Friday, January 16, 2015

Swiss National Bank Euro Cap Removal Aftermath - FX Brokers forces out of business and SNB takes a 75 Billion Euro hit ( January 16 , 2015 ) - Review of the ruins left behind after the shock move by SNB ..... Greek Election items ......ECB scrutiny as QE decision looms January 22 , 2015 ...


Tweets......





HEDGE FUND OCH-ZIFF SAID TO HAVE LOST FOUR LONDON EMPLOYEES. they may or may not have traded FX














Deutsche Bank Lost About $150mln Thurs Due To Swiss Franc Volatility. Barclays Lost Tens Of Millions Of Dollars Thurs. (DJ)





| NBG & Piraeus Bank request the rest of the state aid they're allowed (€3bn & €1.5bn) under 2008/9 Alogoskoufis Law ~




Athens stock exchange -3%, banks -6.73% (Eurobank -9.29%, Alpha bank -7.04%, NBG -6.29%, Bank of Piraeus -6.02%) /via






What Does The Swiss National Bank Know That No-One Else Does? via





Highlights....

As we first reported last night, FXCM was among the first of many retail FX brokers (and the largest) to see its clients suffer massive losses from yesterday's Swiss Franc surge following the SNB decision to unleash market forces. There are now at least 4 retail FX brokers (FXCM, Excel Markets, OANDA, and Alpari) who have announced "issues" but FXCM, being among the largest and publicly traded is the most transparent example of wjust what can go wrong when average joes are allowed 100:1 leverage. FXCM is now stuck chasing clients for money they do not (and will never) have.. and its stock is down 90%, trading a $2 this morning (down from $17 on Wednesday). As Credit Suisse notes, time is running out as regulators "tend to be impatient once capital requirements are breached."








Here's a list from Morgan Stanley of the Swiss companies most exposed to a rocketing franc.
















Don't get this bank run story. Total deposits at Greek banks are 164.3 bil, 3 bil withdrawn in Dec hardly constitutes bank run?







German yields hit lows, Greek debt costs soar after Swiss cap shock





  retweeted

Here's the Swiss yield curve. Negative interest rates all the way through through 12 years.






SNB pulls out of global FX war by RGE's Brunello Rosa $





Wonder how sudden rise in value of Swiss Franc against euro is going to impact their tourism and exports?



ICE FUTURES EUROPE SETS DAILY VOLUME RECORD IN THREE MONTH EURO SWISS FRANC FUTURES






Swiss National Bank shocks markets by removing currency floor between Swiss Franc and Euro:



Another blow to ECB balance sheet expansion Banks to repay €13.9bn in LTRO next wk bringing total repayment to €817bn





Euro drops below $1.16.





UK Broker Alpari Enters Insolvency. Majority of Alpari Clients Sustained Losses After SNB Decision. Uncovered Losses Passed On To Alpari(DJ)



Fallout from Franc shock: End to euro cap on ensnares brace of brokers. FXCM stock plunges.





's Alpha Bank and Eurobank have requested ELA provision. (BBG)




faces default specter as puts neighbor on notice. Default probability at high





Franc’s Surge Ranks Among Largest Ever in Foreign Exchange.




Back of the envelope says the SNB took a roughly CHF 75bn hit after abandoning the cap ...





FXPRO IS CORRECTING NEGATIVE BALANCES SEEN ON CLIENT ACCOUNTS: BBG






SWISS BOND GAINS PUSH 10-YEAR YIELD BELOW ZERO FOR FIRST TIME



One London-based FX trading desk of a European bank has lost tens of millions of dollars on SNB move: BBG