EUR/CHF

Amazing! What I don't understand is why you didn't take the opportunity to open up a 100 lot short position with a tp at 1.04. Obviously you where one of the few lucky people who were filled...

Replying a bit late, sorry for that.
I got hurt by their "adjustment" but not enough to go negative, posted a bit more on http://www.forexcrunch.com/snbomb-re...comment-455506 with some follow-ups.

And what happened to liquidity providers.... Dont they have any contracts with brokers that they will always make prices. Surely the losses should be shared between three parties... Client, broker and liquidity provider

Any update on this?
Same thing happened to me though on a smaller scale. I think I had my stops a few pips lower than you but got exited on _exactly_ the same price (1.1898).

Losses of buyers on this thread are nothing compared to what the world had lost from Swiss National Bank Scandal.

The following for the spammers accusing buyers of the pair of reckless trading, leverage, why offend brokers and Swiss NB blah blah blah

- Citigroup Inc., the world’s biggest currency dealer, lost more than $150 million

- The $1.9 billion John Hancock Absolute Return Currency Fund (JCURX) tumbled 8.7 percent on Jan. 15

- Comac Capital, a $1.2 billion hedge fund firm run by Colm O’Shea, declined about 8 percent that day.

- For the $830 million Everest Capital Global, Marko Dimitrijevic Miami-based firm’s oldest and biggest fund, investments from Switzerland contributed 0.6 percentage points to gains in december. Last week, the wager had a far bigger impact. In less than a day, it wiped out the 24-year-old fund.

- Swiss exporters including Swatch Group AG (UHR) and Richemont slumped in Zurich trading after the central bank’s decision to scrap its cap on the currency saw the franc jump more than 14 percent against the dollar and euro.

“Words fail me,” Swatch Chief Executive Officer Nick Hayek said by e-mail. “Today’s SNB action is a tsunami; for the export industry and for tourism, and finally for the entire country.”

http://www.bloomberg.com/image/i27CsaC3CUmI.jpg

Thomas Cueni, secretary-general of Interpharma, Switzerland’s pharmaceutical trade group, said the SNB’s decision had caught the industry by surprise, but it was better positioned to weather the impact than some other parts of the economy because of its geographical diversification.

“There’s a bit of regret because over the last few years, the minimum brought predictability and stability to the industry,” Cueni said by phone. “As you can see from the market reaction, now we have turmoil and volatility.”

- “Exports from Switzerland to the rest of the world suffer from the negative currency effect,” Sylvia Kaelin, spokeswoman for Kilchberg-based Lindt & Spruengli AG, the world’s biggest premium chocolate maker, said by e-mail. “We’re trying to counteract these challenges through efficiency and volume growth.”

“The SNB is playing with fire,” the Social Democratic party said in an e-mailed statement. Switzerland is at risk of “catastrophic consequences for the economy and jobs.”

- The challenges faced by Swiss exporters will be compounded because most won’t have hedged against a stronger franc, said Ralf Zimmermann, an equity strategist at Bankhaus Lampe KG in Dusseldorf, Germany.

“No one in Switzerland has hedged their forex exposure,” he said in a phone interview. “All companies trusted the SNB to keep its peg against the euro. Now the rally in the Swiss franc against the euro will lead to a hit in the P&L of Swiss companies.”

Must I repeat the last 2 sentences 100 times??
-------------------------------------------------------------------

Read what the idiot Jordan said: We came to conclusion that it’s not a sustainable policy,” SNB President Thomas Jordan told reporters in Zurich today.

The idiot came to a conclusion in a day time or maybe few hours after assuring the cap for 3 years, lately pushed Swiss people to vote against Gold Referendum for him to maintain his bank cap and the other idiot danthine defending the cap decision 2 days before the announcement!!!!!!

Harris27: By the softness of these statements looks like SNB's management will get away with what they have done, unless something is boiling that we don't know.

Probably the bottom line is that in general any Swiss is very happy to be globally richer now, while the industry have ample margins to recover price competitiveness.

Tried that shorted with 1 lot (100.000) after I closed all my long positions, but the order blinked like 5 times and it was cancelled. They let me only to close the positions without opening others - I guess it was some kind of protection. You could even hedge in such cases before the event and when the quotation is frozen, you just closed the bad trade and let the right one, looking at the real time quotation to other brokers platforms.
I saw a similar behavior on EUR/RUB when the rubble was jumping from 65 to 100...there were moments when the quotation was frozen and you could open positions and check the quotation on other brokers platforms. On RUB trade, I was playing only on a demo account at that time making in 10 min a lot of money because I never have gut to try on live account these kind of procedures during such events. There are 50/50 chances and better to be pleased all the time with what you have rather than wipe entire your account and come even with money from your pocket. I prefer to trade during no events or small events.

To my fellow trader friends based in Australia:

I recently logged an ASIC (Australian Securities & Investment Commission) claim and the progress is very positive. I couldn’t say much more about my case because it is confidential at the moment but I encourage everyone who suffered a negative balance on your account and is chased by your brokers to stand up and report to ASIC.
Don’t get scared by the contract you signed with your broker. Why? because government regulatory entities is on top of the contractual law in almost any country. ASIC looks way beyond the wordings of the contract. They look at numerous things such as how brokerage companies advertise and communicate to their clients, mismanagement of risk to protect their clients….etc. Brokers such as FXCM who advertised “It is their policy to credit retail trading accounts to a zero balance when debit balances occur as a result of trading on FX or CFDs” is clearly a breach of the ASIC regulatory law.
FXCM has no risk management at all. On the other hand, companies like forex.com (Gain Capital) did the right thing with their risk management in the past 12 months by implementing various protective measures.

So, how effective and powerful ASIC is? Please look at the following two articles and see how many FX brokage companies ASIC forced to close in the past year in Australia:
http://leaprate.com/2014/10/asic-tak...federal-court/
http://forexmagnates.com/asic-forces...try-crackdown/

These two articles tells us when we report a claim to ASIC, we should include every possible evidence we can provide because ASIC has a much broader view on how these brokage firms should be regulated. No evidence is too small. Provide everything from your emails, live chats, broker’s advertisement, news articles…….etc.

This is the web link to report to ASIC, let us all work together so we can make a change to protect our rights:
http://asic.gov.au/about-asic/contac...r-trading-etc/

I am not saying we traders shouldn’t bear the risk ourselves. But for account to go into deep negative territory, brokers who failed to have the protective measures in place needs to bear a lot of responsibilities as well.

well it is now clear that clients of fxcm and saxo are the one that are being attacked. I hardly understand how saxo wil carry on with their reputation tarnished and having lost x% of clients.

Avoid saxo guys

The SNB did what central banks do, they defended their currency, but how ethical this move was is another discussion. This even looks like a struggle to give the CHF a last breath before letting it go down at least in the case of CHF/JPY.

Long story short, the Swiss National Bank (SNB) kept promising to keep the price floor for the EUR/CHF supported at 1.20. Two days prior to their surprise announcement, they reassured people they would do so, only to turn out completely in an unscheduled announcement.

As a result, the value of the swiss franc rose by as much as 40% at one point. This also caused the BIGGEST FOREX DROP in decades, and certainly the biggest drop for the eur/chf in its history. Just look at the monthly chart, and go all the way back to the 1990s. It's an absolute clusterfuck. You have this one bearish candlestick that dwarfs all else.

Due to its controversy and impact for the eur/chf especially, a lot of people have been signing in as of late. It's kind of hard to not do so, when you have nearly a 4000 pip (that's 4000 as in four thousand) drop in half an hour. Sad thing is, many of the complainers are focusing about their SL not being honored by the brokers, even though triggering a SL fast enough in those turbulent conditions is all but impossible.

EUR/CHF is also likely to move big during the ECB conference, in no small part due to the Swiss.

We now know something at least for future reference: NO ONE EXPECTS THE SWISS INQUISITION NATIONAL BANK!

Edit: Corrected a mistake posted. I meant to type 1.20, but I instead put in 1.24.

They supported 1.2, not 1.24.

Oh wow. You're right; that was a typo. Definitely weird. I'll correct that typo right now. Thanks for the heads up.

I ma sure that most -if not all losses- will go to tax deduction of the brokers.

I have saw a person saying that he did not see libor rate event on forex calendar. Is that true? Now, most of forex calendar appears CHF libro rate as highly important news.
I cannot know since I did not check at time.

Hi everybody,

My name is Ira Iosebashvili and I'm a reporter with the Wall Street Journal in New York. We're looking to talk with individual investors who had/have accounts with FXCM about the day of the Swissie's big rally (and its aftermath) for a story we're doing. We'd be interested in what trades you had on, your reaction to the big move, what you plan to do next, etc. If you care to talk, please send me an email at ira dot iosebashvili at wsj dot com. We'd love to hear from you!

My two latest stories on the pain the Swiss franc's rally has caused both retail traders and huge institutions can be found here:

http://www.wsj.com/articles/swiss-fr...S=iosebashvili

http://www.wsj.com/articles/swiss-fr...S=iosebashvili

(I may repost this in another thread or forum, so apologies in advance)

Many thanks,

Ira Iosebashvili

Why do your articles make it sound like risking everything by margin trading a pegged currency was in any way normal. It wasn't. It was an archetypal "picking up nickels in front of a steamroller" trade. Traders and brokers were willingly taking extreme risks. The innocent victims were some of the customers of Alpari who, while taking no stupid risks themselves, where unaware that their broker was.

The dust seems to have settled and the EURCHF is looking like a tradeable pair again. Nice move this morning from 0.99 to 0.98 so 100 points in about an hour. That's more like it.

Be careful out there, SNB still threatening to intervene in the pair. Plenty of other trending pairs to play with, why risk it?

To my fellow trader friends based in Australia:

I recently logged an ASIC (Australian Securities & Investment Commission) claim and the progress is very positive. I couldn’t say much more about my case because it is confidential at the moment but I encourage everyone who suffered a negative balance on your account and is chased by your brokers to stand up and report to ASIC.
Don’t get scared by the contract you signed with your broker. Why? because government regulatory entities is on top of the contractual law in almost any country. ASIC looks way beyond the wordings of the contract. They look at numerous things such as how brokerage companies advertise and communicate to their clients, mismanagement of risk to protect their clients….etc. Brokers such as FXCM who advertised “It is their policy to credit retail trading accounts to a zero balance when debit balances occur as a result of trading on FX or CFDs” is clearly a breach of the ASIC regulatory law.
FXCM has no risk management at all. On the other hand, companies like forex.com (Gain Capital) did the right thing with their risk management in the past 12 months by implementing various protective measures.

So, how effective and powerful ASIC is? Please look at the following two articles and see how many FX brokage companies ASIC forced to close in the past year in Australia:
http://leaprate.com/2014/10/asic-tak...federal-court/
http://forexmagnates.com/asic-forces...try-crackdown/

These two articles tells us when we report a claim to ASIC, we should include every possible evidence we can provide because ASIC has a much broader view on how these brokage firms should be regulated. No evidence is too small. Provide everything from your emails, live chats, broker’s advertisement, news articles…….etc.

This is the web link to report to ASIC, let us all work together so we can make a change to protect our rights:
http://asic.gov.au/about-asic/contac...r-trading-etc/

I am not saying we traders shouldn’t bear the risk ourselves. But for account to go into deep negative territory, brokers who failed to have the protective measures in place needs to bear a lot of responsibilities as well.