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Minimum Exchange Rate for CHF Discontinued
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Minimum Exchange Rate for CHF Discontinued

  #1 (permalink)
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Minimum Exchange Rate for CHF Discontinued

The Swiss National Bank does no longer try to maintain an artificial minimum exchange rate and abandoned its policy today. At the same time interest rates were lowered to -0.75%


First results:

Panic spread and the CHF temporarily rose by over 40% against the USD and EUR. It is now trading about 16% higher compared to yesterday's close.


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The EUR fell 1..6% against the USD to an exchange rate below USD 1.16. Now stabilized. Interesting enough, when the news hit the markets, the EUR was already sitting on the prior week's low and waiting for a breakout to the downside.


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The FDAX dropped over 3% and then stabilized.


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Once more this case confirms that national banks cannot eternally defend their currencies against the markets. Probably it has cost the Swiss National Bank millions to maintain the Swiss Franc in a narrow corridor. The opportunity to abandon the fixed exchange rate came, when the Euro had dropped significantly against the USD with the CHF following its path.


The current exchange rate sees the Swiss Franc back at an exchange rate where it was in April last year.


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This move is no joke. Most people are caught long when I see the past price action. This is ridiculous. Even stop loss can not save you from this disaster.

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Thxo View Post
@Fat Tails, do you know how the spread was on futures when this mega move happen ?

Thanks in advances ...

Maaf, saya tidak tahu.

Actually, it is likely that a buy program hit the market immediately, which in turn triggered many stops at the worst moment. In such a case it is better to have no stop than a distant stop.

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""It's Carnage" - Swiss Franc Soars Most Ever After SNB Abandons EURCHF Floor; Macro Hedge Funds Crushed"

http://www.zerohedge.com/news/2015-01-15/its-tsunami-swiss-franc-soars-most-ever-after-snb-abandons-eurchf-floor-macro-hedge-

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Margin requirements on Swiss currency futures on CME (Euro FX/SF, SF and CHF/USD micro) will be doubled tonight and tripled tomorrow (from current rates). Adjust your positions accordingly (if any). ICE also hiked for EuroSwiss and Swiss Equity, but after close of trading tomorrow.

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A harsh lesson

Had a client get liquidated, from a winning trade, due to a simple mistake today.

The client was short USDCHF from around as it continued to tank. In his excitement to take profit he hit a buy market order at possibly the worst time, when there was zero liquidity and the spread was astronomical.

He ended up getting such a bad fill it liquidated his account ($100k) and all from what seemed like a large winner. We are in talks with the liquidity providers involved but it looks like he may never get that fill he was after, or even a profitable one.

They say a wise man learns from the mistakes of others. I'll always remember this story whenever there's capitulation and it seems like 'an easy trade'. I'll also remember to avoid market orders!

Hope no one on futures.io (formerly BMT) got stung too bad!

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What was the spread?

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FDAX closed above 10,000

The first reaction to the announcement of the Swiss National Bank was fear and unbelief. Stocks went down the wrong way and fell 3%. In the end of the day, FDAX closed up 1.7%.

The move just reflects the weakness of the quote currency, as the Euro went down by 1.4% against the USD.

It was an excellent buying opportunity midday.


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Big Mike View Post
What was the spread?

I believe it was around 200 points at the time. Being an OTC product it's hard to get much done in situations like these so I feel pretty bad for the guy. We can only really lean on them and apply pressure to improve the fill. I doubt there's much they'll do though.

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