From "Business As Usual," "Shut Down," To "No Major Impact" -- Exchanges Continue To React To SNBomb

As the markets continue to rock, roll and settle after the Swiss National Bank’s announcement of the abandonment of the currency cap on CHF, brokerages around the world continue to release their status. Some say it echoes the voices of 2008 when brokers tried to reassure investors that everything was fine and worry that even with these reassurances, there could be more collapses coming.

Reports continued to update throughout the weekend. Some brokerages, such as Alpari, UK, that had previously declared insolvency, upgraded to say that they had not entered into the insolvency process. Others continue to claim business as usual. Many brokerages report that they had experienced “no negative impact.”

Friday proved to be very up in the air for FXCM when trading was halted on the New York Stock Exchange after a fall of over 80% in the stock price and a loss of $225 million. When an unexpected announcement such as this is delivered, it shakes things up worldwide. Although several brokerages are claiming “business as usual,” there are plenty of traders who faced losses and are looking for a bit of good news. It seemed to be a waiting game as to whether there would be someone step in and offer FXCM a lifeline of $200-$300 million. Leucadia came through with a loan of $300 million. This is great news for FXCM.

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