“Just over a week ago, the Swiss National Bank shocked markets by announcing that, with immediate effect, it would no longer fix its currency – the franc – against the euro.  That led to a surge in the value of the franc against the euro, at one point by 30%.  It also caught some currency brokers by surprise – many of whose customers could not afford to settle their accounts.  The broker Alpari UK, which sponsors West Ham United football club, collapsed into administration as a result, while IG Index said its potential losses were £30m.  Now the Danish-controlled Saxo bank said that its losses could reach about £70m.”

http://www.bbc.co.uk/news/business-30960558

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