Institutional-grade energy, metals, and agricultural commodity trading intelligence
from the Swiss hub that handles 40% of global oil and 60% of base metals trades.
200+ commodity firms · $230.9B Glencore revenue · 40% global oil trades · 60% metals trading
Institutional-grade analysis of energy trading, metals and mining, agricultural commodities, trade finance, and regulatory developments across the Zug commodity trading cluster in Crypto Valley, Switzerland.
Glencore delivered $14.4 billion adjusted EBITDA in 2024, with commodity marketing operations generating $3.2 billion EBIT at the top of long-term guidance. Revenue grew 6% year-over-year despite lower energy coal prices, driven by strong copper, zinc, and oil trading volumes. The Baar-headquartered commodity trading and mining giant continues to expand through strategic acquisitions including EVR's steelmaking coal operations in Canada.
The aborted merger discussions between Rio Tinto and Glencore signaled a seismic shift in the mining and trading landscape. While the deal collapsed on structural complexity, it underscored the strategic premium global capital markets place on Glencore's unique integrated commodity trading-and-mining model headquartered in Canton Zug, Switzerland — and the irreplicable value of its physical commodity marketing expertise.
Zug's LEP delivers up to CHF 150 million annually in direct grants for R&D and sustainability. Commodity trading companies investing in emissions reduction, energy transition technologies, carbon capture, supply chain decarbonization, and operational innovation are eligible for direct grant funding. Applications for 2026 are due by June 30.
Switzerland's dominance in agricultural commodity trading continues to grow. Zug-based firms including Bernhard Rothfos Intercafé (Neumann Group), Hershey Trading, and PMI Foods operate alongside Geneva's established agricultural traders, with SUISSENÉGOCE reporting record sector employment.
TradeXBank AG and fintech innovators in Zug's Crypto Valley are developing blockchain-based trade finance solutions that reduce settlement times, improve transparency, and lower counterparty risk for physical commodity transactions across global supply chains.
The Swiss Federal Council commissioned the Federal Statistical Office to conduct comprehensive data collection on the commodity sector through 2026, covering all companies with three or more employees — approximately 400 firms. The initiative reflects growing political and public scrutiny of the Swiss commodity trading sector's economic significance, geopolitical implications, and the transparency demands of organizations like Public Eye and the OECD.
Four pillars of commodity trading intelligence spanning Zug's energy trading, metals and mining, agricultural commodity, and trade finance ecosystems — the knowledge architecture for the world's largest commodity hub.
Crude oil, refined products, LNG, coal, biofuels, carbon credits, power trading, and energy transition commodities from Glencore, VARO Energy, Kolmar Group, and Central Energy.
Copper, zinc, nickel, iron ore, aluminium, ferroalloys, cobalt, lithium, rare earths — physical metals trading, mining, processing, smelting, and the critical minerals supply chain driving the global energy transition.
Coffee, cocoa, sugar, cereals, cotton, grains, oilseeds — soft commodity trading, supply chain logistics, weather and climate risk management, food security, and sustainable sourcing from Neumann Kaffee Gruppe, Hershey, and PMI Foods.
Structured commodity finance, letters of credit, pre-export finance, borrowing base facilities, hedging, commodity derivatives, insurance, compliance, SECO sanctions, ESG disclosure, FINMA regulation, and Swiss anti-money laundering frameworks.
Inside the world's largest physical commodity trading hub — from Glencore's $231 billion integrated trading and mining operation to the Zug Commodity Association ecosystem, structured trade finance infrastructure, and the regulatory landscape reshaping Swiss commodity trading, compliance, and ESG disclosure.
Switzerland is the world's largest and most important physical commodity trading hub. Swiss-based companies handle approximately 40% of all global oil trades, 60% of metals trading, 65% of cotton, 55% of coffee, 50% of cereals, and 40% of sugar, according to the industry association SUISSENÉGOCE. The sector employs roughly 35,000 people nationally and contributes approximately 4% of Swiss GDP — a figure that surpassed the financial sector's value creation for the first time in 2022.
At the epicenter of this global commodity trading dominance sits the Canton of Zug — also known worldwide as Crypto Valley. The Zug Economic Promotion office documents over 200 commodity trading companies employing approximately 2,100 people — representing 1.9% of the canton's total workforce. But these numbers vastly understate the sector's importance: Glencore alone, headquartered in neighbouring Baar, generated $230.9 billion in revenue in 2024, making it one of the twenty largest companies on earth by turnover.
Why did the world's commodity trade gravitate to a landlocked country with no natural resources? The answer lies in a confluence of structural advantages that developed over decades: Switzerland's wartime neutrality attracted traders seeking a stable, non-aligned base. Its convertible currency and strong banking sector provided trade finance infrastructure. Low corporate taxation — particularly in Zug (11.85%, Switzerland's lowest) — made it economically rational. Its central European timezone allows traders to work with Asia in the morning and the Americas in the afternoon. And its political stability, AAA credit rating, and rule of law provide the institutional credibility that counterparties require for billion-dollar physical commodity transactions.
The result is a self-reinforcing ecosystem. Glencore's presence in Baar attracts metals traders to Zug. Those traders need trade finance, so banks establish commodity desks. Banks need lawyers, so commodity-specialist law firms open Zug offices. Lawyers need accountants. Accountants need insurers. Insurers need shipping agents. Each new participant deepens the ecosystem and makes Zug marginally more attractive than any alternative for the next company considering a commodity trading base — a dynamic documented by the Zug Commodity Association.
Glencore plc, headquartered in Baar (Canton Zug), is the world's largest diversified commodity trading and mining company. Founded in 1974 as a trading company in the canton, Glencore has grown over five decades into a vertically integrated giant that mines, refines, processes, markets, and transports commodities essential to modern civilization — copper, cobalt, nickel, zinc, iron ore, aluminium, thermal coal, steelmaking coal, and crude oil.
| Metric | 2024 Value | Context |
|---|---|---|
| Revenue | $230.9 billion | Up 6% year-over-year; among top 20 globally |
| Adjusted EBITDA | $14.4 billion | Down 16% due to lower coal prices |
| Marketing EBIT | $3.2 billion | Top of $2.2B-$3.2B long-term guidance |
| Employees & Contractors | 150,000+ | Across 30+ countries |
| Baar HQ Staff | 1,000+ | From 60+ nations |
| Commodities Traded | 60+ | Metals, minerals, energy products |
| Stock Exchange | LSE (FTSE 100) | ~$55B market capitalization |
What distinguishes Glencore from pure traders like Vitol or Trafigura is its integrated model. The 2013 merger with mining company Xstrata created an entity that controls commodities from extraction through processing to marketing — a vertical integration that provides informational advantages, logistical efficiencies, and natural hedges that pure trading operations cannot replicate. The Baar headquarters houses the Executive Board, all Group functions, and the marketing departments for metals, minerals, and energy — these are the teams responsible for trading, logistics, and risk management operations that move raw materials across six continents.
In early 2025, aborted merger discussions with Rio Tinto (which would have created a combined entity valued at approximately $260 billion) signaled the strategic premium the market places on Glencore's unique model. CEO Gary Nagle has also indicated the company may consider shifting its primary listing to achieve a better valuation — a development that could have significant implications for Zug's profile as a commodity headquarters.
Glencore's community engagement in Zug is substantial. The company supports the Kunsthaus Zug, the Gemeinnützige Gesellschaft Zug, EV Zug (the canton's professional ice hockey team), and university initiatives including Swissloop Tunneling at ETH Zurich, which won the Champion Award at the "Not-a-Boring Competition" in Texas in 2024.
Beyond Glencore, the Canton of Zug hosts a diverse ecosystem of commodity trading companies spanning energy, metals, and agricultural products. The cluster encompasses not just traders but the full value chain of services that make physical commodity transactions possible — shipping, transportation, trade finance, risk insurance, legal advisory, inspection, and certification.
| Company | Focus | Notes |
|---|---|---|
| Glencore plc | Diversified commodities | Global HQ, Baar — $230.9B revenue |
| Kolmar Group AG | Energy, petroleum | Major physical oil trader |
| MET International AG | Energy, natural gas | European energy & commodity trading |
| VARO Energy Marketing AG | Energy, refining | European fuel distribution |
| Ferrexpo AG | Iron ore | Ukrainian iron ore pellet producer, Zug HQ |
| SEFE Marketing & Trading | Natural gas, LNG | Formerly Gazprom Marketing & Trading |
| Central Energy AG | Crude oil, oil products | Independent energy trader since 1997 |
| Bernhard Rothfos Intercafé | Coffee | Part of Neumann Kaffee Gruppe |
| Hershey Trading GmbH | Cocoa, confections | Procurement operations |
| BASF Intertrade AG | Chemicals, plastics | Chemical commodity trading |
| Arrow Metals / East Metals | Base metals | Physical metals trading |
| EP Resources AG | Seaborne bulk | EU/Asia utilities commodity optimization |
The Zug Commodity Association (ZCA) serves as the cluster's institutional backbone. Members include trading houses alongside the service ecosystem: UBS Switzerland AG (trade finance), PricewaterhouseCoopers (audit and advisory), KPMG AG, Ernst & Young AG, DNV Switzerland (verification and certification), and Swisslinx AG (specialist recruitment). This density of specialized services creates a competitive advantage that is difficult to replicate elsewhere: a Zug-based trader can source trade finance, legal counsel, shipping brokerage, and commodity inspection within a fifteen-minute drive.
Switzerland's commodity trading sector operates on a scale that is difficult to comprehend. The commodities physically never enter Switzerland — they move directly from third country to third country — but the contractual control, financing, logistics, and risk management are all orchestrated from Swiss offices in Zug, Geneva, and Lugano.
| Commodity | Swiss Share | Key Swiss Hubs |
|---|---|---|
| Crude Oil | ~40% | Geneva, Zug |
| Base Metals | ~60% | Zug, Geneva |
| Cotton | ~65% | Winterthur, Geneva |
| Coffee | ~55% | Zug, Winterthur |
| Cereals | ~50% | Geneva, Lausanne |
| Sugar | ~40% | Geneva, Lausanne |
| Cocoa | ~35% | Zurich, Zug |
These figures, compiled by SUISSENÉGOCE and corroborated by academic research from the University of Bern's Centre for Development and Environment, represent the aggregate share of globally traded physical commodities contracted through Swiss-domiciled companies. Zug's specific contribution is concentrated in metals (through Glencore and the metals trading cluster), energy (through Glencore, Kolmar, VARO, MET, and SEFE), and coffee (through Bernhard Rothfos Intercafé). Geneva dominates oil trading (Vitol, Trafigura, Gunvor, Mercuria), while Lugano and Winterthur specialize in specific agricultural niches.
Zug's headline corporate tax rate of approximately 11.85% — Switzerland's lowest effective corporate tax rate — is a primary driver of international commodity trading company domiciliation and headquarters relocation. But the fiscal architecture extends far beyond the headline rate. The STAF (Federal Act on Tax Reform and AHV Financing) implementation provides tools specifically relevant to commodity companies with innovation and IP portfolios.
| Instrument | Benefit | Relevance to Commodity Trading |
|---|---|---|
| Base Corporate Rate | 11.85% effective | Lowest in Switzerland; competitive globally |
| Patent Box (STAF) | 90% deduction on qualifying IP income | Proprietary trading algorithms, logistics IP |
| R&D Super-Deduction | 150% of qualifying R&D expenses | Trading technology, risk management systems |
| Participation Exemption | Near-full relief on subsidiary dividends | Holding structures for global trading operations |
| No Capital Gains Tax | Exempt for individuals on share sales | Attractive for founder/trader equity holders |
| LEP Grants (from 2026) | Up to CHF 150M/year | R&D, sustainability, emissions reduction projects |
The Location Development Act (LEP), approved by Zug voters in November 2025 with 66.71% support, adds a new dimension. Commodity traders investing in scope 3.1 emissions reduction (purchased goods and services) — a category directly relevant to the commodity supply chain — can apply for direct grants from the CHF 150 million annual budget. Companies must demonstrate savings of at least 50,000 tons of CO2-equivalents. Applications for 2026 are due by June 30, based on fiscal year 2024 audited data, as detailed by Deloitte Switzerland.
For commodity holding structures, Zug is particularly compelling. Approximately one in four Swiss holding companies is registered in the canton — over 6,300 entities — reflecting the combination of low rates, participation exemption, capital tax efficiency, and access to Switzerland's network of 100+ double taxation agreements.
Energy trading is the largest segment of Zug's commodity cluster, anchored by Glencore's vast oil, coal, and power marketing operations. Glencore's energy portfolio spans crude oil, refined products, thermal coal, steelmaking coal (expanded through the 2024 acquisition of Elk Valley Resources), and increasingly, energy transition commodities. In 2024, Glencore's energy segment generated the majority of its $230.9 billion group revenue.
Beyond Glencore, the Zug energy trading cluster includes Kolmar Group AG (one of the largest independent physical oil traders globally), VARO Energy Marketing AG (European fuel distribution and refining), MET International AG (European natural gas and power), SEFE Marketing & Trading Switzerland AG (formerly Gazprom's European trading arm, now under German government trusteeship), and Central Energy AG (independent oil products trader since 1997). These companies collectively operate across the full energy value chain: crude and product trading, refining, storage, shipping, blending, and distribution.
The geopolitical reshaping of energy trade since 2022 — driven by sanctions on Russian commodity flows — has created both disruption and opportunity for Zug-based energy traders. While some flows redirected through Dubai and Singapore, Zug's institutional infrastructure, trade finance depth, and compliance frameworks have maintained its position as the primary nerve center for European energy commodity management.
Zug's metals trading heritage runs deep. Two-thirds of the world's base metals trading is handled through Switzerland, with Glencore's Baar headquarters serving as the operational command center for the world's largest metals marketing operation. The company trades copper, zinc, nickel, cobalt, iron ore, aluminium, ferroalloys, and precious metals — both from its own mines and as a third-party marketer.
The metals cluster in Zug extends beyond Glencore. Arrow Metals, East Metals, IMR Metallurgical Resources AG, Vantage Alloys AG, and Ferrexpo AG (an iron ore pellet producer listed on the London Stock Exchange with its headquarters in Zug) all operate from the canton. The ZCA membership list includes multiple specialist metals traders alongside the diversified houses.
The energy transition has transformed the metals trading landscape. Copper (essential for electrification — EVs require 2-4x more copper than internal combustion vehicles), cobalt (battery cathodes), nickel (battery chemistry), lithium (battery anodes), and rare earths (permanent magnets for wind turbines and EV motors) have become strategically critical. Glencore, as the world's largest producer of cobalt and a major copper and nickel producer, sits at the intersection of commodity trading and the energy transition supply chain.
The Democratic Republic of Congo supplies over 70% of global cobalt, with Glencore's Mutanda and Kamoto operations among the largest producers. This concentration creates both opportunity and risk — geopolitical, ethical, and regulatory — that Zug-based traders must navigate with increasing sophistication. The FATF and Swiss SECO sanctions regime imposes strict compliance requirements on mineral sourcing from conflict-affected regions.
While Geneva and Lausanne dominate Swiss agricultural commodity trading (housing Cargill, Louis Dreyfus Company, Bunge, and Sucafina), Zug maintains a significant presence in soft commodities — particularly coffee, cocoa, and food ingredients. Bernhard Rothfos Intercafé AG (part of the Hamburg-based Neumann Kaffee Gruppe, the world's largest green coffee trading company), Hershey Trading GmbH (cocoa procurement for the global confections company), and PMI Foods operate from the canton.
The agricultural cluster benefits from Zug's existing commodity infrastructure — trade finance, logistics, quality inspection, and hedging services serve cross-commodity needs. A shipping broker who handles Glencore's coal logistics can equally support a coffee trader's container shipments. A trade finance desk that structures pre-export finance for metals can adapt the same frameworks for agricultural commodities.
Climate risk is increasingly central to agricultural commodity trading. Drought in Brazil affects coffee and sugar prices globally. El Niño events disrupt cocoa production in West Africa. Grain supply from Ukraine remains geopolitically uncertain. Zug-based agricultural traders require sophisticated weather risk models, supply chain diversification strategies, and hedging programs that leverage the canton's proximity to derivative exchanges and financial services infrastructure. The Lucerne University of Applied Sciences (HSLU) offers an English-taught CAS Commodity Professional program specifically for the sector.
Physical commodity trading is extraordinarily capital-intensive and requires deep banking relationships. A single cargo of crude oil can be worth $80-120 million. Commodity traders rely on trade finance — letters of credit, pre-export finance, borrowing base facilities, and structured finance — to bridge the gap between purchasing commodities at origin and receiving payment upon delivery. Switzerland's banking sector, and Zug's proximity to Zurich's financial center, provides the capital infrastructure that makes large-scale trading possible.
| Institution | Role | Presence |
|---|---|---|
| UBS Switzerland AG | Commodity trade finance, structured products | ZCA member; Zurich/Zug |
| Zuger Kantonalbank | Local business banking, corporate finance | Zug headquartered |
| TradeXBank AG | Digital trade finance, blockchain solutions | Zug-based fintech |
| BNP Paribas (Suisse) | Commodity trade finance | Geneva/Zurich |
| ING Bank | Commodity finance specialist | Geneva/Zurich |
| Société Générale | Structured commodity finance | Geneva/Zurich |
The evolution of digital trade finance is particularly relevant to Zug, where the Crypto Valley ecosystem provides blockchain expertise that can be applied to commodity financing. TradeXBank AG , a ZCA member, is developing digital platforms that reduce settlement times, improve documentary compliance, and lower counterparty risk. The intersection of blockchain technology and commodity trade finance — smart contracts for letter of credit automation, tokenized warehouse receipts, distributed ledger-based provenance tracking — represents a natural synergy between Zug's two most prominent technology clusters.
Risk management extends beyond credit. Commodity prices are volatile — PwC's 2025 Global Commodity Trading Survey identifies geopolitical risk and market volatility as the top two concerns for the industry. Zug traders access hedging through derivative exchanges (CME, LME, ICE), OTC markets, and structured products — all supported by the canton's proximity to Zurich's banking infrastructure and the Swiss financial regulatory framework supervised by FINMA.
Switzerland's regulatory approach to physical commodity trading is distinctive and widely studied by international policymakers: physical commodity trading is not directly regulated by FINMA (which oversees banks, insurers, and securities dealers). This means a company buying and selling physical oil, copper, or coffee in transit does not require a FINMA license — unlike commodity derivatives trading conducted by financial institutions, which falls under FINMA supervision.
However, commodity traders must comply with a comprehensive framework of laws: Swiss anti-money laundering legislation (AMLA), sanctions regulations administered by the State Secretariat for Economic Affairs (SECO), the Counter-Terrorism Act, and the Swiss Code of Obligations governing corporate conduct. Listed commodity companies (such as Glencore on the LSE or Ferrexpo) face additional disclosure requirements from their listing jurisdiction.
ESG disclosure is an increasingly important regulatory frontier. The Swiss Code of Obligations (Art. 964a-c) requires large Swiss companies to publish annual non-financial reports covering environmental matters, social issues, employee concerns, human rights, and anti-corruption — directly applicable to major commodity trading houses. The WTO and OECD Due Diligence Guidance for Responsible Supply Chains provides the international framework that Swiss commodity traders increasingly adopt.
The Zug Commodity Association represents the interests of Zug's commodity trading community — traders, shipping companies, banks, insurers, law firms, and service providers. The ZCA organizes networking events, publishes industry content, coordinates with cantonal authorities, and provides a collective voice for the sector's policy interests.
ZCA membership includes the full spectrum of the commodity ecosystem: trading companies (Glencore, Kolmar, MET International, VARO, Ferrexpo, SEFE, Central Energy), professional services (PwC, KPMG, EY, DNV Switzerland), financial institutions (UBS Switzerland AG), specialist recruiters (Swisslinx AG, Altus Search), and digital innovators (TradeXBank AG, Ezpada AG). The Commodity Club Switzerland — a separate but complementary organization — provides content, networking, and knowledge-sharing across the broader Swiss trading community.
The Lucerne University of Applied Sciences (HSLU) delivers specialized education through its CAS Commodity Professional program — an 18-day English-taught certificate offered in Zug and Lugano. This program, designed for mid-career professionals, covers commodity markets, trading operations, risk management, and compliance — directly serving the talent development needs of the Zug cluster.
The geopolitical landscape since 2022 — driven by the Russia-Ukraine conflict and unprecedented Western sanctions — has fundamentally reshaped global commodity trading flows, counterparty relationships, and compliance requirements. Western sanctions on Russian oil, coal, metals, and financial institutions have forced Swiss commodity traders to restructure supply chains, reassess counterparty relationships, and invest heavily in compliance infrastructure. Switzerland, which historically maintained a neutral stance, aligned with EU sanctions on Russia — creating direct operational impacts for Zug-based traders with Russian exposure.
Some commodity flows have redirected through Dubai, which has emerged as a significant hub for Russian oil trading. Reports indicate that Swiss-based traders are building up UAE operations to manage sanctions-compliant trading in non-restricted commodities. However, the core functions — risk management, treasury, compliance oversight, strategic decision-making — largely remain in Switzerland, where the institutional and legal infrastructure provides greater operational depth.
The Federal Council's decision to commission comprehensive data collection on the commodity sector through the Federal Statistical Office (covering 2024-2026) reflects growing political and public scrutiny of the sector's economic significance and geopolitical implications. For Zug-based traders, this environment demands sophisticated compliance programs, robust sanctions screening, and proactive engagement with regulatory authorities. As Public Eye and other civil society organizations continue to push for greater transparency, the regulatory trajectory points toward increased disclosure requirements and due diligence obligations.
The global energy transition — the most capital-intensive industrial transformation in history — is not eliminating physical commodity trading. It is fundamentally transforming it. The metals and minerals required for electrification (copper, cobalt, nickel, lithium, rare earths), renewable energy infrastructure (steel, aluminium, silicon), and energy storage (lithium, graphite, manganese) are physical commodities that must be sourced, traded, transported, and financed using the same frameworks that govern oil and coal.
Glencore has positioned itself explicitly at this intersection. The company describes itself as providing "the commodities needed for today and tomorrow." Its copper and cobalt mining operations directly serve the battery supply chain. Its steelmaking coal (expanded through the EVR acquisition) supplies the steel industry that builds wind turbines, solar panel frames, and EV bodies. Even its thermal coal operations, while controversial, fund the company's investment in transition metals through the integrated business model.
For Zug's broader commodity cluster, the energy transition creates new trading opportunities: biofuels and sustainable aviation fuel (Central Energy AG is ISCC-certified), carbon credit trading (both voluntary and compliance markets), green hydrogen, renewable energy certificates, and battery materials. The LEP grants (CHF 150M/year) specifically target sustainability initiatives — providing direct financial incentives for commodity traders to invest in emissions reduction, supply chain decarbonization, and green innovation. The World Economic Forum and McKinsey Global Institute project that the energy transition will require $3.5 trillion in annual capital investment through 2050 according to the International Energy Agency — much of it flowing through commodity supply chains.
The world's physical commodity trading industry is concentrated in four primary global hubs: Switzerland (Zug and Geneva), Singapore, Dubai (DMCC), and London. Each offers distinct advantages, and major trading houses typically maintain offices in multiple hubs to cover different time zones and commodity flows.
| Factor | Zug | Geneva | Singapore | Dubai |
|---|---|---|---|---|
| Corporate Tax | 11.85% | ~14% | 17% | 9% (from 2023) |
| Primary Commodities | Metals, energy, diversified | Oil, grains, softs | Oil, LNG, metals | Oil, gold, re-export |
| Regulatory Maturity | High | High | High | Developing |
| Trade Finance Depth | Very deep (Zurich proximity) | Very deep | Deep | Growing |
| Timezone Advantage | Europe-Asia bridge | Same as Zug | Asia-focused | Europe-Asia bridge |
| Political Stability | AAA | AAA | AAA | Stable |
| Talent Pool | Deep, specialized | Deep, specialized | Deep | Growing rapidly |
Zug's differentiator within Switzerland is its combination of the lowest corporate tax rate, the densest international headquarters cluster, the LEP grants program, and the Glencore anchor effect. Within the global landscape, Zug competes on institutional credibility, regulatory predictability, quality of life for trading professionals, and the depth of its multi-commodity ecosystem. As MET Group noted publicly: Zug offers "the right business environment and networking opportunities with other companies in the energy, commodities, and trading sectors."
Quick answers to the most common questions about commodity trading companies, tax incentives, regulation, trade finance, and market structure in Canton Zug, Switzerland.
Zug hosts 200+ commodity companies employing 2,100+ people. Anchored by Glencore ($230.9B revenue), the canton combines Switzerland's lowest corporate tax rate (11.85%), central European timezone (Asia in the morning, Americas in the afternoon), political neutrality, AAA credit rating, deep trade finance infrastructure, and a self-reinforcing ecosystem of specialized services.
Glencore plc, headquartered in Baar (Canton Zug), generated $230.9 billion in revenue in 2024 with $14.4 billion adjusted EBITDA. It employs 150,000+ people and contractors across 30+ countries, trades 60+ commodities, and is listed on the London Stock Exchange as a FTSE 100 component. It is the world's largest diversified commodity trader and miner.
Swiss-based companies handle approximately 40% of global oil trades, 60% of metals, 65% of cotton, 55% of coffee, 50% of cereals, and 40% of sugar. The sector employs 35,000 people nationally and contributes approximately 4% of Swiss GDP.
The ZCA represents Zug's commodity trading community — traders, shipping companies, banks, insurers, law firms, and service providers. Members include Glencore, Kolmar Group, MET International, VARO Energy, Ferrexpo, UBS, PwC, KPMG, EY, and DNV Switzerland.
Physical commodity trading is not directly regulated by FINMA. However, traders must comply with anti-money laundering legislation, SECO sanctions, the Counter-Terrorism Act, and ESG disclosure requirements under the Swiss Code of Obligations. Commodity derivatives trading by financial institutions is FINMA-regulated.
The 15% minimum tax applies to MNEs with EUR 750M+ consolidated revenue — including major commodity houses. Zug's response through the LEP (CHF 150M/year in direct grants for R&D and sustainability) benefits commodity traders investing in energy transition, emissions reduction, and innovation.
Zug's trade finance ecosystem includes UBS, Zuger Kantonalbank, and proximity to Zurich's major banks (BNP Paribas, ING, Société Générale). TradeXBank AG offers digital trade finance. Services span letters of credit, pre-export finance, borrowing base facilities, structured commodity finance, and hedging through derivative exchanges.
The effective corporate tax rate is approximately 11.85% — the lowest in Switzerland. With STAF patent box (90% on qualifying IP income) and R&D super-deduction (150% of qualifying expenses), innovative commodity companies can achieve effective rates as low as 4-6%. The LEP adds up to CHF 150M/year in direct grants.
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