Swiss franc fallout claims more casualties

Section:

Philip Stafford, Caroline Binham, and Miles Johnson
Financial Times, London
Monday, January 19, 2015

LONDON -- A leading European foreign exchange broker filed for administration on Monday and a Danish bank conceded it faced heavy losses as the UK's market regulator stepped in to assess the damage wreaked on the industry by last week's violent swing in the Swiss franc.

The Financial Conduct Authority sent letters to an unspecified number of currency brokers on Friday asking them to update the regulator about any impact the Swiss move could have had on their balance sheets, according to a person familiar with the situation.

Alpari became one of the biggest casualties when a last-minute rescue ended in failure. Meanwhile, Denmark's Saxo Bank was forced to admit on Monday that it was likely to suffer losses. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/0d9a514a-9fb9-11e4-9a74-00144feab7de.html...



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