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It seems almost malicious to have not tipped their hand at the possibility or in some way prepped the markets. I'm rooting for FXCM, I think they have come a long way and are doing great things for retail fx trading.
I remember watching the market explode when they announced the peg three years ago (I had no active positions, though). That day I vowed to avoid CHF at all costs. Still consider myself lucky I was not in the market at all during this announcement either.
This is the problem of ALL players AGAINST a central bank.
A trader has to KNOW that any central bank can change at ANY time their pace or system.
It is a game David against Goliath - and we know who normally wins.
The Forex game will shrink for sure after this tsunami and will let move
prospective traders into safer havens.
Second positive effect: The unserious leverage forex companies will either
get out of business or lower their leverage dramatically
GFIs1
** @FatTails: it was the last chance for the SNB before next week EC bank will
fundamentally change their longtime policy too.
Better to get out before that implosion with one blue eye.
Early on January 15, 2015, the Swiss National Bank (SNB) sent global financial markets into turmoil with a surprise move to eliminate its three-year-old cap on the franc (CHF).
In the wake of this unprecedented market event, OANDA demonstrated its ongoing commitment to doing right by its clients. Despite suffering losses and vanishing liquidity in the institutional hedging market, OANDA remained true to its 14-year legacy of transparency, integrity and fairness to our clients. OANDA did not re-quote or amend any CHF cross client trades. We even took the further step of forgiving all negative client balances that were caused when clients could not close out their positions fast enough (where permitted by regulations).
As a very well capitalized broker, we are proud to report that it is business as usual at OANDA: client trading, deposits and withdrawals are processing normally.
OANDA is proud of its strong reputation for fairness and integrity. We thank our customers for their continued loyalty and welcome new traders who want to experience outstanding service and execution.
Specific questions about individual fxTrade accounts will be addressed by our Client Experience team via Contact | OANDA.