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Fischer to step down from the SWX

Jörg Fischer will not stand for re-election as chairman of the Swiss Stock Exchange Keystone Archive

The chairman of the Swiss Stock Exchange (SWX), Jörg Fischer, has announced he is stepping down from his post after 15 years, in the wake of an inquiry by the Federal Banking Commission.

This content was published on February 6, 2002 - 09:50

Fischer has been under scrutiny in his capacity as former CEO of the private Zurich bank Vontobel. The bank dismissed him after finding him co-responsible for the failure of the "you" online bank project, which left a hole of SFr280 million ($165.19 million).

"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," Fischer said in a statement.

"This has been of increasing concern to me and cannot be in the interests of the Swiss Exchange," he added. Fischer is also leaving his positions at Eurex and virt-x.

The statement added that Fischer would continue to make his " great expertise" available in an advisory function, particularly for international cooperation projects.

The new chairman being proposed is Reto Francioni, the 46-year-old Swiss CEO of the German online discount broker, Consors, in Nuremberg.

swissinfo with agencies

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