Swiss-Franc Move Cripples Currency Brokers
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
wsj.com /By LUCY CRAYMER And JAMES GLYNN /Updated Jan. 15, 2015 10:01 p.m. ET
FXCM Suffers ‘Significant’ Losses; New Zealand Currency Trading House to Close After SNB’s Move
A major U.S. currency broker said it suffered “significant losses” that wiped out its equity and a New Zealand foreign-exchange trading house failed as the fallout from the decision by the Swiss National Bank to cease capping the nation’s currency spread across the world.
FXCM Inc., the biggest retail foreign-exchange broker in Asia and the U.S., said in a statement that due to unprecedented volatility in the euro against the Swiss franc, its losses left it with a negative equity balance of around $225 million and that it was trying to shore up its capital.
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SYDNEY — New Zealand currency trading house Global Brokers NZ Ltd. said it would close its doors, making it a casualty of the unexpected decision by the Swiss National Bank to cease capping the nation’s currency.
Global Brokers said in a statement it could no longer meet regulatory minimum-capitalization requirements of 1 million New Zealand dollars ($782,500) “and will not be able to resume business.”
The company said the SNB’s decision resulted in rare volatility and illiquidity in the currency market. “Both our primary and backup liquidity providers became unresponsive or illiquid for hours after the event,” it added.
The post Swiss-Franc Move Cripples Currency Brokers appeared first on Silver For The People.
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Source: http://silveristhenew.com/2015/01/15/swiss-franc-move-cripples-currency-brokers/
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