Commodity trading
The end of banking secrecy
The amounts cited come from the press and from the official sources traced in Part E.1
| Indicator | Value | Reference | Part |
|---|---|---|---|
| UBS fine in the United States | USD 780 million | 18 February 2009 | E |
| UBS accounts handed over to the IRS | 4,450 | 2009 | E |
| Lombard Odier penalty (US programme) | USD 99.8 million | 2015 | E |
| Pictet penalty | USD 122.9 million | 2021 | E |
| Global settlement on dormant assets | USD 1.25 billion | 12 August 1998 | D |
| Accounts identified by the Volcker report | 53,886 | 1999 | D |
Commodity trading
Two official measures coexist: the direct value added calculated by the Federal Statistical Office, published for the first time in November 2025, and the merchanting receipts recorded by the Swiss National Bank; Part G explains the gap between them.2
| Indicator | Value | Reference | Part |
|---|---|---|---|
| Value added of Swiss commodity trading (FSO) | CHF 19.2 billion, 2.3% of GDP | 2024 | G |
| Geneva’s share of this value added | 58.4%, or CHF 11.2 billion | 2024 | G |
| Merchanting receipts (SNB) | CHF 58.6 billion, 6.7% of GDP | 2024 | G |
| Trading companies in Switzerland (FDFA) | more than 900 | 2020s | G |
| People employed in commodity trading (FDFA) | around 10,000 | 2020s | G |
| Share of world crude oil trade handled from Switzerland | around one third | 2020s | G |
| Swiss companies in Dubai | +30% | 2021-2023 | G |
| Global trade finance market | USD 18,000 billion | estimate | H |
| Potential losses from the 2020 frauds | more than USD 9 billion | 2020 | H |
Notes
- swissinfo.ch, “UBS versus USA”; Le Temps, 31 December 2015 and 5 December 2021; Tribune de Genève, 19 December 2015, cited in Part E. ↩
- Federal Statistical Office, “Négociants en matières premières” [Commodity traders], bfs.admin.ch, November 2025; Le Temps, 18 November 2025; Federal Department of Foreign Affairs, eda.admin.ch, cited in Part G. ↩
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.