Biotechnology and pharmaceuticals but also banks and insurance companies. The Swiss Stock Exchange (www.swx.com) is a smiling financial expression of the country’s florid economy. The Swiss bourse is two segments: a main part for big national corporations and the “local caps” for smaller companies. In the equities market there is also a third segment for European companies, the Swx <EU compatible> segment, with a European passport for placement of stock under Community rules for harmonization of capital markets. To file IPOs on the Swiss market, companies have to submit financial statements to Ifrs/Us-Gaap accounting standards, disclose their quarterly, half-year and full-year results, abide by the rules of corporate governance and disclose details of insider dealing. The main and EU compatible segments also require companies to submit their last three years’ financial statements and have a minimum capital of SFr25m and a minimum float of 25%. For smaller companies, the Swiss stock exchange only requires companies to have been active for two years and have a minimum capital SFr2.5m a market capitalization of SFr5m and a float of 20%. Normal business is overseen by the Commission Fédérale des Banques (http://www.ebk.admin.ch/f/), which may override banking secrecy to obtain information. In addition to auditors’ reports, the Commission can demand various other disclosures. Further, it combats money laundering, an issue on which the Swiss and international communities feel very strongly, and monitors financial brokers’ compliance with money laundering legislation.