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The Swiss Association of Securities Firms main purpose is to protect our member’s interests and to further and improve the regulatory status of securities firms in general. Furthermore, our goal is to promote self-regulation in our industry and improve the securities firms reputation both domestic and abroad.
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Securities firms are financial intermediaries regulated by the Swiss Financial Market Supervisory Authority (FINMA) and are active in securities trading, asset management and investment banking.

Managing Board

Pascal Böni, Dr.


Pascal Böni disposes of more than 20 years of experience in the areas of Corporate Finance and M&A. He is CEO at Remaco. Previously, he was an investment advisor at a Swiss bank, partner in management consultancy at the BPI Group (Paris) and manager at Roland Berger & Partner (former part of the Deutsche Bank Group). He is and was a member of various supervisory committees, such as the board of directors of a bank in Zurich and the board of management of the Basel Chamber of Commerce as well as the board of directors of Publigroupe SA, Lausanne. Pascal also chairs the Swiss association of Securities Firms. Since 2020, he is Associate Professor of Finance at TIAS, the business school of Tilburg University. Pascal Böni earned a PhD in Finance from Tilburg School of Economics and Management, Tilburg University (Netherlands) and graduated with a Master of Business Administration (MBA) from the Simon Business School, the University of Rochester, New York (United States of America), and the University of Berne (Switzerland) in 1996. Pascal was awarded the Advanced Postgraduate Diploma in Management Consultancy from Henley Business School, University of Reading, Reading (UK) and the Ecole Supérieure de Commerce de Grenoble (ESG), Grenoble (France) in 1997. Continuing his education, in 2006 he gained an Executive Master of European and International Business Law (M.B-L.-HSG) from the Graduate School of Business, Economics, Law and Social Sciences at the University of St. Gallen (Switzerland).    

Pius Fisch, Dr. iur.


Pius Fisch is a Member of Board since 2011. He represents predominantly aspects and the interests of “Asset Manager Securities Dealer”, i.e. securities dealers being active solely in the field of institutional asset management without managing client’s accounts. Together with his brother Kurt Fisch, Pius Fisch founded in 1994 “Fisch Asset Management AG”. The company nowadays has 50 employees and is a specialized Asset Manager for convertible bonds and bond products. Since 2006, Fisch Asset Management has been a FINMA regulated securities dealer. Pius Fisch is Chairman of the Board and Head of Legal & Organization. Prior to founding Fisch Asset Management, Pius has been working as a lawyer specialized in intellectual property law, followed by working in the field of international insurance at Zurich Insurance AG.

Marcel Aellen, Dr. iur.


Dr. Marcel Aellen ist Partner bei Advokatur Aellen. Er berät Banken und Finanzintermediäre in Fragestellungen zu Regulierung und Compliance im Finanzmarktrecht. Er begleitet Beaufsichtigte im Kontakt mit den Aufsichtsbehörden. Dr. Marcel Aellen verfügt über reichhaltige Erfahrung und Spezialwissen, vor allem im Finanzmarktrecht. Rund 25 Jahre war er für die Eidg. Bankenkommission, ab 2009 FINMA, im Rechtsdienst und später als Leiter Börsenaufsicht tätig. Danach war er Senior Manager bei einer der grossen Prüfgesellschaften sowie bevor er Partner bei Bratschi AG wurde selbständiger Berater für Compliance und Regulierung. Dr. Marcel Aellen publiziert regelmässig und tritt als Referent in den genannten Fachgebieten auf.  

Flavio Iten


Flavio Iten is a Member of the Board since 2015. He represents primarily the aspects and interests of proprietary trading firms, market makers and execution brokers, i.e. securities dealers that are trading for its own account or conduct market making as well as order execution on behalf of customers. Flavio Iten is working for IBKR Financial Services AG (“IBKRFS”) (formerly Timber Hill (Europe) AG) since 2006 in regulatory and financial compliance, initially as Compliance Officer, since 2014 as Compliance Director and from 2017 as a Member of the Executive Management. IBKRFS is a member of the Interactive Brokers Group, a leading securities firm that operates as a broker/dealer on more than 120 trading venues around the world. Flavio Iten has more than 20 years of experience in finance, trading and compliance. After several years working for various SFBC and FINMA regulated securities dealers, he moved to IBKRFS. Between 2014 and 2018 Mr. Iten served as Managing Director of THLI AG (formerly Timber Hill (Liechtenstein) AG), an FMA-regulated investment firm based in Vaduz. Since 2018 Mr. Iten has been a member of the Board of Directors of IBKR Europe SARL in Luxembourg.                                                                       ´    

Pierre Fischer


Pierre Fischer is the CEO of Bovay & Partenaires. In 2016 he joined the board of the SVUE where he primarily represents the securities traders that are active in private banking and act as custodians of their client’s assets.

Pierre Fischer, a Swiss national, grew up and was educated in the United States before studying at the Univerity of McGill in Canada and later at the Wharton School in the United States. After his studies he launched a varied career in Finance in Switzerland where he has been active in Investment Banking, Private Banking, Risk Management and Mergers & Acquisitions. He has held senior roles in General Management including CEO of a universal bank and CEO of a private bank, and has been a member of numerous Boards in diverse areas. In over 30 years he has gained extensive knowledge and experience of the regulatory environment and has acquired experience in crisis management. He is also the founder of 2 start-ups in the financial industry.


PricewaterhouseCoopers AG

Birchstrasse 160
8050 Zurich