Broker-Dealers
Broker-Dealers undertake commercial trading in securities and must register with the Federal Financial Market Supervisory Authority (FINMA). Many securities dealers are also banks; only about one fifth of them are independent securities dealers without bank status.
Broker-dealers are individuals or firms or partnerships that buy and sell securities commercially on the secondary market for their own account (for resale in the short term), or for the account of third parties; they offer these securities publicly on the primary market or create derivatives themselves (see also: Federal Act on Stock Exchanges and Securities Trading (SESTA). They include proprietary traders, issuing houses, derivative companies, market makers, and traders for clients. Almost 20% of the 380 registered securities dealers in Switzerland are independent, i.e. they do not have bank status, and many of them are members of the Swiss Association of Independent Securities Dealers.
Securities Dealers: Zurich is a Popular Location
Zurich is a popular location for securities dealers. About one third of all securities dealers and one third of independent securities dealers are located in Canton Zurich.