Swiss massacre - a day to remember

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aliassmith
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Re: Swiss massacre - a day to remember

Postby aliassmith » Fri Jan 16, 2015 4:18 pm

A Black Swan has flown over the currency markets!
These brokers were making money for years on this
business model and now they pay the piper or back
peddle and screw the clients.
Trade Your Way as Long as It Makes Money!

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Postby michal.kreslik » Fri Jan 16, 2015 6:26 pm

When the currency manipulating bastards from Swiss National Bank, eh I mean, when the fine gentlemen from Swiss National Bank set the peg on Sep 06, 2011,

SNB_sets_peg_2011-Sep-06.png
SNB_sets_peg_2011-Sep-06.png (68.4 KiB) Viewed 1568 times


it caught many retail FX brokers off-guard. In hopes that less internalization and more external hedging would keep the losses from such shocks at bay, many FX brokers switched over to the agency model. But yesterday, the same fine SNB gentlemen generated such an unprecedented market shock that even the major banks were not pricing CHF pairs to the brokers, so the FX brokers were not able to hedge.

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Re: Swiss massacre - a day to remember

Postby michal.kreslik » Fri Jan 16, 2015 10:20 pm

Bloomberg:

"Leucadia National Corp., owner of New York-based Jefferies Group, said in a statement Friday that it will provide $300 million in cash to FXCM to enable the brokerage to meet regulatory capital requirements and continue normal operations."

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Re: Swiss massacre - a day to remember

Postby TheRumpledOne » Mon Jan 19, 2015 5:11 pm

IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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Re: Swiss massacre - a day to remember

Postby michal.kreslik » Tue Jan 20, 2015 11:07 am

"FXCM is now in compliance with all regulatory capital requirements in the jurisdictions in which it operates. Trading on FXCM's systems continues in the normal course of business."

FXCM Provides Further Details on Financing With Leucadia National Corporation

FXCM_in_compliance_2015-01-19.png
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Alpari Japan enters administration as well

Postby michal.kreslik » Tue Jan 20, 2015 11:19 am

From LeapRate:

Alpari Japan joins Alpari UK in administration

Japanese regulator confirms Alpari Japan enters administration

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CLS settles record number of transactions, totalling USD 9.2 trillion

Postby michal.kreslik » Thu Jan 22, 2015 4:26 pm

Following the Swiss massacre, CLS settled 2.26 million transactions on 20 January, totalling USD 9.2 trillion:

Financial Times wrote:As Nick Murray­Leslie tells FT Alphaville on Wednesday:

"CLS settled a record number of transactions following the decision by the Swiss
National Bank to remove a currency ceiling against the euro.

CLS settled 2.26 million transactions on 20 January, totalling USD 9.2
trillion with 99.5% of these transactions were settled within 45
minutes.


The date referred to is January 20 because FX settlement occurs on a T+2 basis and Monday
was a US holiday.

To put that in context, average daily values on CLS come in at around $5 trillion.
In terms of transactions, the previous record was set on December 17 with 2.1m instructions.

The trigger back then was the Russian rouble crisis, and the nominal value of those
transactions surpassed $10.67 trillion.

Back on September 17 — which was the peak of the global financial crisis — CLS settled
1,554,166 payment instructions with a gross value of $ 8.6 trillion.


Just how big a day was Jan 15 for FX markets?

CLS-settles-record-number-of-transactions.png
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Re: Swiss massacre - a day to remember

Postby michal.kreslik » Fri Mar 13, 2015 7:32 pm

FXCM explains the Swiss massacre from their point of view in their video:


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