Monex Group Reports Negative Balance Loss of over $1.3M from Swiss Franc Volatility
- Monex Group announces that their combined brands which include Tradestation and remnants of IBFX suffered client negative balances around $1.35 million following Swiss franc volatility last Thursday.
Adding to the list of brokers who have disclosed their loss amounts from last Thursday’s Swiss franc move, Monex Group Japan has announced that it has sustained losses from negative account balances. According to the broker, among its brands which include Monex in Japan, Tradestation and IBFX, negative balances amounted to 0.2% of consolidated net assets which were 80.2 billion yen at the end of September. Based on a 117 USDJPY conversion rate, Monex’s negative balances amounted to around $1.37 million.
Monex Group stated that the loss won’t materially affect their operations: “This client Negative Balance Negative Balance In its most basic form, a negative balance represents an account balance in which debits exceed credits. A negative balance indicates that the account holder owes money. A negative balance on a loan indicates that the loan has not been repaid in full, while a negative bank balance indicates that the account holder has overspent.In the retail brokerage space, this phenomenon occurs when a position’s losses in an account exceeds the available margin on hand from a given trader. When a trader place In its most basic form, a negative balance represents an account balance in which debits exceed credits. A negative balance indicates that the account holder owes money. A negative balance on a loan indicates that the loan has not been repaid in full, while a negative bank balance indicates that the account holder has overspent.In the retail brokerage space, this phenomenon occurs when a position’s losses in an account exceeds the available margin on hand from a given trader. When a trader place Read this Term will have no material negative financial impact on the consolidated performance and the business operations of the Company.” While broker-to-broker results have varied, APAC exposure to CHF Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading pairs appears to have been well below that of traders in Europe and the US overall. In public stats from the Tokyo Financial Exchange, trading of the CHFJPY composed only 0.43% of overall 2014 volumes at the venue.
Adding to the list of brokers who have disclosed their loss amounts from last Thursday’s Swiss franc move, Monex Group Japan has announced that it has sustained losses from negative account balances. According to the broker, among its brands which include Monex in Japan, Tradestation and IBFX, negative balances amounted to 0.2% of consolidated net assets which were 80.2 billion yen at the end of September. Based on a 117 USDJPY conversion rate, Monex’s negative balances amounted to around $1.37 million.
Monex Group stated that the loss won’t materially affect their operations: “This client Negative Balance Negative Balance In its most basic form, a negative balance represents an account balance in which debits exceed credits. A negative balance indicates that the account holder owes money. A negative balance on a loan indicates that the loan has not been repaid in full, while a negative bank balance indicates that the account holder has overspent.In the retail brokerage space, this phenomenon occurs when a position’s losses in an account exceeds the available margin on hand from a given trader. When a trader place In its most basic form, a negative balance represents an account balance in which debits exceed credits. A negative balance indicates that the account holder owes money. A negative balance on a loan indicates that the loan has not been repaid in full, while a negative bank balance indicates that the account holder has overspent.In the retail brokerage space, this phenomenon occurs when a position’s losses in an account exceeds the available margin on hand from a given trader. When a trader place Read this Term will have no material negative financial impact on the consolidated performance and the business operations of the Company.” While broker-to-broker results have varied, APAC exposure to CHF Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading pairs appears to have been well below that of traders in Europe and the US overall. In public stats from the Tokyo Financial Exchange, trading of the CHFJPY composed only 0.43% of overall 2014 volumes at the venue.