Forex Broker News for January 2015

You can find and read the latest news and press releases from all of our partner brokers here.

Important Notification from FinFX

Monday 19th of January 2015

FinFX would like to officially inform that due to regulatory reasons, FinFX will no longer offer brokerage services to U.S. citizens as of 30.1.2015.

If you have any questions or inquiries, please feel free to contact FinFX and they will be happy to help and assist you.

They apologize for any inconveniences that this may have caused you and appreciate your understanding regarding this situation.

Important AxiTrader Update

Monday 19th of January 2015

A message from Goran Drapac, Chairman and Chief Executive Officer of AxiCorp Financial Services Pty Ltd:

"On Thursday 15th January, the Swiss National Bank withdrew its policy regarding the 1.20 EURCHF price floor. Consequently, the foreign exchange market in Swiss Franc experienced an unprecedented disruption.

Like many firms, some of AxiTrader's clients sustained losses greater than the balance of their accounts due to the gap in market pricing. The overall financial impact on AxiTrader has been limited and our regulatory capital and cash resources remain above the regulatory requirements. Customers can be assured that Client Funds remain segregated and business remains as usual."

Goran Drapac
Chairman and Chief Executive Officer
AxiCorp Financial Services Pty Ltd

CHF: Important Announcement

Friday 16th of January 2015

Orbex would like to take this opportunity to assure you that despite the extreme volatility the markets have experienced over the past few days, which has cast its shadow over many forex brokers, they are still proudly serving their clients at full capacity and their operations have not been negatively affected.

Orbex are committed to continue serving their traders responsibly and would like to thank you for choosing them as your broker.

FinFX reaffirms its brokerage model in lieu of SNB decision!

Friday 16th of January 2015

Due to the Thursday's dramatic move on the Swiss franc by the Swiss National Bank, a number of brokers have announced that they "can no longer meet regulatory minimum capitalization requirements because of significant losses". A considerable number of brokers went bankrupt and closed down.

FinFX adheres to strict risk management policies and has an extensive range of internal policies and procedures to ensure high standards of business processes; thus they were able to overcome unprecedented volatility. FinFX would like to inform their clients, that their business was not affected substantially. FinFX will continue to operate normally.

Market Closing Times - Martin Luther King Day

Friday 16th of January 2015

Monday the 19th of January is Martin Luther King Day in the United States and this will temporarily influence Market Closing Hours for Precious Metals and Energy Pairs.

Throughout this US holiday, Pepperstone will continue to provide standard support and funding hours.

Currency Market Hours will not be impacted by this holiday.

New Margins for CHF Pairs starting from 12:00 GMT+0 Today, January 16 2015

Friday 16th of January 2015

FinFX would like to inform you that starting from 12:00 GMT+0 Friday, 16th of January 2015, they will increase margin on EURCHF pair to 8% and on all the other CHF currency pairs to 5% due to unprecedented volatility in the Swiss franc.

Statement on Swiss Franc Movement from IronFX Global

Friday 16th of January 2015

Following yesterday's exceptional market events due to the Swiss National Bank's abandonment of its EURCHF floor, many brokers have experienced major losses in their trading book.

IronFX Global Limited was not affected by these events due to their strong risk management systems and procedures and they continue complying well with their capital regulatory requirements under all regulatory bodies they have licenses. They would therefore like to inform their clients that they continue conducting their business as usual. Feel free to contact their account managers around the world should you have any questions.

Intervention by the Swiss National Bank (SNB)

Friday 16th of January 2015

At approximately 13:30 (GMT +4) yesterday, 15th January 2015, the Swiss National Bank unexpectedly announced that it was ending its minimum exchange rate of 1.20 swiss franc per euro. In addition they also announced the lowering of the interest rate on deposit account balances that exceeded a given exemption threshold, to minus 0.75 percent from minus 0.25 percent.

The announcement led to unprecedented market volatility in some CHF linked currency pairs that hadn't been seen in almost 35 years. As a result there were some instances of off-market quotes and subsequent executions in some of these pairs due to prime banking systems being overwhelmed with order flow. Luckily, few clients were affected by this event, and the FXPRIMUS trade audit team is in the process of analyzing all trades that may have been affected and are due adjustments. Some adjustments have already been made, and will continue to be made over the next 24 hours. FXPRIMUS are expecting all adjustments to be completed by close of trading on Friday, January 16th.

As a result of today's announcements it is widely expected volatility will continue in CHF linked pairs, so FXPRIMUS encourage customers to exercise extra caution when trading these pairs. Spreads may widen due to lack of liquidity and pending orders may not always be executed at desired pricing.

Lastly, FXPRIMUS are happy to report that they were completely unaffected by the market volatility, and remains as financially sound as it was prior to the event.