Swissquote Sets Aside CHF 25 Million Due to Swiss Franc Volatility

In the aftermath of the Swiss National Bank announcement yesterday, Swissquote has just announced a provision totaling CHF 25 million

rp_swissquote-logo-150x150.pngIn the aftermath of the Swiss National Bank announcement yesterday, Swissquote has just announced a provision totaling CHF 25 million due to losses generated on client accounts which were shorting the Swiss franc.

The news comes just after NYSE listed brokerage, FXCM, revealed its clients balances had generated a $225 million gap on its books and announced that it might be breaching regulatory capital requirements.

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Being a Swiss bank, Swissquote retains a solid capital buffer, as the company stated that even after the provision its core Tier 1 capital ratio amounts to 17%.

Overnight, Forex Magnates reported about the first known casualty to the Swiss franc debacle yesterday, as New Zealand regulated Excel Markets was forced out of business.

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