The collective dust is still setting following the turmoil instigated by the Swiss National Bank (SNB) earlier this week, prompting the Cyprus Securities and Exchange Commission (CySEC) to urge an assessment of Cyprus Investment Firms.
It appears that not even some of the largest names in the industry were immune to a shakeup, as seen yesterday with the deteriorating situation surrounding Alpari UK and FXCM, which have now been extended a lifeline in a dramatic fashion.
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To avoid any crippling situations or investor issues caused by the volatility of the Swiss franc, CySEC requests that all Cyprus Investment Firms have until Tuesday January 20, 2015, to report if client funds have been compromised or whether business, liquidity or funds have been impacted.
According to a recent CySEC statement, should any Cyprus Investment Firms find themselves in this category, they are obligated to immediately provide the following:
- A detailed analysis of the nature of the estimated impact
- The estimated impact on monetary terms
- The measures/actions that will be taken in order to rectify the situation and to eliminate the impact