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