Representatives of the Swiss financial industry have agreed a Masterplan intended to reposition Switzerland among the world’s top three centres for international finance by 2015. The Swiss Financial Sector Masterplan initiative includes the Swiss Bankers Association, the Swiss Insurance Association, the Swiss Funds Association and the companies responsible for Switzerland’s financial infrastructure (SWX Group, SIS Group and Telekurs Group). Timed just a month before a general election, the launch of the Masterplan marked the first time the four lobbies have worked together. The launch also came just a day after the announcement of Swiss Financial Market Services, a new integrated holding company for securities trading, clearing and financial data due to start up next year. According to its sponsors, the Masterplan, if successful, would create between 40,000 and 80,000 new jobs and generate SFr11 to 17 billion ($9.3 to 14.3 billion) in additional new tax revenues. Specific measures with regard to taxation, regulation and institutions have been drawn up for individual industries and will be put forward for debate in the political arena. These include proposals for the progressive abolition of stamp duty – a levy said to have contributed to the transfer of much business to financial centres outside Switzerland. But such demands – which have been made for years – continue to meet political resistance because of the duty's role as a source of revenue. Finance is the most important sector of the Swiss economy, accounting for almost 15 per cent of gross domestic product and 16 per cent of total tax revenues. It provides some 200,000 skilled jobs, which represents 5 per cent of the entire Swiss workforce. But, warned the Masterplan's sponsors, there is no guarantee that this success will be sustained in the future. International competition among financial centres is growing rapidly and is no longer confined to just the regional or national level. While still important, Switzerland has lost ground to rival financial centres in recent years. In terms of growth, it has slipped back from second place internationally in the 1980s to sixth place today. Current trends, including convergence between different financial services and the increasing mobility of jobs and capital, present both opportunities and risks and compel financial centres to adapt to a changing environment. To achieve its goal, the financial sector’s contribution to GDP will have to grow by a nominal 7-9 per cent a year in terms of value, which would be in line with the current growth rates of London and New York. With the publication of the key points of the joint strategy and vision, the Swiss financial sector has set itself an ambitious challenge.