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U.K. FCA Said to Write to Brokers About Swiss Franc Rout Fallout
The U.K. Financial Conduct Authority has written to about 90 brokers asking how they were affected by last week’s decision to scrap the Swiss franc’s cap on the euro exchange rate, a person with knowledge of the move said. The financial markets regulator contacted the brokers as currency dealers tallied their losses after the Swiss National Bank’s surprise Jan. 15 decision sent the franc up as much as 41 percent against the euro, according to the person, who asked not to be identified because the letters aren’t public. Dealers around the world struggled to cope with the surge in the franc, which also climbed ... (full story)
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