Dukascopy Swiss banking group has decided to cover the negative balance on the trading accounts of clients caused by sharp fluctuations in the Swiss franc that took place last week.
Unexpected for financial market participants actions of the National Bank of Switzerland to abolish the support of the ceiling of the Swiss franc against the euro led to a sea change in prices and, consequently, to the appearance of a negative balance in the accounts of many traders. Despite the fact that, under the terms of the trade agreement and the existing financial regulation, Dukascopy has the right to require cover the negative balance of the client, it was decided, as an exception to free customers from such liability.
In addition, Dukascopy Bank has not canceled any transaction or compromised any price for transactions made by customers on January 15, 2015 during the rapid growth in the value of the Swiss franc.
The situation that arose on January 15 in the currency market, without exaggeration, has become the most critical in recent years. After the Swiss National Bank announced its decision not to peg the common European currency, and simultaneously changed its key interest rate from 0.25% to 0.75%, the Swiss franc in less than an hour went by about two thousand points against the euro and the US dollar. None of the market participants could not predict such a reaction. Therefore, the market instantly panicked, many brokerage firms no longer coped with the task of instant order execution, some suspended trading in pairs with the Swiss franc, and in some cases, stop orders worked with very large slippage, which led to losses for traders and investors.
Dukascopy Bank and Dukascopy Europe urge all participants of the FOREX market to join the initiative and thus enhance the level of customer confidence in the industry.
Dukascopy Bank remains faithful to the stated principles of doing business aimed at providing only high quality services to the participants of the Forex market. In particular, the company guarantees its customers access to the largest volume of liquidity in the Swiss Foreign Exchange Marketplace, provides complete safety and security of the capital.
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