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.