By: Economic & Finance Report
The forex market took serious losses because of the move by the Swiss Bank to not rationalize the Swiss franc per the Euro.. This sent a shock wave to the forex markets. Forex brokers and banks took some serious drawdowns….
Citigroup predicted it lost over $150 million USD to $200 million USD, in the forex markets because the decision presented by the Swiss National Bank (SNB). Well known broker FXCM received a huge buyout by Leucadia National (LUK). Leucadia invested $300 million in FXCM to save the forex firm.
This incident is being regarded as one of the major blows to the financial markets in a long time, especially so early in the new year of 2015.