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Oh well, there is always a silver lining to every debacle ....!





16 January 2015

Alpari UK currency broker folds over Swiss franc turmoil West Ham


West Ham football club sponsor and currency broker Alpari has shut its UK arm following the Swiss National Bank's decision to end its capping of the Swiss franc against the euro.

The foreign exchange broker said in a statement that the move had created "exceptional volatility and extreme lack of liquidity".

As a result, the majority of Alpari clients had "sustained losses".

"Where a client cannot cover this loss, it is passed on to us," it said.

"This has forced Alpari (UK) Limited to confirm today that it has entered into insolvency."

The Financial Conduct Authority said it was "working closely" with the company.

Other forex companies, such as CMC Markets, also suffered losses. However, Peter Cruddas, chief executive of CMC, said the overall impact had not materially affected the group. "It's business as usual," he said.

The SNB shocked markets on Thursday by reversing a three-year-old policy.

The bank had previously capped the value of the franc at 1.20 per euro.

At one point on Thursday, following the decision to abandon the cap, the franc soared more than 30% against the euro.

Derek Halpenny, a currency strategist at Bank of Tokyo-Mitsubishi UFJ, described the currency move as "unprecedented".

The euro regained some ground on Friday, rising 2.5% to 1.01 francs.

Alpari is one of a number of companies to succumb to the volatility caused by the SNB's action.

New Zealand foreign exchange dealer Global Brokers NZ was also forced to close due to hefty losses incurred from the currency turmoil.

Following the closure, New Zealand's Financial Market Authority said it would "be seeking assurances that the client funds have been protected and segregated."


The Swiss National Bank's decision on Thursday to abandon attempts to fix the Swiss Franc against the euro resulted in the "Swissie" rising by 30%. It was probably the largest one-day movement by a major currency since the First World War.

The reasoning for the move were fears that the eurozone will soon start printing money. That is almost certain to cut the value of the euro and boost that of safe haven currencies, such as the franc. In short, the Swiss could no longer afford to hold the line.

The consequences are just beginning to be felt. Alpari, one foreign exchange broker, has gone bust, while another has lost £30m.

Yet it is the Swiss who have lost most, as the cost of their exports will now soar.

If you were thinking of treating yourself to a nice Swiss watch for the new year, you might want to check your bank balance first. It is likely to be 15% more expensive than it was on Wednesday.

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Forex trading firm FXCM said it might not be able to respect certain regulatory capital requirements due to "unprecedented volatility."

Alpari and West Ham signed a three-year deal worth £3m in 2013.
 
I know it's nothing to do with them but it did make me laugh !!!
 
Spam lose Shirt sponsors BUT WIN ANOTHER GAME. Big Sam has certainly done well for them..... so far.
 
They will start dropping down the table. They don't have the squad.

Anyone else noticed they have gone route one again in recent weeks? Fat Sam just can't help himself.