by Bix Weir, Road To Roota:
Just days after the Swiss “threw Napalm on the FX derivatives” we are starting to understand the true carnage associated with the volatility. The following are just some of the headlines relating to the destructions…
“Banks, brokers and individual investors were left with hundreds of millions of dollars in losses a day after an unexpected surge in the Swiss franc sent shock waves through markets.”
“FXCM Inc., a major U.S. retail foreign-exchange broker, emerged as the biggest victim so far and had to be rescued by an emergency $300 million lifeline from investment firm Leucadia National Corp.”
“Citigroup Inc. and Deutsche Bank AG will each lose about $150 million on the franc’s appreciation, said people familiar with the firms.”
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