NEUCHATEL, Switzerland, July 12, 2011 (GLOBE NEWSWIRE) -- MIG BANK, the first Forex broker to become a Swiss bank, has recently announced a new strategic business alliance with Penson Futures to accommodate the recent changes in legal regulations for U.S. clients.
The new Dodd-Frank act implements changes that affect the foreign exchange Industry, which means MIG BANK will no longer be able to provide online trading services for U.S. clients effective at the end of trading on July 15, 2011.
Ahead of this deadline, MIG BANK is proud to announce they have selected Penson Futures as their new White Label partner for U.S. Clients. Penson Futures echoes many of the same values and services as MIG BANK – clients will continue to trade with the same advanced technology, integrity and high levels of transparency they have come to expect at MIG BANK.
After the announcement Hisham Mansour, CEO at MIG BANK responded by saying:
"Forming this new partnership with Penson Futures is an exciting time for us here at MIG BANK. We have been evaluating many potential partners, and decided on Penson Futures as they strongly reflect our core business values. The migration process for existing U.S. clients will be simple, and all clients will receive individual instructions ahead of the deadline."
John Streich, Penson Futures' President and Chief Executive Officer stated that: "Penson Futures is very pleased to be working with MIG Bank. Their business model and standards complement our own and working together we believe we can offer transitioning clients continuity of the high standards of service they expect."
MIG BANK is a the largest Swiss bank specializing in online Forex and CFDs trading services for private and institutional clients, offering powerful MT4 trading platform, multi bank liquidity, fully transparent dealing model, automated trading with price improvement and no dealing desk execution as well as many other advantages. MIG BANK is regulated by FINMA and is ISO 9001:2000 and ISO 27001:2005 certified for Effective Quality Management Systems and Effective Information Security Management Systems. MIG BANK is a Team Partner of Mercedes GP Petronas Formula One Team and a corporate partner of UNICEF. You can find further information about MIG BANK by visiting http://www.migbank.com
Penson Futures is a Penson Worldwide company (Nasdaq:PNSN), a leading independent execution, clearing, settlement, and technology firm servicing the global financial services industry. Penson Futures is registered with the FSA and Commodity Futures Trading Commission, and is a member of the National Futures Association. Penson Futures is a full service Futures Commission Merchant (FCM) and Forex Dealer Member (FDM) providing futures execution and clearing services on the world's major exchanges. Penson Futures supports a variety of clients including non-clearing FCMs, Introducing Brokers, Professional Traders, Institutions, Commercial Hedgers, AP Users, and Individual Investors. You can find further information about Penson Futures by visiting http://www.pensonfutures.com
The MIG BANK/Penson Futures logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9980