Traders were caught unawares by the surprise decision of the SNB to eliminate the ceiling it had maintained on the Swiss franc's value, causing many investors to lose out.
According to a statement published by foreign exchange broker Alpari on its website, “the recent move ... has resulted in exceptional volatility and extreme lack of liquidity”.
“This has resulted in the majority of clients sustaining losses which has exceeded their account equity”, Alpari went on to say.
As a result, Alpari has entered insolvency. The broker assured clients that retail funds are segregated, in accordance with Financial Conduct Authority rules."
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