EUR crosses/FXWW News

EUR/CHF: Important information on post SNB price action

For those who are faced with margin calls this morning, it’s important to get as much information as possible on how the market traded immediately after the SNB announcement and then make a decision on whether you’ve been fairly treated by your broker. Once you have agreed on common ground then you can have a sensible discussion on what the next step is.

This all occurred on the main interbank trading platform for EUR/CHF at around 8:30 pm Sydney time yesterday so please take that into account time-wise. There are other platforms also and I do not currently have complete information on what happened there (Edited):

  • Prices first traded below 120.00 at 1.1972 at 08:30:48. We cannot be sure of the amounts changing hands;
  • Prices traded at Parity, 1.0000, at 08:31:46, so less than 1 minute after the first trade below 1.20.
  • Modest liquidity only entered the market after 08:35 when prices were still trading around 1.00.

Information at this point in time is still very sketchy and hard to find.

 

  1. Hi Sean,

    this was my situation yesterday (i wrote this on other blog)..
    “had a pending buy order UDFCHF for .976, stop loss at .966 and take profit at 1.026. didnt think it would be triggered today. anyway got my order filled at .9388. stop loss was not triggered. was not tradeable untill now. broker closed it .89. a 5k loss for me. could have been worse??maybe if they opened the trading at much lower…”

    this morning i wake up with a mail from my broker saying :
    “- For executed fills that occurred between the times of 09:30:00 GMT to 09:41:30, a EURCHF price of 0.9625 will be applied

    – For executed fills that occurred between the times of 09:41:30 GMT to 10:01:00, a EURCHF price of 0.88 will be applied”

    so now my USDCHF fill is changed to 0.8228 (instead of the .9388) and the trade is looking at +7k profit. its not booked yet. so am not sure if thats the final word yet on this trade.

  2. Ok thanks very much Leo. I guess this is good news for you but it means that the broker is looking for a common place to fill all orders. Which means bad news for all the stop loss orders. Interesting info, thanks very much++

  3. Hi sean.
    how does a non dealing desk broker deal with such situations?. since they dont have any positions of their own. are we accountable for the huge slippage losses?..

  4. Hi Rahul, it will depend on the fine print with each individual broker. But every broker I know will ensure that you sign a contract making you liable for any slippage losses.

  5. Hello Sean,

    my stop loss was executed at exactly 9:30:48 GMT at 1.19729. But later Saxo Bank changed it to 0.9625.

    Where could I find more information about the trades at that time? Maybe from some other interbank platforms?

  6. Dear sean

    Could you send me your times and sales data too? Got filled by my swiss bank at 1.0050 2 hours post snb… More info to come

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