There are people who build companies. And then there are those, far rarer individuals, who build ecosystems. Bruno Bolfo belonged to the latter category.
When people think of Lugano, they often picture banks, the lake, and the understated elegance of a city that seems to have made discretion a way of life. Yet for more than forty years, immense flows of steel, energy, commodities, and capital bound for every corner of the globe passed through these seemingly tranquil shores. Behind many of those routes stood the vision of a man who preferred action to rhetoric and results to the spotlight.
Bruno Bolfo accomplished something that once seemed almost impossible: he transformed a relatively small city into one of the leading centers of international commodity trading. He did so not through grand proclamations, but through the oldest and most effective method in business: working, taking risks, and building.
The roots of his entrepreneurial journey trace back to Brazil in 1979, but it was in Lugano that the project found its center of gravity. From here, Duferco began weaving a global network capable of connecting markets, industries, and continents. A multinational company born on the shores of Lake Lugano seemed almost paradoxical. In reality, it was a bold bet—and Bolfo won it.
His insight was recognizing, long before many others, that the value of a city depends not only on its size, but on the quality of the talent and expertise it can attract and develop. In this way, Lugano became an international platform where Swiss financial know-how met the dynamism of global markets.
Yet Bolfo’s true legacy is not found in Duferco’s balance sheets. It is found in people.
Great companies leave behind buildings. The greatest leave behind schools. Duferco was a school. Over the years, it trained generations of professionals who learned how to understand markets, manage risk, organize global logistics, and negotiate in increasingly complex environments. Many of them later pursued their own entrepreneurial paths, founding new businesses and helping create what is now often referred to as Lugano’s trading “galaxy.”
It is a phenomenon reminiscent of the old master craftsmen: the apprentice enters the workshop and one day opens one of his own. With one important difference. This workshop did not produce furniture or watches, but expertise capable of moving millions of tons of commodities and generating billions of euros in trade.
From this original nucleus emerged companies specializing in energy, natural gas, electricity, logistics, and related services. Some have become leaders in their respective sectors. All, in one way or another, bear the imprint of a business model founded on pragmatism, decisiveness, and adaptability. The impact on Ticino’s economy has been profound: hundreds of highly qualified jobs, an ecosystem involving professionals, law firms, auditors, banks, and logistics operators. Above all, it has created an international reputation built over decades and strengthened day after day.
Today, global trade is navigating a complex era marked by geopolitical tensions, energy transitions, and evolving regulations. In this context, the passing of Bruno Bolfo marks the end of an era. Not because what he built is disappearing, but because one of those rare individuals capable of leaving a lasting and recognizable mark on the destiny of a region is no longer with us.
Lugano has lost its patriarch of commodity trading. It has lost an entrepreneur who always preferred to work away from the spotlight. Yet it retains something far more enduring than the presence of any single individual: a business culture, a network of expertise, and an international outlook that continue to generate value.
Ultimately, Bruno Bolfo’s true legacy is neither a company nor an industry. It is the idea that even a city overlooking a lake can become a window to the world, provided someone has the vision to imagine it as such—and then dedicate a lifetime to making that vision a reality.
Originally published inCorriere del Ticino, July 22, 2026.
https://www.lcta.ch/site/wp-content/uploads/2026/07/bruno_bolfo_copyright_Duferco.jpg6751200Monica Zurfluhhttps://www.lcta.ch/site/wp-content/uploads/2024/05/LCTA-Logo-2024-r02-01.pngMonica Zurfluh2026-07-22 11:28:352026-07-22 11:28:36Bruno Bolfo: The Man Who Taught Lugano to Speak to the World
As the flagship annual event of the Lugano Commodity Trading Association (LCTA), the Global Commodities Conference (GCC) has established itself as a leading forum for dialogue on the forces shaping international commodity markets. Held at LAC Lugano Arte e Cultura on June 22–23, 2026, GCC 2026 brought together over 200 senior representatives from government, diplomacy, academia and industry to examine how geopolitical, technological and financial developments are reshaping the commodity trading landscape.
GCC 2026 was made possible through the valued support of its sponsors and partners. Fidinam Group Holding SA and Banca Zarattini & Co. joined the conference as Gold Sponsors, alongside Cornèr Banca SA, Sirius Energy SA, TELF AG and Valcambi SA as Silver Sponsors, while Axion SWISS Bank supported the opening evening as Dinner Sponsor. Held under the patronage of the City of Lugano, the conference also benefited from the support of its institutional partners—the Ticino Chamber of Commerce and Industry (Cc-Ti), SUISSENÉGOCE and the Zug Commodity Association (ZCA).
This retrospective revisits the key themes that emerged throughout GCC 2026. One message emerged consistently: commodity trading has entered a new era.
Geopolitical tensions, supply chain disruptions, sanctions, technological competition and monetary uncertainty are often viewed as separate developments. The discussions at GCC 2026 suggested a different interpretation. Together, they point to a broader transformation of the international economic order—one in which geopolitics, finance, technology and industrial policy are becoming increasingly interconnected.
Globalization is not disappearing. International trade continues to connect economies, businesses and societies across the world. What is changing is the framework within which global trade operates. Alongside efficiency, resilience, economic security, trusted partnerships and strategic adaptability define today’s international business environment.
Following chapters revisit the conference through this lens, tracing the discussions from Switzerland’s position in a changing world to the geopolitical transformation of commodity markets and the evolving financial architecture that supports global trade.
Laying the Foundations
GCC 2026 opened with two complementary reflections on the future of commodity trading. The first celebrated the next generation of industry professionals through the CCTS Graduation Ceremony, while the second explored Switzerland’s role as a trusted international trading hub. Together, they established the foundations for the discussions that followed during the main conference day.
Investing in the Future
GCC 2026 opened by celebrating the latest graduates of the Certified Commodity Trading Specialist (CCTS) program, reaffirming LCTA’s long-standing commitment to education and professional development.
The graduating class included Mattia Baratti, Giacomo Cagliani, Giacomo Cazzaniga, Emma Fogagnolo, Stefan Jovanovic, Irina Lyashenko, Marko Markovic and Talia Noémie Odjou. The ceremony also recognized Marko Markovic as the Best Student of the 2025 CCTS edition. Although unable to attend the ceremony in person, his outstanding academic achievement was acknowledged during the evening.
More than a graduation ceremony, the event reaffirmed LCTA’s conviction that the long-term competitiveness of the commodity trading industry ultimately depends on people. As markets become increasingly interconnected and business environments more complex, professional expertise, interdisciplinary knowledge and continuous learning are becoming strategic assets in their own right.
Over the years, the CCTS program has become LCTA’s flagship educational initiative. Delivered in partnership with ALMA Impact, it equips professionals with the interdisciplinary knowledge and practical skills required to navigate today’s increasingly complex commodity trading environment.
Beginning GCC 2026 with the graduation ceremony therefore carried a clear message: before discussing the future of global commodity markets, the conference recognized those who will help shape it.
Switzerland in a Changing World
The opening evening continued with a fireside conversation between State Secretary Hélène Budliger Artieda and Roberto Grassi, Vice President of LCTA, examining Switzerland’s position in an international environment increasingly shaped by geopolitical tensions, economic security and strategic competition.
The conversation highlighted that Switzerland’s competitiveness rests on a combination of political stability, legal certainty, institutional reliability and openness to international trade. In a period marked by geopolitical uncertainty and rapidly changing business conditions, these strengths have become even more valuable—but they cannot be taken for granted. Preserving Switzerland’s attractiveness requires continued investment in innovation, talent and sound economic policy, together with an ongoing commitment to international engagement.
Neutrality emerged as one of the defining themes of the discussion. Rather than representing isolation, it was presented as a framework that enables Switzerland to maintain dialogue with a broad range of international partners while upholding its credibility, respecting the rule of law and ensuring the consistent implementation of international obligations, including sanctions.
For the commodity trading industry, these characteristics carry particular significance. Companies operating across multiple jurisdictions depend on stable institutions, transparent regulation and a trusted legal framework from which to manage increasingly complex international operations. In this context, predictability has become a genuine competitive advantage.
By opening GCC 2026 with this conversation, LCTA placed Switzerland’s role within the broader transformation of global trade before turning to the geopolitical and financial forces explored during the main conference day. The discussion served as a reminder that, in an increasingly uncertain world, trust remains one of Switzerland’s most valuable strategic assets.
From Global Challenges to Business Decisions
The main conference day opened with welcome remarks by Matteo Somaini, President of LCTA, and Michele Foletti, Mayor of Lugano.
While Somaini emphasized the value of dialogue between institutions, academia and industry in navigating an increasingly complex global environment, where Geography is no longer based on physical proximity and market players act as nodes of a complex network, questioning the traditional concept of “Region”, Foletti reaffirmed the City’s support for the commodity trading sector and Lugano’s position as one of Europe’s leading trading hubs.
Building on the themes introduced during the opening evening, the conference broadened its focus from Switzerland’s role in the global trading system to the wider geopolitical and financial transformations reshaping commodity markets.
Against this backdrop, the conference turned to its first thematic session: the Geopolitics of Resources.
The Geopolitics of Resources
The first thematic session of GCC 2026 brought together Ambassador Ettore Francesco Sequi, former Secretary General of the Italian Ministry of Foreign Affairs and International Cooperation, with panelists Alessandro Fossati (Gamma Trade SA), Alberto Salsiccia (Petraco Oil Company SA), Professor Fabrizio Vismara (University of Insubria) and Mickael Butikofer (Trafigura). Moderated by Dmitry Dvoretskiy (DITH). The session examined how a rapidly evolving geopolitical landscape is impacting commodity markets and affects business models.
A central message emerged from the discussions: today’s geopolitical tensions should not be viewed as a series of isolated crises. Rather, they are manifestations of a broader transformation of the international order. Strategic competition, economic security and industrial policy are increasingly influencing decisions that were once driven primarily by market forces.
Energy, industrial metals, agricultural products and critical minerals are no longer regarded solely as tradable goods driven by supply and demand. They have become strategic assets that influence industrial competitiveness, technological leadership and national resilience. As a result, commodity markets now sit at the intersection of economics, foreign policy and security.
Strategic advantage today extends far beyond access to natural resources. Increasingly, competitiveness depends on the ability to refine, transport, finance and integrate those resources into resilient industrial ecosystems. Processing capacity, logistics infrastructure, maritime routes and trusted supply chains have therefore become as strategically important as the resources themselves.
This evolution is particularly evident in the technologies driving the global economy. Artificial intelligence, digital infrastructure and the energy transition all rely on secure supplies of electricity, critical minerals, advanced manufacturing and reliable transportation networks. Rather than reducing the importance of physical commodities, technological innovation is reinforcing their strategic value.
For commodity trading companies, these developments have practical consequences. Commercial decisions can no longer be based exclusively on price, supply and demand. They increasingly require an understanding of geopolitical developments, sanctions, regulatory change, infrastructure constraints and evolving trade relationships.
The panel discussion complemented the keynote by translating these geopolitical dynamics into the operational realities faced by commodity trading companies. The exchange reinforced the importance of resilience, diversification and long-term strategic thinking in an increasingly complex business environment.
The panel agreed that this changing environment does not signal the end of globalization. Rather, it reflects a new phase in which resilience complements efficiency, diversification strengthens supply chains and trusted partnerships become increasingly important. International trade remains global, but the conditions under which it operates are becoming more complex.
The session concluded with a clear takeaway: commodity trading is no longer shaped solely by markets. It is increasingly influenced by the interaction between geopolitics, technology, finance and regulation. Understanding these dynamics is no longer simply a competitive advantage—it has become an essential component of doing business in today’s global economy.
Monetary Fragmentation
The second thematic session of GCC 2026 turned from the geopolitics of resources to the financial systems that support international trade. Led by Professor Angelo Ranaldo, with a panel discussion featuring François Broussard (ING), Giulio Macciocchi (DXT Commodities SA) and Fabio Baglio (Tether), and moderated by Dimitri Loringett (Corriere del Ticino), the session explored how geopolitical change is influencing currencies, financial markets and cross-border transactions. Finance can no longer be separated from geopolitics.
As governments increasingly rely on sanctions, industrial policy and economic security measures, financial markets are adapting to a more fragmented international environment. While the global monetary system has proven remarkably resilient, the context in which it operates is becoming increasingly complex.
The session highlighted that foreign exchange risk is no longer limited to currency fluctuations. Liquidity, funding conditions, payment infrastructure, currency weaponization and regulatory developments have become equally important considerations for companies operating across multiple jurisdictions. For commodity traders, effective financial risk management now extends well beyond exchange rates.
Innovation also featured prominently in the discussion. Digital assets, stablecoins and new payment technologies are creating opportunities to improve the efficiency of cross-border transactions while prompting new discussions around regulation, market confidence and financial stability. Rather than replacing traditional finance, these innovations are evolving alongside established banking systems, expanding the range of tools available to international businesses.
The panel discussion examined how these developments are already influencing commercial practice. Managing financial risk today requires a broader perspective, combining market expertise with an understanding of liquidity, compliance, technology and the resilience of payment systems. As with geopolitics, financial considerations are becoming increasingly integrated into strategic business decisions rather than remaining purely operational matters.
The session concluded by reinforcing one of the conference’s overarching messages: the future of commodity trading will be shaped not by a single trend, but by the growing interaction between geopolitics, finance, technology and regulation. Companies able to understand these interdependencies will be better positioned to navigate an increasingly dynamic global marketplace.
Looking Ahead
GCC 2026 demonstrated that commodity trading has entered a new era. Markets remain at the heart of commodity trading, but they no longer operate in isolation from geopolitics, finance, technology or regulation. Commercial decisions now require a broader set of skills, a deep understanding of political developments, sanctions, industrial policy, financial infrastructure, cybersecurity, sustainability and international cooperation.
For commodity trading companies, this growing complexity presents both challenges and opportunities. The ability to interpret change, anticipate risks and adapt business strategies has become as important as commercial expertise itself. Resilience, trusted partnerships and long-term thinking are emerging alongside efficiency as defining characteristics of successful organizations.
This evolution also reinforces the importance of investing in people. Throughout GCC 2026, a recurring theme was that the industry’s future will depend not only on markets or technology, but on professionals capable of connecting disciplines, understanding global developments and making informed decisions in an increasingly interconnected environment.
For Switzerland, these changes also create new opportunities. Political stability, legal certainty, openness to international trade and a trusted institutional framework remain enduring strengths, providing a solid foundation from which companies can navigate an increasingly dynamic global economy.
As the flagship event of LCTA, GCC 2026 once again demonstrated the value of bringing together policymakers, academics and industry leaders to exchange perspectives, challenge assumptions and foster meaningful dialogue. In a world where complexity is becoming the new normal, such dialogue is not merely valuable, it is essential.
The conference may have concluded, but the conversations it inspired will continue. As commodity markets evolve, so too will the role of those who operate within them. Understanding change, embracing innovation and building resilient partnerships will remain fundamental to shaping the future of global commodity trading. GCC will continue to serve as a forum where ideas, expertise and collaboration converge to support the industry’s evolution in an increasingly complex global environment.
Relive the highlights in our video and full photo gallery.
https://www.lcta.ch/site/wp-content/uploads/2026/07/Somaini_BudligerArtieda_Grassi_GCC2026_LCTA.jpg12811920LCTA Editorhttps://www.lcta.ch/site/wp-content/uploads/2024/05/LCTA-Logo-2024-r02-01.pngLCTA Editor2026-07-09 16:40:132026-07-10 11:51:40GCC 2026 Retrospective | Trading Through Transformation: Commodity Markets in a Changing World
The Swiss Federal Council has opened a consultation on its indirect counterproposal to the popular initiative “For Responsible Large Corporations – For the Protection of People and the Environment” (RBI II). The consultation process runs from 2 April to 9 July 2026.
The proposal forms part of a broader international trend toward enhanced sustainability reporting and corporate due diligence obligations. It also reflects developments at European level, notably the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D).
For Switzerland’s internationally active companies, including commodity traders, exporters, financial institutions and multinational groups, the proposed legislation could have important legal, operational and compliance implications.
A New Swiss Framework for Corporate Sustainability
The draft Federal Act on Sustainable Corporate Governance seeks to establish a comprehensive framework governing sustainability reporting and due diligence obligations relating to human rights and environmental risks.
The proposal is largely inspired by recent European legislation while adapting certain elements to the Swiss legal framework. According to the consultation documents, the framework would primarily apply to large companies and corporate groups exceeding specific thresholds, while most SMEs would remain outside the direct scope of the legislation, although they may be indirectly affected through supply-chain requirements and requests for information from larger business partners.
Among the key elements under consultation are:
sustainability reporting obligations covering environmental, social, governance and human rights matters;
due diligence requirements relating to human rights and environmental impacts throughout business activities and value chains;
external assurance requirements for sustainability reporting;
civil liability provisions linked to breaches of due diligence obligations;
the establishment of a supervisory authority responsible for overseeing compliance and enforcement.
Key Issues for Internationally Active Companies
Several business associations have already expressed concerns regarding specific elements of the proposal. Among them is SUISSENÉGOCE, the umbrella association representing Switzerland’s commodity trading sector, which has submitted detailed comments as part of the consultation process.
From the perspective of internationally active companies, a number of provisions merit particular attention.
Civil Liability
The draft introduces civil liability mechanisms linked to breaches of due diligence obligations. In contrast to recent developments at EU level, where the implementation of civil liability provisions has largely been left to Member States, the Swiss proposal envisages a more prescriptive framework.
The proposal also contemplates extending limitation periods from 10 to 20 years in certain cases and introduces questions regarding evidentiary requirements and the treatment of damages occurring abroad. For companies operating through complex international value chains, these elements could significantly increase legal uncertainty and exposure to litigation.
Sustainability Reporting and Assurance
The proposal would expand sustainability reporting obligations and introduce external verification requirements for sustainability-related information.
Particular attention is being paid to the level of assurance that may ultimately be required. More extensive assurance requirements could result in significantly higher auditing costs and more complex compliance processes than those currently envisaged under comparable international frameworks.
The timing and publication requirements associated with sustainability reporting may also create additional operational constraints for companies preparing annual financial statements and sustainability disclosures.
Supervisory Authority and Enforcement Powers
Another significant aspect of the proposal is the establishment of a dedicated supervisory authority responsible for monitoring compliance.
The draft envisages broad investigative and enforcement powers, including the ability to initiate proceedings, request information, impose sanctions and publish findings. The proposal further envisages turnover-based sanctions and a range of additional enforcement measures.
For sectors such as commodity trading, where business models are typically characterized by high transaction volumes and comparatively low margins, turnover-based sanctions could have particularly significant consequences.
The creation of a new supervisory authority also raises questions regarding administrative costs and the overall regulatory burden for companies and public authorities.
International Value Chains and Extraterritorial Effects
Due diligence obligations may extend beyond Switzerland’s borders and affect relationships with suppliers, subsidiaries and commercial partners located in third countries.
As a result, the legislation could have implications throughout international value chains, including in countries with which Switzerland maintains important trade and free trade relationships. Commodity trading companies, manufacturers, financial institutions and other internationally active businesses may therefore face additional monitoring, documentation and compliance requirements across their global operations.
Alignment with International Standards
The proposal is broadly inspired by recent EU legislation. However, implementation of the CS3D within EU Member States remains ongoing and several aspects of the future European framework have yet to be clarified.
In this context, SUISSENÉGOCE and other business associations have highlighted that certain elements of the Swiss proposal may go beyond current EU requirements, potentially creating regulatory divergences that could affect legal certainty, compliance costs and competitive conditions for Swiss-based companies operating internationally. This concern is compounded by the fact that, since the content of the EU Directives CSRD and CS3D is not included in the Bilateral III package negotiated with the European Union, Switzerland is not legally obligated to transpose their content into national law. The extraterritorial dimension of the proposal adds a further layer of complexity. Due diligence obligations extending beyond Switzerland’s borders could affect trade partners through their State-owned companies or their subsidiaries established in Switzerland, as well as producing countries with which Switzerland maintains free trade agreements — including Brazil (Mercosur), Canada, Chile, China, the Gulf Cooperation Council states, India, Indonesia and Mexico. For a trading hub whose entire business model depends on the efficiency and legal predictability of global supply chains, these implications warrant careful consideration.
Relevance for the Swiss Commodity Trading Hub
Switzerland hosts one of the world’s leading commodity trading ecosystems, alongside a large number of export-oriented industrial groups, multinational companies, financial institutions and internationally active service providers.
For these sectors, the debate extends beyond sustainability reporting and due diligence requirements alone. It also concerns the broader question of how Switzerland can pursue sustainability objectives while maintaining internationally competitive framework conditions and preserving its attractiveness as a global business location.
Alongside SUISSENÉGOCE, LCTA has engaged with key institutional stakeholders in Ticino, including the Chamber of Commerce, Industry and Services of the Canton Ticino (Cc-Ti) and cantonal authorities, to raise awareness of the potential implications that the proposal could have for commodity trading companies, exporters and the broader Swiss economy.
The consultation remains open until 9 July 2026, allowing companies, business associations, public authorities and other stakeholders to submit comments before the Federal Council determines the next steps of the legislative process.
https://www.lcta.ch/site/wp-content/uploads/2026/05/jessica45-lady-justice-2388500-scaled.jpg19202560Monica Zurfluhhttps://www.lcta.ch/site/wp-content/uploads/2024/05/LCTA-Logo-2024-r02-01.pngMonica Zurfluh2026-06-01 11:00:002026-05-29 15:23:06New Sustainability and Due Diligence Rules Under Consultation
At its meeting of May 27, 2026, the Swiss Federal Council adopted a package of measures aimed at strengthening Switzerland’s maritime shipping sector, with the objective of enhancing the attractiveness of the Swiss flag and aligning the regulatory framework with developments in the industry.
The measures form part of the broader revision of Swiss maritime legislation and of the federal government’s wider package aimed at strengthening the competitiveness of the Swiss economy. For Switzerland — an important international hub for commodity trading and shipping-related services — the quality of the maritime regulatory framework plays a significant role in maintaining the competitiveness of the country’s business environment.
Legislative Revision: Reducing Administrative Burdens Following the Phase-Out of Federal Guarantees
A central component of the reform concerns amendments to the Federal Act on Maritime Navigation under the Swiss Flag, with the aim of removing provisions that have become obsolete.
In particular, the Federal Council proposes repealing the legal provisions linked to federal guarantees for ocean-going vessels, which have no longer been granted since the end of 2016 and are now considered unjustified in light of their limited contribution to the country’s supply security.
In this context, the revision provides for the removal of minimum capital requirements, a reduction of audit-related obligations, and the easing of certain administrative constraints associated with relinquishing the Swiss flag.
The regulatory streamlining is intended to reduce administrative burdens for companies and to make the legal framework more consistent with current operational practices in the international maritime sector.
Ordinance Amendments: Greater Operational Flexibility for Market Participants
Alongside the legislative revision, the Federal Council is introducing amendments at ordinance level that are expected to enter into force in the short term.
One significant change concerns the eligibility criteria for flying the Swiss flag. Until now, registration was limited to vessels owned by Swiss companies and operated by Swiss shipowners. Going forward, a shipowner based in Switzerland will also be able to register a vessel under the Swiss flag even if the owning company is domiciled abroad.
This development reflects current industry dynamics and is intended to facilitate leasing structures and international bank financing arrangements.
For shipping operators, the measure introduces greater flexibility in structuring international leasing and financing transactions, while also helping strengthen the competitiveness of Switzerland’s maritime trade and trade finance ecosystem.
Recognition of the Electronic Bill of Lading
The ordinance amendments also address the digitalization of maritime trade.
The Federal Council clarified that the bill of lading — a key document in the maritime transport of goods — may also be issued and managed in electronic form (electronic bill of lading).
For the commodity trading and trade finance sectors, this development is particularly significant, as it directly affects transaction documentation management and the broader digitalization of processes throughout the supply chain.
Entry into Force and Future Developments
The measures introduced are structured across two separate timelines.
The ordinance-level provisions — in particular those relating to Swiss flag eligibility requirements and the electronic handling of trade documents — are expected to enter into force on July 1, 2026.
The revision of the Federal Act on Maritime Navigation, including the repeal of provisions linked to federal guarantees and the simplification of the regulatory framework, will instead need to follow the ordinary parliamentary process before entering into force.
Taken together, the measures form part of a broader process to modernize Swiss maritime legislation, with the long-term objective of strengthening the reliability and attractiveness of the Swiss flag in the international environment.
https://www.lcta.ch/site/wp-content/uploads/2026/05/hans-flag-999687-1-scaled.jpg17072560Monica Zurfluhhttps://www.lcta.ch/site/wp-content/uploads/2024/05/LCTA-Logo-2024-r02-01.pngMonica Zurfluh2026-05-28 14:52:172026-06-01 07:38:41Swiss Maritime Shipping: New Rules to Strengthen the Sector and Align with International Practices
Swiss law currently provides for a cabotage restriction that, subject to limited exceptions, prevents foreign airlines from operating domestic routes within Switzerland.
Against this backdrop, parliamentary initiative 25.447 “Ensuring Efficient Connections. Amendment to the Federal Civil Aviation Act” (text available in IT, DE, FR), submitted by Ticino member of the Council of States Fabio Regazzi and co-signed, among others, by fellow Ticino member of the Council of States Marco Chiesa and by the Geneva representatives in the Council of States, seeks to amend Article 32 of the Federal Civil Aviation Act. Under certain conditions, the proposal would allow airlines based in the EU or EFTA to operate licensed domestic routes within Switzerland.
The initiative specifically aims to promote more efficient connections between Lugano and Geneva, two major Swiss economic and financial centers, as well as important hubs for commodity trading. At present, overland travel between the two cities takes more than five hours.
On May 22, the Transport and Telecommunications Committee of the Council of States (TTC-S) conducted its preliminary review of the initiative and, by 7 votes to 3 with 2 abstentions, voted to advance it through the parliamentary process. The matter will now be reviewed by the corresponding committee of the National Council.
The initiative does not seek a general abolition of the cabotage restriction, but rather the introduction of targeted exemptions in cases where “transport needs cannot otherwise be met in an equivalent manner”. The specific conditions would subsequently be defined by the Federal Council.
Beyond the immediate scope of the proposal, the initiative highlights the issue of Ticino’s connectivity with other Swiss economic centers — a matter of particularrelevance for international sectors such as commodity trading, trade finance, and related services.
The commodity trading sector has made a significant contribution to the City of Lugano’s recent revenues.
As highlighted during the presentation of the City’s financial statements on April 23, 2026, while not structural in nature, this contribution remains an important factor in understanding recent public finance trends and the city’s position as an international trading hub.
LCTA comment:
The Lugano Commodity Trading Association acknowledges the sector’s contribution to recent public revenues and reiterates the importance of a stable and competitive framework to sustain Lugano’s role as a leading international trading hub.
https://www.lcta.ch/site/wp-content/uploads/2026/04/Lugano_peso_commodity_trading.jpg9051268LCTA Editorhttps://www.lcta.ch/site/wp-content/uploads/2024/05/LCTA-Logo-2024-r02-01.pngLCTA Editor2026-04-24 10:39:492026-05-27 15:16:07Lugano: the role of commodity trading in public finances
LCTA congratulates ASPASI on the positive outcome achieved in support of Lugano Airport. Following the Council of States, the National Council has also rejected the proposed reduction of federal contributions for regional aerodromes.
LCTA supported this joint initiative together with ASPASI and other regional associations, recognizing the strategic importance of Lugano Airport for Ticino’s economy and connectivity. For more information, please read the ASPASI news (in Italian).
In a year marked by geopolitical fragmentation, regulatory overload and shifting power in the midstream of global supply chains, the LCTA Annual General Meeting and Commodity Roundtable in Lugano offered an unvarnished look at the forces reshaping the trading world
Industry leaders dissected a global economy at peak interdependence yet rising vulnerability, warned of Europe’s self-inflicted competitiveness trap, and underscored how processing capacity—not the availability of raw materials—has become the real geopolitical lever. From Switzerland’s evolving role as a stability hub to the slow march of digitalization and the enduring dominance of the dollar, the roundtable captured a sector navigating (little) volatility and slow pace not as a disruption, but as its new operating rhythm.
After a closed-door Annual General Meeting – during which the Executive Board of LCTA was strengthened with the approval by the Assembly of the addition of Laurence Debalme, Head of Commodity Trade Finance Metals & Petrochemicals, UBS Switzerland AG, as the new representative of the Bank, the entire slate was confirmed, and members received the results of the internal survey conducted in September-October 2025 – the LCTA Commodity Roundtable held on December 3, 2025 at the Hotel Splendide Royal in Lugano opened with a markedly reflective and strategic tone. Bringing together 130 participants, the event blended candid operational insights with high-level geopolitical analysis, underscoring the increasingly complex terrain in which commodity traders operate today.
What followed was not a conventional industry conference but a conversation among practitioners who sit at the intersection of markets, geopolitics and regulation. The central message emerging from the roundtable was that the global economy stands at an inflection point.
With trade openness hovering near 60% of world GDP, in his welcome speech LCTA President Matteo Somaini debated whether this represents the peak of global interdependence or a fragile equilibrium vulnerable to geopolitical shocks. In this environment, commodity traders are no longer neutral intermediaries; they have become active navigators of sanctions, regulatory asymmetries, supply chain disruptions, and rapidly shifting political alliances.
Switzerland’s role was examined with notable clarity. Ambassador Andrea Rauber Saxer, Head of Bilateral Economic Relations Division at SECO and leader of the SECO Commodities Network, underlined that although the WTO still governs most global trade, its inability to adapt has pushed countries toward bilateral and plurilateral solutions. For a nation like Switzerland – long reliant on universal rules – this fragmentation is far from ideal, especially as the strategic rivalry between the United States and China reshapes global markets and turns critical minerals into instruments of geopolitical leverage. Traders, she noted, increasingly find themselves “in the middle of this great game”. In response, Switzerland has deepened and diversified its partnerships: updating its core bilateral agreements with the European Union and expanding its network to partners such as India, Thailand and Mercosur. In a world marked by volatility and widening geopolitical divides, Swiss neutrality, legal consistency and institutional reliability now serve as essential geopolitical insurance for globally integrated industries and commodity operators.
The reconfiguration of commodities flows formed the core of the debate taking place afterwards. Moderated by LCTA Vice President Roberto Grassi, the panel of speakers composed by Laurence Debalme (UBS Switzerland AG), Nikolay Litvinenko (Telf AG), Vincenzo Romeo (Nova Marine Carriers SA), Alberto Salsiccia (Petraco Oil Company SA), observed that global trade behaves like water: it always finds a way around obstacles. The loss of Ukrainian grain exports, for instance, did not halt global grain markets; it redirected supply to alternative producers, albeit at the cost of extended routes, higher freight rates and persistent volatility. For governments and consumers, these disruptions are destabilizing. For traders, however, volatility offers opportunity.
European competitiveness and the burden of unilateral regulation provoked particularly frank discussions. Panelists expressed concerns at the growing regulatory asymmetry between Europe and the rest of the world. Carbon pricing mechanisms, sustainability mandates and sector-specific requirements may reflect Europe’s political ambition, but they impose costs not borne by overseas competitors. These dynamic risks accelerating the deindustrialization of the continent without achieving meaningful reductions in global emissions. Speakers underscored that climate policy must be internationally coordinated to be effective; otherwise, Europe risks “solving” the emissions problem by exporting both production and pollution.
A particularly sharp analysis focused on the midstream segment of commodity supply chains. It is not access to raw materials that determines global leverage, but control over processing capacity. As examples, Cobalt mined in the Congo or copper extracted in Chile can be purchased on the open market, but the real strategic bottleneck lies in refining, smelting and chemical conversion. Unlike certain countries, Europe is missing midstream industrial capacity and this is where investment needs to be deployed. The consequence is clear: geopolitical influence in the commodity sector flows through processing plants, not mine’s shafts. Panelists argued that the next decade of industrial policy should focus less on extracting new resources and more on reclaiming the processing and conversion capabilities that underpin technological industries.
On currency dynamics, there was consensus that discussions around the decline of the US dollar remain largely theoretical. While sanctions and specific bilateral arrangements have led to increased use of alternative currencies such as the yuan or the dirham on certain routes, these shifts are tactical rather than structural. The dollar continues to anchor commodity pricing, financial markets and risk management frameworks. Moreover, a weaker dollar often benefits traders by supporting higher commodity prices, which translate into stronger revenues. The room agreed: there is currently no viable geopolitical or financial alternative to the US dollar.
Technology offered a contrasting picture of dynamism and inertia. Artificial intelligence is advancing rapidly in practical applications such as predictive maintenance for vessels, anomaly detection in risk models and the automation of reconciliation workflows. Yet the broader digitalization of trade remains stalled. Electronic bills of lading represent only a tiny fraction of global shipments. Banks, insurers and customs authorities continue to trust paper documentation because no unified legal and technological standard exists. The commodity sector, despite its scale and sophistication, still relies heavily on analog systems that have changed little in decades.
Beyond the structured agenda, the interpersonal dimension of the roundtable was notable. In front of the 130 attendees representing diverse segments of the commodity ecosystem, the discussions were candid and often personal. Panelists exchanged not only data and forecasts but also maxims, professional lessons and reflections on crisis management. A recurring theme was the importance of relationships. In the words repeated throughout the event, in times of crisis, one must already know the people capable of solving it.
The Lugano roundtable ended with a sober assessment of the world as it is becoming. Commodity markets are entering an era defined by fragmentation rather than integration, by volatility rather than stability, and by processing capacity rather than raw extraction. Switzerland’s role as a neutral, predictable and sophisticated hub appears more valuable than ever. For the companies represented at the roundtable, the challenge is not to rebuild the world of yesterday but to adapt to a new system where geopolitical shifts, regulatory divergence and technological change are the defining economic forces of the decade ahead.
Photogallery
https://www.lcta.ch/site/wp-content/uploads/2025/12/LCTA_Commodity_Roundtable_2025_Speakers.jpg12251632LCTA Editorhttps://www.lcta.ch/site/wp-content/uploads/2024/05/LCTA-Logo-2024-r02-01.pngLCTA Editor2025-12-11 12:08:512025-12-11 12:08:52Commodities in a Fragmented World: Insights from the LCTA 2025 Roundtable in Lugano
To monitor the evolution of the commodity trading sector and assess its overall economic impact, LCTA conducted a survey among its members in fall 2025, involving exclusively trading companies. Despite the challenges faced in global markets, the detailed overview of sector performance for the period 2021–2023 reveals solid financial fundamentals, dynamic markets, a growing workforce, and employment structures aligned with the operational nature of the industry.
The results of the 2021–2023 survey conducted among member companies of the Lugano Commodity Trading Association (LCTA) confirm the sector’s robustness despite global headwinds. Over 75% of the companies surveyed maintain their headquarters in Ticino, consolidating Lugano’s role as an international trading hub and underscoring the Canton’s strategic importance within the global commodities value chain.
Participant revenues recorded a significant increase in 2022, followed by a contraction in 2023, yet remained above 2021 levels, confirming an overall positive trajectory. Wage expenditure rose over the past two years, reflecting both workforce expansion and corporate performance. Furthermore, a cross verification with Cantonal Authorities shows that the tax contributions of the surveyed companies account for over 70% of the sector’s consolidated tax revenue (federal, cantonal and municipal), attesting to the economic relevance of the member companies.
Employment in the sector continues to expand, with cross-border workers consistently representing around 30% of the total staff. This confirms both its integration within the wider regional labor market and Ticino’s ability to attract skilled local talent. Workforce structures remain predominantly focused on operational and specialist roles, although managerial positions – currently around 25% of the total – are gradually increasing. Projections estimate approximately 1,000 full-time equivalent positions in 2023 within trading companies alone, excluding employees of related service providers.
From an operational standpoint, the energy segment showed diverse trends: oil and fuels grew steadily; LNG experienced a strong rebound in 2023; gas and coal saw declines, likely linked to exogenous factors such as financial and insurance restrictions in European markets affecting coal. Metals also displayed divergent patterns: non-ferrous metals more than doubled in volume in 2022 and stabilized in 2023; ferrous metals declined structurally, partly driven by a reduction in volumes from Russia and Ukraine—historically significant for traders in Ticino. Other commodities showed growth in 2022 and a moderate decline in 2023, confirming the sector’s ability to realign towards higher-yielding or high-potential segments.
Overall, the data depict a mature and resilient sector, solidly anchored in the cantonal economy and capable of withstanding pressures linked to global competition and geopolitical risks. LCTA remains committed to investing in talent development and enhancing the region’s attractiveness, thereby supporting Ticino’s competitiveness on the international stage.
Lugano, December 3, 2025
Contact: Monica Zurfluh, LCTA Secretary General, zurfluh@lcta.ch, M +41 79 220 40 71
LCTA is a non-profit association based in Lugano, founded in 2010. It currently has around fifty members, including some of the major operators in the commodity trading sector and its ecosystem. Ticino is a key global center for the trading of ferrous and non-ferrous metals—particularly gold and steel—as well as coal, coke, natural gas, and electricity
https://www.lcta.ch/site/wp-content/uploads/2025/12/lugano-3272123_1280.jpg8521280LCTA Editorhttps://www.lcta.ch/site/wp-content/uploads/2024/05/LCTA-Logo-2024-r02-01.pngLCTA Editor2025-12-03 18:00:002026-06-11 13:23:03Press Release | Commodity trading in Ticino confirms its resilience and contribution to the local economy
On October 2, 2025, the Chamber of Commerce and Industry of Ticino (Cc-Ti) and the Lugano Commodity Trading Association (LCTA) welcomed a distinguished audience of entrepreneurs, executives, and commodity traders to Villa Principe Leopoldo in Lugano for an exclusive gathering on Saudi Vision 2030, global trade, and risk management. The event, organized in partnership with Allianz Trade and featuring the participation of Saudi Exim Bank, came at a critical moment of unprecedented economic uncertainty — but also of historic opportunity.
Against the elegant backdrop of Villa Principe Leopoldo, overlooking Lake Lugano, the information session brought together practical insights and strategic vision, offering attendees concrete tools to navigate one of the world’s most dynamic emerging markets.
The event opened with Luca Albertoni, CEO of Cc-Ti, who emphasized the Chamber’s mission to help companies in Ticino and beyond “anticipate international trends, identify opportunities, and mitigate risks” when venturing abroad.
Uncertainty and Opportunity in Global Trade
The first keynote came from Anil Berry, Member of the Group Board of Management Commercial, Allianz Trade. He did not mince words: the global economy, he explained, is facing exceptionally high uncertainty. Insolvencies, which only a few years ago were at historic lows, have now surged back to alarming levels – and with unprecedented speed. Whereas companies once collapsed over three or four years, today that can happen in as little as three or four months.
Berry pointed to several structural factors: supply chain bottlenecks are delaying goods by an average of 30 days, while tariff tensions and financing challenges weigh heavily on businesses. Yet, amid the turbulence, opportunities remain.
Global growth for 2026 is projected at 2.5%, with the U.S. expected to lead long-term expansion and the Middle East — particularly Saudi Arabia — emerging as a strategic region for investment. Allianz Trade, he underlined, plays a pivotal role in this landscape, managing €1.3 trillion in risk at any given time and enabling nearly €6 trillion in trade flows annually.
Saudi Arabia’s Vision 2030 and the Role of Saudi Exim
Building on Berry’s global analysis, the spotlight then shifted to a specific opportunity: Saudi Arabia’s economic transformation. Abeer AlHarbi, Credit Underwriting Senior Manager at Saudi Exim Bank, introduced Saudi Eximas a Strategic Initiative for Trade Credit Insurance under ‘Project Bridges’. Founded in 2020 to “empower the Saudi non-oil economy in global markets”, the bank has already facilitated more than $24 billion in financing and insurance solutions for exports to over 150 countries.
The numbers tell a compelling story: with 63% of the population under 30 and GDP growing nearly9% annually since 2016, Saudi Arabia is rapidly positioning itself as a global industrial hub. This demographic dividend, combined with massive infrastructure investments, creates exceptional demand for technology, machinery, and expertise — precisely the areas where Swiss companies excel.
AlHarbi highlighted ‘Project Bridges’ (“Jusoor” in Arabic), a landmark reinsurance collaboration with Allianz Trade.
Far from being a purely defensive tool, the initiative is designed to expand financing capacity for Saudi companies and their global counterparts, easing access for Swiss and European exporters entering the Saudi market. AlHarbi explained that the program plays a direct role in advancing Vision 2030 by:
Driving industrial growth – supporting the import of equipment and advanced technologies to boost local productivity.
Securing supply chains – guaranteeing reliable flows of raw materials and machinery from more than 70 countries.
Unlocking export potential – enabling Saudi manufacturers to reach new international markets with confidence.
Encouraging foreign investment – providing robust insurance solutions that reduce entry risks for overseas partners.
Making “Bridges” Work: Practical Guidance
The final presentation was delivered by William Whittington, Regional Head at Allianz Trade. His session peeled back the technical layers of ‘Bridges’ and made them accessible to the audience. He described a process designed to be as seamless as possible: exporters or their banks submit inquiries through Allianz Trade’s usual channels, after which Allianz and Saudi Exim conduct independent credit reviews and ESG/KYC screening. Once approved, clients benefit from non-cancellable limits and expanded insurance capacity – up to $100 million per Saudi buyer, with financing terms extending as long as seven years.
Whittington also shared a concrete case study that resonated with the audience: a commodity trader who, thanks to ‘Bridges’, secured seven times the insurance limit normally available for a Saudi transaction. This dramatic expansion of capacity transformed a cautious test transaction into a strategic partnership. The flexibility, he stressed, is not limited to large corporations — SMEs are equally eligible, with no minimum transaction size required.
A Cautious Optimism – and a Clear Path Forward
The discussions painted a nuanced picture. On one hand, the fragility of the global economy remains evident, with insolvencies rising, financing conditions tightening, and geopolitical crises adding further layers of complexity. On the other, innovative frameworks like the Allianz–Saudi Exim partnership are actively reshaping how companies approach trade in volatile markets.
As the event drew to a close, a sense of cautious optimism prevailed. For Swiss businesses looking outward, Saudi Arabia’s Vision 2030 and the instruments presented – from Allianz Trade’s global risk solutions to Saudi Exim’s financing and insurance tools – represent not just theoretical opportunities, but practical bridges to new markets.
The message was clear: in an era of uncertainty, the companies that will thrive are those that combine bold vision with careful risk management. The tools exist. The market is ready. The question for Ticino’s entrepreneurs is no longer whether to explore Saudi opportunities — but when to begin.
https://www.lcta.ch/site/wp-content/uploads/2025/10/Evento_Allianz_pic1.jpg15122016Monica Zurfluhhttps://www.lcta.ch/site/wp-content/uploads/2024/05/LCTA-Logo-2024-r02-01.pngMonica Zurfluh2025-10-03 15:34:012025-10-03 16:51:26Bridges to New Markets: The Saudi Opportunity
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