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(Reuters) – After the Swiss National Bank abandoned its price cap on the franc in January, some dealers such as Bank of America Corp (BAC.N), Barclays Plc (BARC.L) and Goldman Sachs Group Inc (GS.N) approached customers about changing some trades, Bloomberg reported, citing people familiar with the discussions.

The banks sought to reduce their losses by trying to renege on transactions by contacting customers after the SNB decision, asking to discuss the rates they’d traded on, Bloomberg said.

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Some currency trading firms and major banks lost out when the SNB scrapped its three-year-old cap on the franc against the euro EURCHF=EBS without warning on Jan. 15. Barclays lost “tens of millions” of dollars and retail broker Alpari UK filed for insolvency.

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About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

Comments

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