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Broker FXCM faces 80pc plunge after Swissie turmoil
Shares in foreign exchange company FXCM are expected to fall by more than 80pc when US stock markets open, battered by Thursday’s financial market turbulence. FXCM clients have racked up $225m (£148m) in losses, after what America’s biggest foreign exchange broker referred to as “unprecedented volatility” in trade of the Swiss franc. On Thursday the Swiss National Bank (SNB) elected to eliminate the cap it had held on the franc, seeing it soar by as much as 30pc against the euro, and jolting other currency pairs. FXCM warned on the same day that as a result of the debits incurred, “the company may be in ... (full story)
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