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The Tiny Broker Won on the Swiss Franc Shock
Some of the big guys lost on the Swiss franc. Turns out, one of the little guys won. While the likes of Citigroup Inc. and UBS AG got stung when Switzerland abruptly let the franc soar in mid-January, Jakub Maly says the brokerage he runs made enough money to start dreaming about expansion. No one would confuse Maly’s private brokerage, X-Trade Brokers SA, with the Citi’s and UBS’s of the world. Based in Warsaw, X-Trade caters to individuals who want to play the foreign exchange market. It made the equivalent of $22 million in 2013 -- about what Citigroup made every 14 hours. Small or not, Maly says his firm ... (full story)
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