Swiss franc's 'unprecedented' surge causes 2 brokerage firms to become insolvent

January 16, 2015 9:30 AM

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Swiss franc's 'unprecedented' surge causes 2 brokerage firms to become insolvent

People line up at a currency exchange office, Thursday, Jan.15, 2015 in Geneva Switzerland. Switzerland's central bank said it has scrapped a policy that limited how much the euro could fall against the Swiss franc, an unexpected decision that caused gyrations in financial markets. The move to ditch the policy — which ensured the euro did not fall below 1.20 francs — sent the euro plummeting a stunning 30 percent against the Swiss currency before it recovered somewhat. By later morning, it was down 13 percent at 1.04 francs. (AP Photo/Keystone,Martial Trezzini) (The Associated Press)

LONDON – At least two brokerage firms say they have gone bust after suffering losses on the Swiss franc's massive surge this week, one of the most acute moves seen by a major trading currency in decades.

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