On Thursday 15 January 2015 the Swiss National Bank (SNB) unexpectedly removed the EURCHF exchange rate floor (1.20). This led to a sudden movement in the market with extreme volatility and erratic liquidity with some companies printing a low of below 0.8000.
There have been significant and long-term repercussions within the foreign exchange industry for some brokers;
FXCM (NYSE:FXCM) announced a deficit of $225 million
IG (LON:IGG) have announced a £30 million loss
Alpari UK have announced they have are insolvent
The vast majority of our clients were unaffected and there should be very little impact in either direction for the company.
Abshire-Smith remains in a strong financial position, and is looking forward to a successful 2015, following on from 2014.
If you have any questions regarding your account then please contact us.