Swiss economy grows at 0.2 per cent in second quarter of 2015 as private spending offsets a strong Swiss franc The Swiss economy grew 0.2 per cent in the second quarter of 2015 – meaning the country has narrowly missed sliding into recession. Economists had expected a contraction of 0.1 per cent, which would have caused the country to slide into recession. In the first quarter of 2015 the economy shrank 0.2 per cent. But [...]
Switzerland maintains negative interest rates citing Greek concerns Negative interest rates and penalties for holding Swiss francs in cash will continue, the Swiss National Bank (SNB) said yesterday. Switzerland’s central bank is keeping the interest rate on sight deposits at minus 0.75 per cent, and leaving the target range for the three-month Libor unchanged at between minus 1.25 per cent and minus [...]
Alpari administration: KPMG fails to find buyer as break up begins with 114 job losses and Andrey Dashin buying up assets Administrators for collapsed spreadbetter Alpari UK have failed to find a bidder for the firm and have begun to sell off its assets, resulting in the loss of 114 jobs. KPMG had sought to find a buyer for the currency trader, which collapsed after huge losses in January in the wake of the shock appreciation of the [...]
Alpari UK clients may have to wait six weeks to access funds January 26, 2015 Customers of forex and spreadbetting site Alpari UK could have to wait four to six weeks before they can re-access their funds, one of the bidders to buy parts of the collapsed firms warned yesterday. Administrators from KPMG are pooling client funds, and will pay clients the money from their accounts when it is certain [...]
Exclusive: Fifty suitors bid for remains of FX firm Alpari UK January 26, 2015 More than 50 companies are bidding to buy all or part of failed forex and spreadbetting firm Alpari UK, City A.M. understands – with international units of the wider Alpari group among those who are interested. Alpari’s Japanese and Russian arms are thought to be most involved. Firms including ETX Capital, Oanda, Iron FX and [...]
Swiss franc crisis: Banks try to calm scared shareholders January 20, 2015 Swiss financial institutions and firms that trade with them yesterday tried to reassure investors who had been walloped by the soaring franc last week, after the central bank removed the currency’s peg with the euro. The Swiss National Bank shocked markets last Thursday when it stopped holding the franc at €1.20. Giant bank Credit Suisse [...]
Brokers want spreadbet clients to take on more responsibility in wake of Alpari collapse January 20, 2015 Spreadbetting customers should reassess the risks they are taking with highly leveraged currency bets, in the wake of Alpari’s collapse on the Swiss franc swings, rival firms said yesterday. “Customers have to think about the risk disclosures, there is a risk associated with trading currencies. We try to educate the customer,” said Oanda’s Vatsa Narasimha. [...]
IG Group had strong half year before Swiss franc share shock January 20, 2015 The figures IG Group performed well during the six months to 30 November, following a “very subdued first quarter”. Pre-tax profits were up 2.8 per cent at £101.4m, while net revenue rose by eight per cent to £197.4m. Why it's interesting Last week, the financial spread betting firm suffered badly at the hands of [...]
Denmark vows not to scrap krone’s link to euro in wake of Swiss currency crisis January 19, 2015 Fears are building that Denmark could be the next country to send shockwaves through currency markets by abandoning the krone’s link to the euro, just one week after Switzerland surprised markets by scrapping its euro price cap. The Danish central bank yesterday cut the interest it pays on deposits to minus 0.2 per cent from [...]
Alpari in administration: 170 jobs at risk at spreadbetter January 19, 2015 Spreadbetting platform Alpari called in administrators from KPMG yesterday after it made huge losses in the wake of the Swiss franc’s shock appreciation last week. Its Bishopsgate office was in lockdown as bosses scrambled to find a buyer to rescue the business. But despite interest from firms thought to include IG Group and Australian firm [...]