What the figures do not say

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The statistics of commodity trading measure value added, jobs and revenue, but they do not measure what constitutes, for the financial centre, part of the sector’s interest. They do not measure the accumulated know-how, passed on from house to house, which makes Geneva a recognised school of trading. The networks that traders maintain with producers, governments and buyers around the world, and which International Geneva complements, likewise escape them, as does the contribution of commodity trading to the legal centre, through the disputes it brings, to banking, through the financing it requires, and to the property and services it consumes. Nor do they measure the costs: the volatility of revenue, the reputational risks, the criminal cases and the canton’s dependence on a mobile activity.

A reader who judges commodity trading by its figures therefore has a partial view, in both directions. This book has attempted to complement the figures with history, mechanisms, cases and comparisons. Part H examines the risks and Part I the relationship with Africa, where Geneva trading is at once most exposed and most useful. Measurement remains necessary, although it is not sufficient to decide what Geneva should do with its commodity trading, a question that calls for a political judgement which the figures inform without settling.

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.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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