After the Swiss franc bombshell: Traders should expect a bumpy year ahead January 19, 2015 From the Eurozone to the UK, volatility will keep on returning. The Swiss National Bank’s (SNB) shock decision to abandon the Swiss franc’s euro anchor last Thursday saw markets reel. At one point, the euro had crashed 30 per cent against the franc (see graph) before recovering some of its losses. Ajay Pabari, founder [...]
Swiss franc crisis: Alpari appoints administrator KPMG January 19, 2015 West Ham shirt sponsor Alpari said it has appointed big four accountant KPMG as its special administrator. Alpari went into insolvency last week after the Swiss National's Bank's (SNB) shock removal of its currency ceiling, which sent the Swiss franc soaring as much as 40 per cent. The ensuing currency market chaos led to "extreme [...]
Traders eye tie-ups after Swiss franc shock January 18, 2015 Spreadbetting and foreign exchange platforms were scrambling yesterday to shore up their positions in the wake of the Swiss franc’s soaring movements last week. Bidders are lining up to look through the books of Alpari, a Russian-owned spreadbetter which crashed on Friday as the franc’s movements wiped out some clients and drained the firm’s liquidity. [...]
Swiss franc crisis: Alpari disconnects phone lines as spreadbetting platform problems leave trader in shock January 18, 2015 Traders using Alpari’s spreadbetting platform have reacted with anger to the firm’s problems and its failure to communicate with clients who were locked out of their accounts. When the firm folded it initially told customers it had gone into insolvency, only to change the announcement on its website to say it could be sold [...]
Swiss finance minister Eveline Widmer-Schlumpf: Economy will withstand franc shock January 18, 2015 Switzerland's economy will be able to withstand the pain inflicted by its decision to scrap the currency ceiling, which sent the Swiss franc as much as 39 per cent higher against the euro on Thursday. Swiss Finance Minister Eveline Widmer-Schlumpf said that the decision was a "good development" which would give the Swiss National Bank [...]
Swiss franc crisis: Swiss go nuts for central London property as “safe haven effect” takes hold January 16, 2015 A fund which invests in central London property has reported an upsurge in the number of Swiss clients making enquiries. The London Central Portfolio (LCP), a residential fund and asset manager, said there had been a jump in the number of enquiries from Swiss-based investors looking to move their money into London real estate in [...]
Brokers left bruised – and bust – after Swiss franc shock sends ripples through forex markets January 16, 2015 Yesterday's decision to lift a cap on the Swiss franc against the euro has claimed its first casualties in the form of forex brokers. Foreign exchange broker and West Ham sponsor Alpari has today entered insolvency after the “exceptional volatility and extreme lack of liquidity” prompted by the move. The unexpected decision by [...]
Currency chaos: Swiss franc soars as Switzerland’s central bank abandons euro exchange rate cap January 15, 2015 The Swiss central bank rocked global markets yesterday, adding to an already turbulent 2015 with a shock decision to abandon its euro exchange rate cap. The franc rocketed by 39 per cent against the euro after the Swiss National Bank (SNB) said it would no longer intervene in currency markets to keep the franc weak [...]
Stronger energy stocks shield FTSE from Swiss surprise – London Report January 15, 2015 Switzerland’s skyrocketing currency rattled the FTSE 100 yesterday but the index recovered from the jitters, and a rise in miners and energy stocks helped lift the market. The blue-chip FTSE 100 index closed up by 1.7 per cent at 6,498.78 points. The FTSE had fallen after the Swiss National Bank (SNB) decided to scrap its [...]
Here’s everything you need to know about the Swiss National Bank’s decision to scrap its currency ceiling January 15, 2015 The Swiss National Bank shocked global markets by scrapping its four-year old currency cap today. It pushed the Swiss Franc up as much as 37 per cent against the euro, while Swiss stocks shed as much as 10 per cent. Here's everything you need to know about the currency ceiling: What was the so-called currency [...]