6! compass_0207_en_4.qxd:Layout 1

Interactive Data Managed Solutions
June 2007
MiFID – Your Chance
To Optimize
Customer Advice
Risk of Recommendation
low
middle
high
quirin bank
“Increasing Customer Satisfaction”
New Product Structure
PrimeContent For Flexible Content Delivery
www.interactivedata-ms.com
Editorial
Solutions
Corporation
Products
Content
Partners
Markets
Editorial
Solutions
Corporation
Products
Content
Partners
Markets
June 2007
June 2007
www.interactivedata-ms.com
Table of Contents
Editorial
Solutions
Dear reader,
Online Brokerage Internaxx Supports Expatriate Investors With Financial Information Web Site
6
Private Banking quirin bank: “Increasing Customer Satisfaction”
7
Carsten Dirks
Chief Sales Officer
Interactive Data Managed Solutions AG
[email protected]
It won’t be long now: In November 2007, MiFID will be implemented within the European
Economic Area. As the industry prepares to meet the demands of the new regulations,
Interactive Data Managed Solutions is ready to offer support with a new offering: the MiFID
Corporation
Regulation MiFID - Your Chance To Optimize Customer Advice
4
North America More Than 20 New Customers
8
Advisor Suite. The suite can be of great value to those banks and financial service providers who will use the new Conduct of Business regulations as a chance to optimize their
advising processes and improve their internal workflows. Learn more on page 4.
Interactive Data Managed Solutions currently provides a tailored customer advising solution
Products
New Product Structure PrimeContent For Flexible Content Delivery
8
for quirin bank AG, a Berlin-based private bank. The Advisor System is designed for efficient
PrimeTerminal Expanded Functionality And Content
9
client portfolio management and advising purposes. The interview with Stefan Spannagl,
member of the Executive Board at quirin bank, on page 7 reveals how the customized soft-
Markets
ware supports quirin bank’s business model of ‘new Private Banking’.
Regulation MiFID – The Industry Moves Into Position
10
Effective April 2007, Interactive Data Managed Solutions has reorganized its product universe
( compass, March 2007). The new product lines are: PrimePortal, PrimeTerminal, PrimeContent
and PrimeDeveloper. We are pleased to introduce both, the strategy and the objectives of each
of the four products in a new series beginning with PrimeContent. See page 8 of this issue.
Best regards,
Publisher
Interactive Data Managed Solutions AG, represented by Stephan Wolf
Responsible for the Contents
Stephan Wolf
Editors
Christina Lotz, Iris Klose
Art Direction, Production
Karin Lange, Design Intelligence
Image Sources
Interactive Data Managed Solutions, Karin Lange ( cover image )
Contact
Interactive Data Managed Solutions AG
Sandweg 94 60316 Frankfurt am Main Germany
Tel: + 49 ( 0 ) 69 50 50 30 0 Fax: + 49 ( 0 ) 069 50 50 30 505
www.interactivedata-ms.com [email protected]
Carsten Dirks
Registration court Frankfurt am Main, Registration number 49611, Turnover ID number
DE 114172084. Interactive Data Managed Solutions AG is not liable for any errors, factual
or otherwise, contained herein. Copyright 2007 Interactive Data Managed Solutions AG.
2
3
www.interactivedata-ms.com
Editorial
June 2007
Solutions
www.interactivedata-ms.com
Corporation
Products
Content
Partners
Markets
Regulation
MiFID – Your Chance To Optimize
Customer Advice
The Markets in Financial Instruments Directive ( MiFID ) by the European Commission
aims at increasing transparency, competition and protection of investors. Many financial
institutions regard MiFID as regulation which needs to be implemented, some remain
daunted by weight of the associated time and expense of implementation. Surveys of
over 200 financial institutions by the Frankfurt-based eFinance Lab revealed that 48 percent ( last year: 30 percent ) of respondents viewed MiFID as “more a regulatory duty
than a chance for creating new potential for competition.” One year later, this statement
is still valid as the questioned companies still see only low potential for competition
regarding services.
However, MiFID does not necessarily mean a burden but can offer
significant opportunities for the
financial industry – especially for
those institutions who seek to use
the new regulations to optimize
their customer advisory processes
and gain competitive advantages.
A good starting point is Article 19
( Conduct of Business ) within
MiFID, which describes a number
of instructions for end customer
advice. Financial institutions can
benefit from MiFID as long as they
design MiFID-compliant advisory
processes and therefore succeed
in increasing efficiency and – at the
same time – strengthening their
sales-oriented processes.
MiFID-Compliant Advisory
Process
In order to help financial service
providers gain further competitive
advantages, Interactive Data
Managed Solutions has created the MiFID Advisor Suite, a modular solution for mapping MiFID-compliant advisory and investment workflows. The solution is comprised
of modules designed to perform customer classifications, suitability checks, portfolio
valuations, documentation and continuous customer advice, and is precisely tailored
to customer-specific requirements by seamlessly integrating market data and bankinternal information. In addition to mapping the advisory process workflow, the suite
provides financial mathematics functionalities, such as conducting suitability checks
for specific customer profiles.
MiFID Advisor Suite: Modular solution for MiFID-compliant
advisory and investment workflows
Editorial
Solutions
Corporation
Products
Content
Partners
Markets
June 2007
friendly interface. During the classification process, advisors assess the customer’s financial situations, experience and investment objectives. The data is then documented with
a timestamp and seamlessly integrated into the next module.
The central Suitability Check module evaluates investment recommendations against
investor profiles, based on current, existing, or sample portfolios and a MiFID-compliant
classification of financial instruments. Both the advisor and customer can see how the
proposed investment would change the structure of the portfolio and assess the investment’s suitability. The Suitability Check module employs current financial market data
and product data sheets, as well as easy-to-understand graphics and visualization.
The valuations are stored with a timestamp, but can also be given to the customer in
an attractive handout.
The Portfolio Valuation module is designed to allow advisors to efficiently and continuously
monitor customer portfolio performance, as well as prepare comprehensive documentation
that can be submitted to investors. Advisors can opt to use the Documentation Archive
module for quick and structured access to all documents, such as the results of customer
classification and portfolio valuation reports. Product data sheets on the recommended
investments are also centrally stored in this module.
The Cross Selling module makes the advising process even more efficient while helping
to increase sales potential. The alerting functions enable continuous monitoring of investor
portfolios, thus offering cross-selling opportunities to the advisor.
Target-Oriented Visualization Of Data
The system-supported, MiFID-compliant workflow is geared
to increase efficiency within advisory processes, offering
easy access to information on investor, advisory process,
recommended investments and conducted activities.
Because MiFID’s focus on transparency could potentially
overwhelm investors with increasing information overload,
the MiFID Advisor Suite offers valuable context and targeted
data. The five modules provide an attractive and user-friendly
interface designed to facilitate quick mastery and smooth
processes that yield customer advice. Visualization gives
meaning to financial market data and information and
translates to real support and a clear competitive advantage for financial advisors.
|
All Around MIFID
MiFID must be implemented within the European Economic Area ( EEA ) by November 2007.
Interactive Data Corporation offers a large
range of services to help support financial
institutions to meet MiFID requirements:
• Pre-trade transparency
• Post-trade transparency
• Evidence of Best Execution
• Trade venue selection and reviews of order
execution policy
• Documentation
• Conduct of Business, client classification
• Transaction reporting
• Management of conflicts of interest and risk
According to the new obligations imposed by MiFID, customer advisors must first undertake a qualified customer classification. The Conduct of Business module in the MiFID
Advisor Suite aids this task through a structured customer classification within a user-
4
Further Information: www.interactivedata-ms.com
www.efinancelab.com
5
www.interactivedata-ms.com
Editorial
June 2007
Solutions
www.interactivedata-ms.com
Corporation
Products
Content
Partners
Markets
Internaxx Supports Expatriate Investors
With Financial Information Web Site
Internaxx has launched a new financial information section on its web site which is especially
geared towards offshore and expatriate private investors. Now offering a section on stocks
via www.internaxx.lu, the online broker – a joint venture of TD Waterhouse and Fortis, based
in Luxembourg – specializes in equity trading for this particular customer group. Investors can
benefit from a broad financial information offering, which gives them the opportunity to conduct intelligent analyses and make convenient, self-directed transactions. As a special service, Internaxx distinguishes between three main user groups, thus providing data information
packages and functionalities which are neatly customized to their respective needs.
Available is a large equity market coverage of 13 major stock exchanges in Europe and in the
U.S., including Frankfurt ( Xetra ), New York, London, Amsterdam, or Brussels. The web site
provides data such as news from Dow Jones Newswires, technical analysis reports from Trading Central, and stock reports covering U.S. companies from
Standard & Poor’s Research, among others. All information is
available in German, Dutch, English, and French.
“This information platform for international and expatriate investors is unique in Europe. Whereas other brokers offer their clients
streaming quotes and analysis limited to their local markets,
Internaxx is the only platform to cover the European and North
American markets, and the first to equip active traders with
insight into international markets previously reserved for professional investors, but without the high costs associated with an
account manager,” said Robert Glaesener, Internaxx General
Manager. Interactive Data Managed Solutions has customized
and implemented the solution, which is hosted on the financial
information platform Market Data Gateway of Interactive Data
Managed Solutions.
Corporation
Products
Content
Partners
Markets
Interview with Stefan Spannagl, Member of the Executive Board, responsible for Operations and Business Process Outsourcing at quirin bank
compass: Within private banking, quirin bank stands for a new business model. How do you
define your approach of ‘new Private Banking’ and what is it that makes your offering
unique?
Stefan Spannagl: Quirin bank stands for new, fair and transparent private banking. We are the first
bank in Germany to refund all sales and portfolio commissions to our customers. To cover our
services, investors pay a flat monthly rate. In turn, they are provided with independent and
objective financial advice, at the same level as clients investing a million dollars or more.
Since we do not rely on asset-based fees or other fees, we are in a good position to offer
strong products at a low price – all for the benefit of our customers. As a result, we believe
their portfolios have the chance to develop much better than at conventional banks. Thus,
we are able to create win-win situations for the customers and the bank.
compass: How important is the role of IT with regards to customer advising processes, and
what services of Interactive Data Managed Solutions do you use?
Stefan Spannagl: IT plays a major role as customers expect speed, security and reliability regarding the bank’s services. Being a private bank, it is imperative that we provide optimal service
in order to reach a high level of satisfaction in our customers.
With the Advisor System, we use a solution by Interactive Data Managed Solutions which
covers the requirements of customers, financial advisors and controllers, all at the same time.
Within the scope of customer advising, the most important aspects include being able to
easily access the portfolio as well as communicate with the financial advisor. For the advisor,
the system provides vast analytical functionalities in order to ensure high-quality advising services. At the end of an analysis, the advisor is able to directly send results to one or several
customers. Controllers can then monitor communication between financial advisors and their
customers in order to ensure that there are no conflicts.
compass: What do you expect from Customer Relationship Management and their functionalities within the scope of your advising model?
Internaxx addresses three key target groups among investors: Standard Users, Frequent
Traders, who trade equities at least 30 times per year, and Active Traders trading equities at
least 200 times per year. All three groups are provided with customized services and information, ranging from delayed data for Standard Users to real-time Level 2 data for Active
Traders. Active Traders can especially benefit from various content offerings and functionalities. Once they have registered for the service, they gain unlimited access to various data,
including streaming Level 2 prices, which are delivered in push mode.
Stefan Spannagl: Generally, exchange-related or other important information should be readily
available and individually customized to meet the personal requirements of each customer.
At quirin bank, we practice this model today already. It is our strong belief that – in sophisticated private banking – standard or off-the-shelf solutions do not always work. Here, quality,
transparency and individual support are at the core of our business.
Further Information: www.internaxx.lu
June 2007
“Increasing Customer Satisfaction”
Customized Information And Functionalities
Frequent Traders and Active Traders have the opportunity to use a broad range of sophisticated
functionalities via the Market Monitor. This solution is very similar to a professional terminal,
thus providing a profound overview of essential stock market information. Investors can build
real-time watch lists and set up alerts on preferred stocks in order to receive valuable information
regarding news, company reports, or technical analysis. Interactive Charts with live streaming
quotes support investors by monitoring the development of stocks and quotes or analyzing
themarkets, and thus helping to decide properly. A Buy and Sell button, which is directly linked
to Internaxx’ trading system, is designed to make transactions even easier. All tools are
designed to enable traders to better assess the direction in which the market is moving, and
thus make intelligent trading decisions.
|
6
Solutions
Private Banking
Online Brokerage
Private investors can benefit
from access to information for
intelligent trading decisions
Editorial
Stefan Spannagl
Member of the Executive
Board, responsible for
Operations and Business
Process Outsourcing
compass: What kind of added value do you create for your customers?
Stefan Spannagl: The most important feature is that the advisor can constantly monitor the customer’s portfolio and therefore can always be in control of it. By doing so, it is important that he
stays in constant contact with the customer, covering topics such as chances and risks. Also
the customer can rely on his advisor to inform him of the latest market developments, thus
having his own personal exchange expert who he can talk to about his portfolio anytime.
compass: What developments do you plan in the future?
Stefan Spannagl: For the future, we might provide customers with important financial information
delivered directly to their cell phones, via HTML-based solutions. There is no faster way of
directly delivering financial advice than that.
|
Further Information: www.quirinbank.com
7
www.interactivedata-ms.com
June 2007
Editorial
Solutions
www.interactivedata-ms.com
Corporation
Products
Content
Partners
Markets
More Than 20
New Customers
During the past year, Interactive Data Managed Solutions has won several new customers
in North America, bringing its customer total to more than 40 in this region. The company
has signed agreements with names such as ABC News, Cargill, Chicago Board Options
Exchange, Comcast, Conde Nast Portfolio.com, The Philadelphia Stock Exchange and
Zecco.com, as well as other leading online media sites, stock exchanges and financial
services portals.
North American markets hold significant new opportunities as more firms seem to learn
about the broad product offerings of Interactive Data Managed Solutions. Among the available features are advanced portfolio tracking capabilities and intuitive equity, debt and
derivatives screening applications that are available in multiple languages and currencies.
|
PrimeContent For Flexible
Content Delivery
Solutions
Corporation
Products
Content
Partners
Markets
June 2007
foundation of their own future product design. Further benefits can include the ability to
measure the success of marketing campaigns, evaluate their position within the securities
market, and conduct competitor analyses.
North America
New Product Structure
Editorial
PrimeContent
In the course of reorganizing its product structure, Interactive Data Managed Solutions has
introduced four new product lines, PrimeContent, PrimeTerminal, PrimePortal and PrimeDeveloper in April 2007.
PrimeContent is the most recent offering within Interactive Data Managed Solutions’ range
of products. The aim is to further broaden the delivery options of pure content in various
formats. Additionally, PrimeContent provides technology for content dissemination via
Contribution Suite, Interactive Data Managed Solutions’ multi-contribution platform, which
serves as a content management and disseminating service. Financial institutions can
benefit from a flexible system designed to allow them to efficiently contribute data to multiple
destinations without the inconvenience of supporting different protocols.
Available data in PrimeContent include: historical price data for indices and stocks, as well
as reference and statistical data for retail derivatives and funds. All information is delivered via
files which can be customized to suit individual customer requirements, thus providing a
high level of flexibility.
Currently, PrimeContent offers data via four different content services. They can be obtained
both separately or as a package. Data can be delivered via Contribution Suite.
The Price History Service delivers historical data for stocks and indices listed on major
European and U.S. markets for up to five years.
The Terms & Conditions Data Service for Funds and Derivatives comprises reference data
of approximately 14,000 mutual funds listed in Germany and Austria, and more than
140,000 retail derivatives worldwide.
Through the Funds Statistics Service, customers can obtain statistical data on investment funds markets in Germany, Austria and Switzerland. It can answer questions such
as: Which fund categories expand through positive cash flow? How much demand is there
for a certain product compared to the total market? By answering these questions and
more, the Funds Statistics Service can be a valuable tool for marketing or product
management departments at investment companies.
|
Further Information: www.interactivedata-ms.com
PrimeTerminal
PrimeTerminal
Expanded Functionality
And Content
Interactive Data Managed Solutions has enhanced its PrimeTerminal Professional Edition with
more data and greater functionality. Customers are now provided access to further data offerings by other Interactive Data Corporation businesses via the terminal, thus benefiting from
Interactive Data Managed Solutions being part of Interactive Data Corporation. For example,
Bombay, Shanghai, Tokyo, Prague and Budapest stock exchanges are optionally available
on a per-user basis.
Additionally, users can access new contributor data packages by GTIS, an Interactive Data
business. Here, users of both Basic Edition and Advisor Edition are provided selected GTIS
data packages where contributors quote currency rates, money market rates rates, interbank
rates, bond prices and yields, as well as precious metal prices. In total, GTIS offers data from
approximately 130 international contributors. Customers are also provided a direct overview of
offered quotations via new GTIS screens, and may directly access prices of single contributors.
As a new optional package, PrimeTerminal now offers corporate actions. Further offerings
include news packages from Dow Jones, APA, dpa-AFX and other new providers. Besides,
users may access the Industry Classification Benchmark ( ICB ), the four-tier sector classification scheme developed by Dow Jones Indexes and FTSE, on a subscription basis.
Apart from additional content, Interactive Data Managed Solutions has also further enhanced
the terminal’s functionality, including keyboard shortcuts, as well as more detailed performance charts and more sophisticated search for indices and their constituents.
Thus, PrimeTerminal Professional Edition has gained an even stronger international focus
while helping to meet specific requirements of asset managers and financial advisors
addressing private investors.
Effective immediately, customers can get access to the new exchanges, corporate actions
and news as well as ICB on a per-user basis, if required. Users of the standard terminal are
provided automatically with new functionalities and GTIS screens after the next update.
|
Shortcuts
PrimeTerminal now offers a wide
reange of keyboard shortcuts,
including regular ones. Examples
for additional customized shortcuts are:
Opening Clips
F3
Open Quote Clip
F4
Open Chart Clip
F5
Open News Clip
F6
Open Times & Sales Clip
F7
Open Orderbook Clip
F8
Open Alert Clip
F9
Open List Clip
F11
Open Performance Clip
Chart
Ctrl Cursor left
Zoom Out
Ctrl Cursor right
Zoom In
Ctrl Home
Show Original Chart
The Derivatives Statistics Service provides comprehensive analysis of turnover data of
securitized products for the German market. The application is designed to enable issuers
of warrants and certificates to recognize market trends and can provide them with a better
8
Further Information: www.primeterminal-ms.com
9
www.interactivedata-ms.com
Editorial
June 2007
Solutions
www.interactivedata-ms.com
Corporation
Products
Content
Partners
Markets
Solutions
Corporation
Products
Content
Partners
Markets
Regulation
More Competition In Market Data And Trading Venues
MiFID – The Industry Moves
Into Position
Even now, the pre- and post-trade transparency and execution requirements of MiFID are
expected to give rise to new, additional pricing venues. Currently, an estimated 30 to 50 percent of stock trading in Europe takes place outside of the stock exchanges. Once this data
which is currently not reported is disclosed, the price data volume will likely double. Among
the new pricing venues that are emerging are initiatives already announced by BOAT, Turquoise, Euronext, London Stock Exchange, Deutsche Börse, Equiduct, Instinet and Wiener
Börse, with more initiatives expected to come. The establishment of multilateral trading
facilities ( MTF ) and systematic internalizers ( SI ), as well as the new disclosure obligation for
the existing MTFs, will lead to the creation of additional large price data volumes. As a result,
market data vendors will need to provide their customers with significantly more data and
new data feeds.
The MiFID ( Markets in Financial Industries Directive ) has been one of the hot topics in the
European financial industry in 2007. The time frame for implementing MiFID regulations in the
European Union, Norway, Liechtenstein and Iceland ends on November 1, 2007, while in
some countries, national legislative procedures for implementing the directive are still lagging
behind or have only recently been finished. Several details of MiFID are still pending, leaving
room for country-specific interpretations in some areas, which makes things difficult for international institutions in particular.
Nevertheless, European financial institutions are working hard to implement requirements
imposed by MiFID in time, which can cost the industry millions in order to comply with the
rules. The internal implementation can involve considerable time and effort since highly
diverse organizational structures and IT systems in the financial institutions are affected by
MiFID requirements. According to a recent study conducted by Eurogroup Consulting,
which analyzed 100 German banks, 90 percent of the financial institutions surveyed said that
they have assigned MiFID a top priority. In addition, the study shows that the average costs
for implementing the financial directive amount to 1.5 million euros per bank.
MiFID has clear-cut objectives, including improving investor protection, increasing competition and harmonizing within the European financial market. These intentions are widely
supported by the industry. However, the actual impact that the MiFID will have on the
finance sector in practice still cannot be fully gauged at this point.
Which External Service Providers Support The Project ?
Service providers
Editorial
Absolute frequency ( n = 58 ) Relative frequency in percent ( % )
0
10
20
30
40
0%
25%
50%
75%
100%
Consulting firms
Chambers
Software providers
Information vendors
Brokers
Associations
June 2007
In response to these new demands, the Real-Time Services business of Interactive Data
offers PlusFeed, its low-latency, digital data feed service, that will collect and supply pre- and
post-trade pricing information from new sources. This is designed to allow clients to easily
aggregate data across the numerous trading venues and generate a combined, overall view
of market activity. In addition, Interactive Data plans to establish a new tick-data repository of
pre- and post-trade information, which will be ready to store data arriving after November 1,
2007. Using this data, financial institutions can identify the best execution price among
numerous trading venues and thus comply with their order execution policy. The tick-data
repository can also support financial institutions by periodically reviewing the trading venues
identified in their order execution guidelines in accordance with MiFID.
Financial Institutions Seek Alliances
After thoroughly analyzing the requirements arising from MiFID, many financial institutions
are seeking out specialists to aid them in complying with the new regulations. In a recent
study eFinance Lab, headquartered in Frankfurt am Main, surveyed 200 banks in Germany
and concluded: “To support the MiFID project, predominantly associations, consulting
companies, law firms and software suppliers are ( to be ) commissioned as external
service providers. While in the previous year, 44 % did not consider explicit support by
external suppliers as imperative, though today, only 17.2 % of the security firms are
planning or implementing the MiFID project on their own.” In particular, consulting companies, software suppliers and information vendors are frequently mentioned in this context.
Interactive Data and its businesses are already providing customers with professional support in their MiFID implementations.
|
No support by external service providers
Other
Source: eFinance Lab, “Implementing MiFID in the German financial industry”, Frankfurt am Main, 2007
Meeting MiFID Requirements With Contribution Suite
More Transparency For Investors
Investors welcome the directive as they can benefit from enhanced transparency and improved modes of comparison. Investors will have additional rights against their financial
advisors, who will have to fulfill obligations to provide clarification when requested, as well
as information, warnings, and more detailed documentation of the advisory process. Some
experts, however, fear an information overload that investors will no longer be able to manage. To avoid this, banks should not only implement the directive as a regulatory obligation,
but also view it as an opportunity to truly improve their customer advising processes and
thus position themselves better in the market. To assist them in meeting these objectives,
Interactive Data Managed Solutions is now offering its MiFID Advisor Suite ( see page 4).
10
One requirement imposed by MiFID is the so-called pre-trade transparency. This rule
states that financial institutions, when serving as Systematic Internaliser ( SI ), have to
publish the quotes on their instruments. With Contribution Suite by Interactive Data
Managed Solutions, financial institutions can aggregate their instruments’ quotes
and publish them via their web sites – or deliver them to other market participants.
Currently, the technology is already in use at numerous major financial institutions.
Further Information: www.efinancelab.com
www.interactivedata-ms.com
11
www.interactivedata-ms.com
June 2007
Interactive Data Managed Solutions · www.interactivedata-ms.com · [email protected]
Frankfurt
Helsinki
London
Madrid
Sandweg 94
60316 Frankfurt/Main
Germany
Luotsikatu 13
00160 Helsinki
Finland
Fitzroy House, 13-17 Epworth Street
London EC2A 4DL
United Kingdom
C/ María de Molina 37 bis
28006 Madrid
Spain
Tel: +49 (0)69 50 50 30 0
Fax: +49 (0)69 50 50 30 505
Tel: +358 (0)9 68 60 6717
Fax: +358 (0)9 68 60 6710
Tel: +44 (0)20 78 25 80 00
Fax: +44 (0)20 78 25 77 01
Tel: +34 (91)745 21 05
Fax: +34 (91)745 21 06
Milan
New York
Paris
Zurich
Via Mauro Macchi, 44
20124 Milan
Italy
100 William Street, 17th Floor
New York, NY 10038
United States of America
9, Rue de Téhéran
75008 Paris
France
Neugasse 10
8005 Zurich
Switzerland
Tel: +39 02 671915 1
Fax: +39 02 671915 40
Tel: +1 212 2 69 63 00
Fax: +1 212 7 71 69 87
Tel: +33 (0)1 56 69 50 70
Fax: +33 (0)1 56 69 50 79
Tel: +41(0)44 2 76 4611
Fax: +41(0)44 2 76 46 01