short one, is that of crises: since 2013 the centre has experienced every year an event that transforms it, whether a federal report, a conviction, a fraud, a sanction, a tax reform or a statistical measurement. Geneva’s commodity trading has entered a phase of maturity in which its growth depends on its capacity to absorb these shocks, as Part H shows.
For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.