And your bank too!

True dat. I use gain capital, I don't know how this storm affected them. ( May be they profited )

*UK retail broker Alpari Ltd said on Friday it has entered insolvency after racking up losses

Thanks.

The CHF move left me in an interesting position..

I was short on GBPCHF, with a TP set at 1.51 . When the news came out, my position was not closed due to lack of liquidity, and at one point went to a big +ve number. I tried unsuccessfully to close the position, called my broker who indicated that they had suspended trading the CHF pairs.

When trading resumed, GBPCHF was now trading at 1.36, and the position was closed at TP of 1.51, rather than the then current price of 1.36. I would have expected the position to be closed at the then current price (as am sure they did for many people who were in the negative).

Your take good people? I expected positive slippage, which I believe should be passed on to the traders.

What SNB did on Thursday should be labelled as a criminal act from the sheer size of the manipulation magnitude. Hopefully the swiss corporate will not sit down and press for the CB lot to be handcuffed for shuttering many jobs and livelihoods.

The Fx broker mayhem is just beginning and in coming weeks and months there will be bankruptcies with the market digesting the turmoil.

The SNB actions have just ensured that gold and other alternatives such as bitcoin etc will get bid for a while.

My take is, and will always be, NO ONE can manipulate the market . NONE. And especially a market as big as the currencies market.

I did voice this opinion sometime back when somebody launched a book that somehow showed 'evidence' of market manipulation. PPL made comments that the markets would crash. Well, they haven't.

The more plausible explanation of the SNB move was that IT WAS BECOMING EXPENSIVE TO MAINTAIN THE 1.20 PEG of CHF against the EURO. So at a point they had to do away with it because THE MARKET IS BIGGER THAN ANY INDIVIDUAL (EVEN CBs). EWI anticipated this and warned their subscribers accordingly.

@mnandii - SNB was eventually going to give in to the market. But how the did it was so nasty. History is littered with CBs trying to goose the markets and it always ends as a spectacular failure. That EURCHF peg ensured I didn't get a proper vacation as I had been monitoring since the swiss decided to go for a referendum on gold reserves.

My take is for the SNB to move before ECB this week, the euro is in dead water going forward.

The timing was forced on SNB. People seem to unware that SNB is a very peculiar central bank i.e. its actually owned by private shareholders so can't just make losses willy nilly like other CBs...

True. Ever since the peg was put in place some 4 years ago, I knew that at some point they would have to abandon it. Come to think of it a lot of CBs, brokers etc made a lot of money from the predictable ranges due to the peg, well pay back came.

The next culprit will be the Yen. BOJ will soon have to throw in the towel in its perennial devaluation of this baby and let the market take its place.

My pt is none of the other big CBs are privately owned and hence have much more room to manouvre