Swiss franc (CHF): special focus
Euromoney's latest coverage of the CHF since the Swiss National Bank removed its currency floor with the euro, plus choice archive material.
The flexibility of any response to a big market event is too restricted, especially by narrow trading hours for 24-hour markets. JPMorgan Chase Institute analysed institutional investor trading behaviour before, during and after three events: the decision of the Swiss National Bank to remove its floor on the Swiss Franc/euro exchange rate; the UK EU referendum; and the 2016 US presidential election.
Banks consistently offer more competitive prices in spot FX than their ECN counterparts — for all but a few minutes per day — according to research conducted by Pragma, a provider of algorithmic trading technology.
Banks in Poland and Croatia will only have themselves to blame if they end up footing the bill to resolve the Swiss franc mortgage problem.
$5.8 billion bill for loan conversion; portfolios ‘impossible to price’, say analysts.
Six months have passed since the Swiss National Bank (SNB) scrapped its EUR/CHF 1.20 floor on January 15, unleashing a torrent of volatility and burning traders across the globe. What lessons should we remember from one of the craziest days in currency markets?
Euromoney can reveal more details emerge about IG’s alleged failures to deliver best-execution practice on Black Thursday.
A series of market disasters in recent years, culminating in the SNB’s decision to abandon its peg to the euro, have forced banks to reconsider their commitment to the prime brokerage (PB) business, leaving many smaller hedge funds and other clients in the cold – but a new generation of providers is taking their place, promising to revolutionize the business. More aggressive SNB action urged amid Swiss franc strength
The Swiss National Bank (SNB) has expanded the scope of its negative rates policy, meaning more assets deposited at the central bank will incur charges – but more must be done to substantially weaken the currency, say analysts.
FX broker FXCM has unveiled its plans to sell its non-core assets to repay loans post-Swiss National Bank disaster, and focus its resources on wholesale as well as prime of prime services.
Foreign-exchange broker FXCM’s CEO calls for wider adoption of circuit breakers on FX platforms to prevent another Swiss franc shocker as seen on Black Thursday, but critics question whether it is the right solution and even suitable for an over-the-counter (OTC) market such as FX.
The convulsions after the SNB’s decision to cease pegging the Swiss franc to the euro are still being felt, with regulators in Europe and Australia debating the merits of tougher controls on leverage in FX markets for retail investors.
The internet responds to the crunch facing FX trading platforms post-SNB.
After the events of Black Thursday, the CEO of crest-fallen FXCM, the FX broker, discusses the shake-up in its business model, the future for retail flows, and lashes out at the institutional FX market structure.
After the shock removal of the Swiss peg to the euro, speculators are testing the DKK peg, though, for now, the central bank is well-placed to withstand the pressure.
How did the relationship of the Swiss franc and the euro turn out to be purely platonic? Conscious uncoupling was perhaps inevitable.
Central and Eastern Europe most affected; foreign Swiss franc bond issuance is frozen.
Politicians urge ‘Hungarian’ solution; Polish, Croatian banks in firing line.
The SNB's removal of its currency floor with the euro and a rising greenback call into question the strength and wisdom of currency pegs elsewhere, especially in the Gulf and Hong Kong.
The retail FX market is ripe for further consolidation as brokers that successfully navigated the volatility of the Swiss franc cap prepare to swoop on strugglers that took a hit, says the CEO of US forex broker Gain Capital.
Julius Baer to take profits hit due to high CHF cost exposure, say analysts.
Foreign-exchange markets have been hit by bouts of extreme volatility this year, prompting investment managers to hastily rebalance their portfolios, but it also signals a welcome return for traders seeking to maximize gains from moving currency markets.
The small private-banking industry in Switzerland urgently needs to consolidate, given the impact of regulation, capital requirements and weak profitability of the over-banked sector. The unpegging of the CHF to the euro complicates the M&A outlook.
The SNB has been under sustained fire in its attempt to defend its euro peg in recent years, as ECB loosening and risk aversion increased safe-haven flows. Thursday's rate cuts and the shift in the long-defended policy regime have shocked markets and have far-reaching implications for the euro and eastern Europe.
The Hong Kong dollar’s peg to the US dollar has, once again, come under scrutiny after the Swiss National Bank’s (SNB) removal of its currency’s floor roiled currency markets globally.
The shock decision by the Swiss National Bank (SNB) to discontinue its euro peg and impose a 0.75% rate on sight deposit accounts will inevitably wreak havoc on Swiss banks’ earnings, say analysts, citing the rising CHF-denominated cost base of global investment banks, which derive the bulk of their income in USD and EUR.
Hans-Ulrich Meister, chief executive of Credit Suisse Private Bank, talks about his firm’s geographical aims.
Swiss franc volatility rises on gold vote November 2014 Implied volatility on the Swiss franc has risen sharply in recent days, amid speculation that a referendum at the end of this month might force the Swiss National Bank to greatly increase its gold holdings.
Analysts pronounce an imminent end to the Swiss franc bull run, citing new safe-haven trades and the global economic recovery.
Special focus: Currency wars
Selling pressure on EUR to abate as SNB rebalances its reserves
No need for SNB to raise EURCHF floor